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EU optimism lifts China stocks early Dec

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bank_2 December 7, 2011 (Chinavestor) China stocks advanced in both key Asian markets as hopes that EU will put new mechanisms in place to restore confidence in markets will work. The Shanghai Composite Index (SHA:000001) advanced 6.8 points or 0.3% while the Hang Seng Index (INDEXHANGSENG:.HSI) rose 298.4 points or 1.6%. The advance was universal in Hong Kong where stocks that advanced outnumbered those that fell ten to one among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI).Mainland China stocks led the advance for the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) way outperformed the broad Hang Seng Index (INDEXHANGSENG:.HSI). China COSCO (HKG:1919), the largest Chinese container shipper, surged 11.4% while China Shipping Development (HKG:1138) jumped 7.0% as export outlook improved. Chinese shipping lanes became cheap after hitting 52 week lows in October and have not recovered since.

An almost universal advance lifted mainland Chinese stock index, the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSI). Each and every component, except for Datang Power (HKG:0991), of the Xinhua 25 China Index advanced. China Life Insurance (HKG:2628), the largest Chinese insurer, rose the most among NYSE-HKEx cross-listed stocks.

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