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CEA, ZNH continue recovery in Asia

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Asia_2 April 26, 2012 (Chinavestor) Chinese stocks modestly advanced in Hong Kong but broke a three day winning streak on the mainland. The Hang Seng index (INDEXHANGSENG:.HSI) rose 163.4 points or 0.8% in a broad rally. Stocks that advanced outnumbered those that fell three to one among members of the 42 component Hang Seng Index (INDEXHANGSENG:.HSI). Large cap Chinese stocks led the advance for all but four components of the 25 member Xinhua China 25 Index rose for the day. This bodes well for the most liquid Chinese ETF on the NYSE, the iShares FTSE/Xinhua China 25 Index (NYSE:FXI).

Chinese airliners continued to recover from 6 months lows they hit on Monday. China Eastern Airlines (HKG:0670), a stock that was the best Hang Seng Index component for two days in a row, advanced another 3.6% on Thursday. Larger rival China Southern Airlines (HKG:1055) surged 5.2%, the most among Chinese stocks today.

But Warren Buffet's BYD Company (HKG:1211) fell 5.0%, the most from the Hang Seng index (INDEXHANGSAENG:.HSI) after a sluggish quarterly report and disappointing outlook. China Cosco (HKG:1919), the largest container shipper in the world, slid 1.5% after China Shipping Container Lines (HKG:2866) reported sluggish quarterly numbers as well.

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