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Property stocks lead China shares

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advance8 February 24, 2012 (Chinavestor) Chinese stocks ended the week on a high note in Shanghai where investors went on a buying spree. Officials hinted on relaxation of property curbs by local governments, led by Shanghai itself, a move that spurred property stocks and the broad market as well. The Shanghai Composite Index (SHA:000001) surged 30.1 points or 1.2%, rising for the sixth week in a row. The rally was universal, each and every large cap component of the index advanced. The Hang Seng Index (INDEXHANGSENG:.HSI) rose a mere 25.9 points or 0.1% as investors kept eye on the G-20 summit. Components of the Xinhua 25 Index were mixed, giving no direction for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF traded in New York.

Chinese shipping companies stole the show in Hong Kong after MAERKS raised rates in Europe-Asia bound shipping. The rate increase lifted shares of China Shipping Container Lines Co Ltd (HKG:2866) as well as China COSCO (HKG:1919). Both stocks were among the best components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) for the day. But airliners fell as price of oil rose to a record.

Components of the iShares FTSE/Xinhua China 25 Index (NYSE:FXI) were all over the place on Friday. China COSCO (HKG:1919) shined but Sinopec (HKG:0386) fell the most as gas refining margins worsened on high oil prices. Air China (HKG:0753) fell 0.8%, in line with the rest of the industry.

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