June 1, 2012 (Chinavestor) China stocks are happy to leave dismal May behind. The Hang Seng Index (INDEXHANGSENG:.HSI) slipped 71.2 points or 0.4% ahead of US jobs data on Friday. The Shanghai Composite Index (SHA:000001) started out June on a slightly positive note, the index advanced 1.2 points or 0.1%.
Oversold Chinese airliners led the advance in Hong Kong where all three major listed airliners made it to the top five components of the 42 member index. But Chinese shipping stocks continued to fell on European export worries. China COSCO (HKG:1919), China's largest container shipping lane, fell 2.7% while China Shipping Development (HKG:1138) declined 2.4%.
Chalco, China's largest aluminum maker, fell 4.8% on demand concerns. China's manufacturing activity slowed to a record low level in 2012, hurting demand for metals and construction materials.