(Oct. 19, 2009 - Chinavestor) The good news is that Chinese stocks advanced in Asia ahead of big earnings day on Monday. The Shanghai Composite Index (SHA:000001) blasted over the 3,000 psychological level by advancing 61.64 points or 2.07% to 3,038.27 at the close. This strong performance is partially attributed to the strong performance of property developers. China Vanke (SHE:000002), the largest Chinese publicly traded property developer in China, advanced 6.84% on Monday following statistics showing strong price increase in the sector with the number of transactions on the rise. Another factor contributing to the rally was the easing of regulatory environment allowing insurance companies buying corporate bonds.
Trading in Hong Kong was just as euphoric following news that China's economic growth surpassed 7% in the first nine months of 2009. Stocks that adavanced outnumbered those that fell ten to one out of the forty four member Hang Seng Index (INDEXHANGSENG:.HSI) components. The index advanced 270.56 points or 1.23% by the close. Hang Seng Index heavy weight Petrochina (HKG:0857) (NYSE:PTR) advanced 3.01% as investors bet on the economic recovery is going to continue. CNOOC Ltd. (HKG:0883) (NYSE:CEO), the off-shore oil specialist from China, advanced 4.2% on strong crude prices as well. China Life Insurance (HKG:2628) (NYSE:LFC) rose 1.82% following strong premiums income growth report released last Friday.