Asian Markets Tread Water

Beijing is expected to unveil 3G wireless technology during the Olympics in 2008, although it is still not clear whether it will implement the Chinese homegrown TD-SCDMA network, or one of the two currently established versions in the West.

Among financial stocks, HSBC Holdings(HBC Quote - Cramer on HBC - Stock Picks) lost 0.75%, to HK$131.60, while Bank of China(BACHF Quote - Cramer on BACHF - Stock Picks) fell 1.6%, to HK$5.68. In headline news, HSBC is pursuing a Chinese mainland listing in Shanghai, in 2008.

Other Hong Kong shares were mixed. In property stocks, Hang Lung Properties(HLPPY Quote - Cramer on HLPPY - Stock Picks) rose 1%, to HK$35.1, but Cheung Kong(CHEUY Quote - Cramer on CHEUY - Stock Picks) fell 0.2%, to HK$141.50, and Hutchison(HUWHY Quote - Cramer on HUWHY - Stock Picks) lost 1.8%, to HK$87.10.

Commodity stocks were broadly ahead, after a rally in the price of crude oil over the Christmas holiday, and after news that China will continue a run of imports to keep up with growth in its surging economy, in particular in copper.

PetroChina(PTR Quote - Cramer on PTR - Stock Picks) lost 0.7%, to HK$14.04, but in China, Sinopec Shanghai Petrochemical(SHL Quote - Cramer on SHL - Stock Picks) rose 5%, to 16.02 yuan, while China Shenhua Energy(CUAEF Quote - Cramer on CUAEF - Stock Picks) rose 0.3%, to 37.05 yuan, and Aluminum Corp of China(ACH Quote - Cramer on ACH - Stock Picks) jumped 1.4%, to 40.53 yuan. Yanzhou Coal Mining(YZC Quote - Cramer on YZC - Stock Picks) ended 0.1% ahead, at 22.09 yuan.

The gains come despite moves by Beijing to stem exports of domestic fuel, by raising export taxes, at the same time as decreasing import taxes on energy in general, says Sun Hung Kai's Pang. Combined turnover of commodity futures in China this year was 40 trillion yuan, or $5.5 trillion, vs. 21 trillion yuan, or $2.9 trillion, in 2006, according to official data released Wednesday.

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