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HK stocks open year second best ever

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new_year1 January 3, 2011 (Chinavestor) China stocks opened 2012 with a bang. The Hang Seng Index (INDEXHANGWENG:.HSI) jumped 443.0 points or 2.35 on the first trading day of the year, its second best opening for the decade! Trading volume was average with most Chinese stocks ending the day in the black. The Hang Seng China enterprise Index (INDEXHANGSENG:.HSCEI), measuring the performance of mainland Chinese stocks listed in Hong Kong, rose over 3% for the day! Each and every component of the Xinhua 25 Index rose, boding well for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI), the most liquid Chinese ETF. But the trading floor was closed in Shanghai giving no indication of investor mood on the mainland.

Warren Buffet backed BYD Company (HKG:1211) rose 7.6%, the most among 42 members of the Hang Seng Index (INDEXHANGSENG:.HSI). The stock lost over 50% of its value in 2011, making it attractive on valuation. Sinopec Corp. HKG:0386), Asia's largest refiner, rose 5.5% while Petrochina Co. Ltd. (HKG:0857) advanced 4.4%. Both oil companies kicked off 2012 with a strong gain as price of oil rose.  CNOOC ltd. (HKG:L0338), China's offshore oil driller, rose 4.1%. China Life Insurance (HKG:2628), whose investment returns contribute to over 15% of its net income, advanced 4.0% as economic outlook sweetened.

China stocks offer upside potenteial for 2012 as is outlined in out latest Newsletter: Uncertainly creates opportunity for 2012.

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