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Windfall tax change lifts oil stocks

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optimism January 6, 2012 (Chinavestor) A sell-off of mainland Chinese stocks sent the Hang Seng Index (INDEXHANGSENG:.HSI) 220.3 points or 1.2% lower before the weekend. Uncertainty about Europe's finances and U.S. jobs numbers sent investors in Hong Kong to the defense. But stocks enjoyed a broad recovery in Shanghai sending the Shanghai Composite Index (SHA:000001) 14.9 points or 0.7% higher on Friday. The index hit a fresh 52 weeks low on Thursday on now particular news, making case for technical correction to the upside.

China stocks dragged the Hang Seng Index (INDEXHANGSENG:.HSI) lower on Friday. The Hang Seng China Entreprises Index (INDEXHANGSENG:.HSCEI), measuring the performance of mainland Chinese stocks listed in Hong Kong, fell fifty percent more than the broad Hang Seng Index (INDEXHANGENG:HSI). Airliners, coal miners and insurers fell the hardest as components of the Xinhua 25 Index testify. Only oil companies did well among components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI). News that China lifted threshold for oil windfall tax from $40 to $55 a barrel sent oil sstocks higher. The move effectively increases bottom line of oil producers. CNOOC Ltd. (HKG:0338), China's offshore oil specialist, rose 3.0% followed by Petrochina Co. Ltd. (HKG:0857) and Sinopec (HKG:0386).

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