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China stocks diverge in Asia

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buy_sell_2 January 13, 2012 (Chinavestor) China stocks ended the week mixed in Asia on Friday. The Shanghai Composite Index (SHA:000001) fell 30.4 points or 1.4% after hopes of monetary easing waned. But China stocks led the Hang Seng Index (INDEXHANGSENG:.HSI) higher in Hong Kong where investors took merit from a successful Spanish and Italian bond sale. The Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI), measuring the performance of mainland Chinese companies listed in Hong Kong, rose twice that of the broader Hang Seng Index (INDEXHANGSENG:.HSI) on Friday. This bodes well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF listed in New York, ahead the opening bell.

Sinopec Shanghai Petrochemical (HKG:0883), China's largest ethylene producer, rose the most among 42 components of the Hang Seng Index (INDEXHANGSENG:.HSI) as oil prices fell and margins improved. China Cosco (HKG:1919), China's largest container shipper, rose 4.0% as outlook for European bound exports rose in the wake of a successful Spanish and Italian debt auction. Span sold over $10 billion 3 year bonds, twice the expected amount, at low rates as liquidity is back in Europe's financial system. Italy sold over $5 billion at rates under 5%, another sign that Italy and the rest of Europe may be able to fend off a credit crunch. Aluminum Corp. of China (HGL:2600), the third largest aluminum maker of the world, rose 2.2% on Friday and is up 9.85% for the week after U.S. giant Alcoa Inc. (NYSE:AA) reported sound quarterly earnings and issued a positive outlook for the industry. China Southern Airlines (HKG:1055) fell the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI). Similarly to China Southern, Air China (HKG:0753), China's flagship carrier, fell the most among components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI).

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