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China stocks buoyed by U.S. data

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sale2 November 29, 2011 (Chinavestor) China stocks bounced back on Tuesday after hitting month lows earlier the week. The Shanghai Composite Index (SHA:000001) and the Hang Seng Index (INDEXHANGSENG:.HSI) rose 1.2% each. Investors found solace in the strong start of U.S. holiday sales despite Europe's problems. Investors in China are also looking to the government to continue monetary easing as export prospects to Europe falter.

Mainland Chinese stocks legged in Hong Kong where the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) advanced only 1.08%. Nevertheless the rally was broad with most components of the Xinhua China 25 Index ending the day in the black. Resource stocks continued to advance, led by Aluminum Corp. of China (HKG:2600). Zijin Mining (HKG:2899), the largest Chinese gold miner, rose 7.4%, the most among 42 components of the Hang Seng Index (NDEXHANGSENG:.HSI). ICBC (HKG:1398), the largest financial institution in the world, rose 2.3%, the most over a month. But China COSCO (HKG:1919), the largest container shipper in China, fell as export outlook worsened.

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