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China stocks snap back in Asia

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Asia_2 November 14, 2011 (Chinavestor) Stocks surged in Asia on Monday after a choppy session last week. The Hang Seng Index (INDEXHANGSENG:.HSI) jumped over 2% at the open to end 1.9% higher for the day. Similarly, the Shanghai Composite Index (SHA:0000014) rose 1.9% by the end of the trading day. The advance was universal in both key Asian markets after a heavy sell-off made stocks attractive on valuation last week. Warren Buffet backed BYD Company (HKG:1211) surged 26.1% under heavy volume as investors snapped up undervalued shares.

Energy stocks led the advance in Shanghai. China Coal Energy (SHA:601898) and China Shenhua Energy (SHA:601088)  were among the best five large cap components of the index. An indication of the strength of the rally: each and every stocks among the 50 largest components of the Shanghai Composite Index (SHA:000001) advanced.

China stocks did well in Hong Kong for the Hang Seng China Enterprise Index (INDEXHANGSENG:.HSCEI) surged 2.75%, far outperforming the broad Hang Seng Index (INDEXHANGSENG:.HSI). Most components of the Xinhua 25 China Index advanced, boding well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). Financial and telecom stocks lacked momentum as investors snapped up riskier assets.

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