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Stocks in HK, Shanghai on fire

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advance_12 January 17, 2012 (Chinavestor) Better than expected Chinese and German economic news sent stocks soaring in Asia on Tuesday. China's GDP growth sent commodity prices soaring, lifting shares of the sector. In the meantime, Germany's consumer sentiment jumped the most in six months in January while inflation in the eurozone fell. The market took note of the good news, helping ease fears that major European economies will fall into recession. The Shanghai Composite Index (SHA:000001) surged 92.2 points or 4.2%, the largest single jump in over 52 weeks. Each and every stock among the 50 largest components of the index advanced. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 615.6 points or 3.1% by the end of the day. Each and every components of the Xinhua China 25 Index advanced, boding well for the iShares FTSE/Xinhua China 25 index (NYSE:FXI).

Commodity stocks led the rally in Asia. Aluminum Corp. of China (HKG:2600) (SHA:601600) surged over 10% in Shanghai and 8.1% in Hong Kong while Jiangxi Copper (HKG:0358) jumped 9.2% in Hong Kong and 10% in Shanghai. Zijin Mining (SHA:601899) (HKG:2899), China's largest gold miner,  rose the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI) as well as among components of the Shanghai Composite Index (SHA:000001). Similarly to resource stocks, China COSCO (HKG:1919), China's largest container shipper, rose to the 10% daily limit in Shanghai and advanced 10% in Hong Kong as well. Chinese shipping companies rose as outlook for export bound shipping improved.

 

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Outlook for Chinese ETFs improved dramatically on Tuesday. Each and every component of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) advanced on Tuesday, lifting investor sentiment for smaller Chinese ETFs along the way. Besides Zijin Mining (HKG:2899), China Cosco (HKG:1919) and Aluminum Corp. of china (HKG:2600), Ping An Insurance (HKG:2318) and China Life Insurance (HKG:2628) made it to the top five components of the index. Chinese insurers derive over 10% of their income from investment related activities and surge when market outlook improves.

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