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HK stocks soar after Chinese New Year

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advance_11 January 26, 2012 (Chinavestor) China stocks opened and stayed higher for the first day in Hong Kong after the Chinese New Year holiday. The FED signalled that low rates are here to stay, helping commodity and energy stocks. Italy's successful short term debt sale also boosted market sentiment albeit it was checked by uncertainty surrounding upcoming 10-year bond sale on Monday. All told the Hang Seng Index (INDEXHANGSENG:.HSI) jumped 328.8 points or 1.6% by the end of the trading day. Xinxin Mining (HKG:3833), Zijin Mining (HKG:2899) and Jiangxi Copper (HKG:0358) were among the best performing components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). Mainland Chinese shares outperformed the broad market for the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) rose 270 points or 50% more than the Hang Seng Index (INDEXHANGSENG:.HSI). Zijin Mining (HKG:2899), China's largest gold miner, were the best component of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) among other indices. Besides metal stocks, oversold China Southern Airline (HKG:1055) rose 5.5% leading the industry higher. But power producers fell as price of oil and coal rose. Huadian Power (HKG:1071) fell 2.2% while Huaneng Power (HKG:0902) declined 0.4%. ZTE Corp. (HKG:0763) fell 5.3%, the most among 42 comp[onents of the Hang Seng Index (INDEXHANGSENG:.HSI).

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