Chinese stocks rose for the first time in five days in Hong Kong trading, led by energy companies.
The Hang Seng China Enterprises Index climbed 1.7 percent to 10,420.61 at 2:43 p.m., after sliding 3.5 percent in the last four days. PetroChina Co. and China Shenhua Energy Co., the biggest oil and coal producers, rallied at least 2.8 percent. The Shanghai Composite Index lost 0.2 percent as technical indicators signaled shares are approaching overbought conditions after rallying for five out of the past six days.
There are very few reasons for global investors to own China’s A shares given their premium to H shares trading in Hong Kong, Kevin Gardiner, global investment strategist at Rothschild Wealth Management, said in an online seminar on Wednesday. Dual-listed stocks are now 38 percent more expensive in the mainland than Hong Kong, according to the Hang Seng China AH Premium Index.
The central bank is due to release October data on credit and money supply as early as Thursday. Data released a day earlier showed retail sales climbed 11 percent last month for the quickest gain this year, while industrial output matched the weakest gain since the global credit crisis last month.
Recent reports show monetary easing has failed to arrest a deepening economic slowdown, with inflation slowing more than forecast in October, exports declining for a fourth month and factory gauges signaling manufacturing still hasn’t bottomed out amid faltering global demand.
Homeinns Hotel Group (ADR) (NASDAQ:HMIN) together with its subsidiaries, develops, leases, operates, franchises, and manages hotels for individual business and leisure travelers in the People’s Republic of China. Homeinns Hotel Group shares are trading 38.78% above their 52 week low price after the last close and -10.02% below the 52 week high. Its latest closing price was down 8.08% the average-price of 200 days while it kept its distance from the SMA50 at 6.03% and 1.12% compared with the SMA 20.
Shares of Hollysys Automation Technologies Ltd (NASDAQ:HOLI) were 36.77% off 52 week lows as of the latest close at 20.68 and -23.56% below the 52 week high. Its latest closing price was down -2.65% from the average-price of 200 days while it maintained a distance from the SMA 50 at 9.12% and 0.08% compared with the SMA 20. Hollysys Automation Technologies Ltd provides automation and control technologies and products to customers in industrial, railway, subway, nuclear power, and mechanical and electronic industries in China, Southeast Asia, India, Europe, and the Middle East.
China Lodging Group, Ltd (ADR) (NASDAQ:HTHT) Limited and its subsidiaries develop leased, manachised, and franchised hotels in the People’s Republic of China. The stock’s latest price traded at 92.12% off 52 week lows after the closing bell and was -4.81% behind its 52 week high. Its latest closing price was 22.94% above the SMA200 while the distance from the SMA 50 and SMA 20 was 9.49% and 1.57% respectively.
Zhaopin Ltd (ADR) (NYSE:ZPIN) is trading 33.13% higher than the 52 week low price and -16.97% below the 52 week high. The stock’s latest closing price was 4.30% up from the average-price of 200 days while it kept its distance from the SMA50 at 15.17% and 7.08% compared with the SMA 20. Zhaopin Ltd through its subsidiaries, provides online recruitment services in the People’s Republic of China.
AirMedia Group Inc (ADR)(NASDAQ:AMCN) operates out-of-home advertising platforms primarily in the People’s Republic of China. AirMedia Group Inc so far this year has moved up 115.23% and its monthly performance stands at -1.43%.The stock was up 201.09% from its 52 week low and was -28.44% below the 52 week high. Its latest closing price was above 27.30% from the average-price of 200 days while it kept its distance from the SMA50 at 7.20% and 0.97% compared with the SMA 20.