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China stocks lack direction Dec 8

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banace_3 December 8, 2011 (Chinavestor) Investors turned defensive in Asia on Thursday as the outcome of the German-French crisis plan is unknown. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 132.8 points while the Shanghai Composite Index (SHA:000001) shed 2.9 points or 0.1%.

The decline was broad in Hong Kong where stocks that fell outnumbered those that advanced four to one among 42 components of the Hang Seng Index (IONDEXHANGSENG:.HSI). China Cosco (HKG:1919) was one of the best stock on Thursday after a 11.4% surge a day before. Investors picked up China's largest container shipper on valuation after the stock hit 52 week lows earlier in October. But China Life Insurance (HKG:2628) succumbed to profit taking after a 4.3% advance on Wednesday.

Investors remained cautious on the mainland where signs of a soft lending are yet to be seen. China's PMI, CPI fell along with property prices but investors wonder what the government is going to do next. So far investors saw decreases in required bank reserve ratios but more easing may come as policy makers will want to revive growth. Exports fell as Europe, China's largest trading partner, is mired in a sovereign debt crisis. SAIC Motor (SHA:600104), China's largest domestic car maker, advanced the most among large cap components of the Shanghai Composite Index (SHA:000001), after data show that its Wuling light vehicle remained the most popular model in November.

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