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New loans lift stocks in China

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money_4 June 26, 2012 (Chinavestor) Chinese stocks shrugged off global sell-off in Asia on Tuesday. The Shanghai Composite Index (SHA:000001) shed a mere 2.0 points or 0.1% while the Hang Seng Index (INDEXHANGSENG:.HSI) rose 84.4 points or 0.4%. Even better, Chinese stocks listed in Hong Kong experienced a broad advance as all but five components of the Xinhua China 25 index rose. This bodes well for the iShares FTSE/Xinhua China 25 Index (NYSE:FXI), the most liquid Chinese ETF trading on the NYSE. Most of the advance in Asia is attributed to a report on the website of the Ministry of Commerce that China's lending may reach RMB1 trillion ($157 billion) in June. Improvement in lending is seen as indicator that the economy is bottoming out for the year.

Real estate and financial stocks took the lead in Shanghai following the news. Poly Real Estate (SHA:600048), the largest property developer among all Shanghai listings, rose 2.7% while China Life Insurance (SHA:601626), the largest life insurer in China, rose 2.4%.

Life insurers outperformed the broad market in Hong Kong as well. H shares of China Life Insurance (HKG:2628) rose 1.9% while Ping an Insurance (HKG:2318), the second largest insurer in China, advanced 2.1%. China Shenhua Energy (HKG:1088), the largest coal miner in China, rose 2.1% as outlook for energy demand and coal prices improved. All these stocks made it to the best five among components of the 42 member Hang Seng Index (INDXEXHANGSENG:.HSI).

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