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Chemicals lift HK, Shanghai recovers

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factory February 27, 2013 (Chinavestor) Chinese stocks recovered some of their losses from earlier the week on Wednesday. The Shanghai Composite Index (SHA:000001) rose 19.9 points or 0.9% for the day while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 57.3 points or 0.3%. The advance was universal in Shanghai where stocks that advanced outnumbered those that fell eight to one. Financial and building material stocks bounced back the fastest on Wednesday as investors digested effects of a looming property curbs. China's home prices rose the fastest in two years in January, prompting investors to flee real estate, construction and financial stocks. Wuhan Iron & Steel (SHA:600005) surged 5.9%, the most among the 50 largest components of the broad Shanghai Composite. Baoshan Iron & Steel (SHA:600019), the largest Chinese steel mill, rose 2.46%. Financials did well too after steep losses earlier the week. Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, rose 2.0% while smaller Industrial Bank (SHA:601166), Haitong Securities (SHA:600837) and Citic Securities (SHA:600030) advanced 3.6%, 3.5% and 3.0%, respectively. Trading was different in Hong Kong where Yizheng Chemical (HKG:1033) surged as much as 20.7% in heavy volume. Shanghai Petrochemical (HKG:0338), another basic polymer maker, rose 10.7% as basic material prices are set to advance. Visit the following chart to asses the most volatile components of the Dow, the Hang Seng (INDEXHANGSENG:.HSI) and the Shanghai Composite Index (SHA:000001).

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