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HK maintains momentum

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advance7 July 3, 2012 (Chinavestor) Chinese stocks continued to climb in Hong Kong but lacked momentum on the mainland for the second day in a row. The Hang Seng index (INDEXHANGSENG:.HSI) rose 294.1 points or 1.5% with H-shares taking the lead. All but four components of the 25 member Xinhua china 25 Index rose. Energy, resource and shipping companies led the advance as value investors stepped forward. China Shipping Lane (HKG:2866) rose 5.9%, the most among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI), as outlook for Europe improved. Yanzhou Coal Mining (HKG:1171) rose on the back of strong coal and oil prices along with Jiangxi Copper (HKG:0358), China's largest miner of the metal. Copper is seen as an indicator of economic activity and has a lot of ground to make up for the year. The stock lost over 30% of its value in the last 52 weeks as outlook for China's economy worsened. Power generators fell the hardest in Hong Kong as coal and oil prices eroded margins. Huaneng Power (HKG:0902), the largest independent power producer, shed 2.1% while Huadian Power (HKG:1071) fell 5.1%, the most among components of the Hang Seng Index (INDEXHANGSENG:.HSI)

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