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Attention switches to Spain

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disappopint June 18, 2012 (Chinavestor) Enthusiasm following favorable Greek elections faded in Hong Kong throughout the trading day on Monday. The Hang Seng Index (NDEXHANGSENG:.HSI) surged 345 points at the open but ended the day 193.9 points higher as focus shifted to Spain. Yields of Spanish bonds rose above 7% on Monday, highlighting the difficulties European countries face to contain the debt crisis. The Shanghai Composite Index (SHA:000001) rose a mere 9.2 points or 0.4% for the day.

Oversold resource, energy and life insurer stocks took the lead in Hong Kong. Jiangxi Copper (HKG:0358), the largest Chinese copper miner, rose 2.1% along with CNOOC Ltd. (HKG:0883) and China Life Insurance (HKG:2628). But power generators and upstream petrochemical companies fell on anticipation that price of energy and oil is going to rise. Sinopec Shanghai Petrochemical (HKG:0338) and Huadian Power (HKG:1071) fell 3.4% and 2.7%, respectively.

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