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BYD Co. Leads Hang Seng Higher

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advance4 February 28, 2014 (Chinavestor) The S&P500 rose to a record high on Thursday, setting a positive tone for the rest of the world. US listed Chinese stocks advanced. Baidu Inc. (NASDAQ:BIDU) rose $6.0 and Sinopec (NYSE:SNP), China's largest oil refiner, followed suit. These two industry leaders helped most technology and energy stocks to join the rally. Despite a strong market sentiment in the US, Chinese stocks were looking for direction in Asia on Friday. The Hang Seng Index (INDEXHANGSENG:.HSI) saw a volatile session on Friday. The index was virtually unchanged and so was the Shanghai Composite Index (SHA:000001).

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BYD Company (HKG:1211) stole the show on the HKEx, again. The stock advanced 8.1% after a similar jump a day before. The stock was the best performing component of the 50 member Hang Seng Index (INDEXHANGSENG:.HSI) twice in a row. Jiangshu Expressway (HKG:0177) surged 6.8%, far outperforming the market. China Telecom (HKG:0728) fell 2.0%, the most among components of the Hang Seng Index. Sinopec (HKG:0386), Sinopec Shanghai Petrochemical (HKG:0338) and Aluminum Corp. of China (HKG:2600) fell the hardest among Hang Seng Index components. This bodes ill before their ADRs are going to trade on the NYSE today. Watch out for the following tickers: SNP, SHI, ACH and CHA.

 

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