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China stocks ride on American momentum

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piggyback February 12, 2014 (Chinavestor) The Dow Jones Industrial Average (INDEXDJX:.DJI) surged 193 points or 1.2% on Tuesday closing just below the 16,000 mark. All but one component of the 30 member index advanced. Alcoa Inc. (NYSE:AA) led the surge with a 2.4% jump followed by Boeing Co. (NYSE:BA) and Johnson & Johnson (NYSE:JNJ).

The China ADR Index, measuring the performance of US listed Chinese stocks, jumped 2.1% to close at 695.17 points. CNOOC Ltd. (NYSE:CEO) led the advance among Chinese listing with a $10.8 jump followed by Petrochina Co. Ltd. (NYSE:PTR) and China Life Insurance (NYSE:LFC). Another oil industry giant, Sinopec (NYSE:SNP) rose $2.6 while internet giant Baidu Inc. (NASDAQ:BIDU) climbed $2.0.

But it wasn't a cakewalk for every Chinese listing. Internet icon Sina Corp. (NASDAQ:SINA), Sohu.com Inc. (NASDAQ:SOHU) and NetEase Inc. (NASDAQ:NTES) actually fell on growth concerns. SouFun Holdings (NYSE:SFUN) was down by the end of the day, unable to reclaim the $95 level it reached earlier the year.

Bullish sentiment carried over to Asia where the Hang Seng Index (INDEXHANGSENG:.HSI) rose 322.8 points or 1.4%. Basic material stocks led the advance and airlierns joined the party. China South Airliners (HKG:1055) rose 4.5%, second best behind Yizheng Chemical (HKG:1033). See chart below for details.

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Gains were not limited to Hong Kong, all regional indexes advanced on Wednesday morning. The Nikkei 225 rose 81.72 points, the Shanghai Composite Index (SHA:000001) rose 6.28. Bombai's Sensex and all European indexes advanced on the back of strong US market sentiment.

pre_20140212w

Outlook is good for US listed Chinese stocks going forward. Hong Kong listed H-shares of China Eastern Airlines (NYSE:CEA) as well as China South Airlines (NYSE:ZNH) did well in Hong Kogn, boding well ahead their NYSE opening. Baidu Inc. (NYSE:BIDU) as well as oil companies look good ahead the opening bell. But SouFun Holdings (NYSE:SFUN) and Sina Corp. (NASDAQ:SINA) are in limbo ahead the opening bell just like Sohu.com Inc. (NASDAQ:SOHU).



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