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CHU succumbs to profit taking

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cash_4 April 20, 2012 (Chinavestor) Chinese stocks continued to surge in Shanghai where investors expect  the government to lift bank reserve ratios.  The Shanghai Composite Index (SHA:000001) rose 28.2 points or 1.2% on Friday and is up over 2.0% for the week. The advance was universal on both Thursday and Friday with all of the 50 largest components of the broad index advancing expect for Poly Real Estate (SHA:600048). Shanghai's largest real estate developer succumbed to profit taking after a 2.8% advance earlier the week.

Despite a strong week on the mainland, stocks were looking for direction in Hong Kong where investors keep a close eye on the U.S. Earnings are driving the market but investors got a cold feet after jobs and housing stats disappointed. Mixed news sent the Dow up a mere 8.6 points or 0.1% on Thursday, making investors nervous in Hong Kong on Friday. China Unicom (HKG:0762) fell 1.9% after a 3.7% advance earlier the week. Besides profit taking, China Unicom (HKG:0762) fell after China Mobile (HKG:0941), the largest mobile carrier in the world, missed first quarter profit estimates on higher customer acquisition costs.

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