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Market lacks direction in China May 21

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statistics_1 May 21, 2012 (Chinavestor) Chinese stocks rose in Shanghai but failed to gain much traction in Hong Kong on Monday. The Shanghai Composite Index (SHA:000001) rose 3.8 points or 0.2% as China's Premier, Wen Jiabo, pledged support for the economy. But investors remained cautious in Hong Kong after mixed US data and a lackluster support for Greece's euro membership amid a political turmoil in Greece continued. The Hang Seng Index (INDEXHANGSWENG:.HSI) fell 29.5 points or 0.2% for the day, extending losses to over 10% for the month. Bargain hunters picked up shares of oversold BYD Company (HKG:1211) as well as Chinese iron makers Maanshan Iron & Steel (HKG:0323) and Angang Steel (HKG:0347). A commodity surge helped lift shares of Zijin Mining (HKG:2899), China's largest gold miner. But airliners fell as oil prices advanced. Air China (HKG:0753) slid 2.4%, the third most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). ZTE (HKG:0763), a Chinese telecom equipment maker, fell 5.2% in hevy volume.

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