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China stocks recover from Tue dip in HK

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bounce_back February 20, 2013 (Chinavestor) Chinese stocks bounced back on Wednesday following a dip a day before. Investors initiated a broad sell off on Tuesday after housing data showed the fasted price increase in over two years. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 163.5 points or 0.7% while the Shanghai Composite Index (SHA:000001) advanced 14.3 points or 0.6% by the end of the trading day.

BYD Company (HKG:1211) surged 5.8% after 6.8% dive a day before. China Southern Air (HKG:1055) rose 4.2%, the most among airliners while Weiqiao Textil (HKG:2698) jumped 6.2%. But the advance was not universal, stocks that advanced were in par with those that fell for the day.

Financial stocks weighted down the Shanghai Composite Index (SHA:000001) on the Mainland. Property curbs and are seen as the first step in financial tightening. Shanghai/Pudong Development Bank (SHA:600000) fell 2.6%, the most among the 50 largest components of the broad index. Four out of the five largest decliners for the day came from th banking sector as the following table testifies.

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