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Friday, July 30, 2010

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Market Outlook	Friday, July 30, 2010: 11:13

Hang Seng Index was virtually unchanged at 21,093. HSCEI fell 0.3% mainly due to weakness in share prices of power and coal companies. Heavily weighted HSBC (5) and China Mobile (941) retreated 0.4%-0.6%. The privatization of ICBC Asia (349) triggered a strong rally in local banks. BOC Hong Kong (2388) added 2.0% whilst Bank of East Asia (23), Wing Hang Bank (302), Dah Sing Banking (2356) and Chong Hing Bank (1111) surged 4.1%-8.3%. Foxconn (2038) and Cathay Pacific (293) advanced 2.5%-2.6%. China Shenhua (1088), China Coal (1898) and Yanzhou Coal (1171) plunged 1.1%-1.6%. Huaneng Power (902), Datang Power (991), China Longyuan (916) declined 0.9%-1.0%. Dongfeng Motor (489) and Angang Steel (347), the best and worst performing constituents of the HSCEI, went up 2.9% and down 2.6% respectively. Chinese banks and property developers showed mixed performance.

Chalco (2600, $6.71) 6M Target $7.20 HOLD

Yanzhou Coal (1171, $16.88) 12M Target $18.4 0 HOLD

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