March 21, 2012 (Chinavestor) Chinese stocks were looking for direction in Asia on Wednesday. The Shanghai Composite Index (SHA:000001) advanced a mere 1.4 points or 0.1% while the Hang Seng Index (INDEXHANGSENG:.HSI) fell 31.6 points or 0.2%. Aluminum Corp. of China (SHA:601600), the largest Chinese aluminum maker, surged to a daily limit of 10% in Shanghai following a China Central Television report that suggested the government is behind its plans to consolidate even more rare earth companies under its belt.
Trading was erratic in Hong Kong. Stocks that advanced on Tuesday, like Huaneng Power Int. (HKG:0902), fell the hardest the next day and stocks that fell, such as China Mobile (HKG:0941), rose the most on Wednesday.