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Hang Seng piggybacks Dow mid January

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piggyback January 15, 2014 (Chinavestor) Chinese stocks piggybacked US markets on Wednesday. The Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 115.9 points or 0.7% on Tuesday while the China ADR Index, compiled by Chinavestor, surged twice as much, 1.4%. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 0.5% the next day.

The rally was universal in the US where all but three components of the 30 member Dow advanced. Chinese ADRs did very well with CNOOC Ltd. (NYSE:CEO), China Life Insurance (NYSE:LFC), Sina Corp. (NASDAQ:SINA), Sohu.com Inc. (NASDAQ:SOHU) and Baidu (NASDAQ:BIDU) following closely.

But the advance was not universal in Hong Kong where stocks that advanced were the same as those that fell among components of the 50 member Hang Seng index.

 

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