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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	10/24/2012 8:05:31 PM
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Airlines Steer Rebound on Manufacturing Pickup: China Overnight By Belinda Cao - Oct 24, 2012 The benchmark index of Chinese equities in New York rebounded from the biggest drop in a month as signs of improved manufacturing sentiment stoked gains in air carriers and infrastructure stocks. The Bloomberg China-US Equity Index (CH55BN) of the most-traded Chinese companies in the U.S. climbed 0.4 percent to 95.76 yesterday, after tumbling 1.3 percent on Oct. 23. China Southern Airlines Co. (ZNH) traded at its smallest discount to Hong Kong in four days and China Eastern Airlines Corp. jumped after UOB-Kay Hian Holdings Ltd. (UOBK) said carriers will report “stellar”profits. Huaneng Power International Inc. (HNP) soared to a three-year high as BNP Paribas SA classed it a top pick. Social network website Renren Inc. (RENN) gained as Facebook Inc. surged 19 percent. Chinese stocks in New York are poised for their third monthly advance as data signals the seven-quarter slowdown in the world’s second-largest economy may be abating. A preliminary reading of a purchasing managers’ index released yesterday by HSBC Holdings Plc and Markit Economics indicated fewer Chinese manufacturers are seeing deteriorating conditions in the sector than in the past two months. The measure follows government reports last week showing industrial production rebounded in September and retail sales surged. “Improvement in the PMI index is pointing toward a recovery,” Morgan Harting, who helps manage about $100 million in emerging-market assets at AllianceBernstein Investments Inc., said by phone yesterday in New York. “Companies with more cyclicality to their business, that are more sensitive to changes in expectations about the economic cycle, tend to have the most potential for appreciation.” bloomberg.com

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