October 23, 2012 (Chinavestor) Chinese stocks continued to advance in Hong Kong but failed to gain traction in Shanghai on Tuesday. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 145.8 points or 0.7% while the Shanghai Composite Index (SHA:000001) fell 18.3 points or 0.9%. Most components of the 42 member Hang Seng Index advanced with Huadian Power (HKG:1071) taking the lead. Value buyers stepped forward accumulating Chinese shipping companies while power generator continued to outperform. But Petrochina (HKG:0857) succumbed to profit taking and falling oil prices. Sinopec (HKG:0386) and Petrochina (HKG:0857) were both overbought before Tuesday's trading.