Chinese energy producers soar after record snows, Asian banks dip -- DailyFinance

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In China, shares in energy producers surged as the country plowed itself out from under heavy snow and the national Heating Office was forced to turn household heating on a full two weeks before the normally scheduled date due to extremely low temperatures. The added demand for fuel and electricity sent shares of Changchun Gas and Shaan Xi Provincial Natural Gas soaring to the 10 percent daily limit for a second day in a row. Huaneng Power International (HUNWF) rose 1.8% and oil producing giant PetroChina (PTR) rose 1.1%.

The November storms have produced the most snow the country has had in 50 years, and was amplified by a move from the Beijing Weather Modification Office, which seeded clouds in order to produce precipitation at the beginning of the month, adding 16 million metric tons of additional snow, according to the Xinhua news agency. Cloud seeding is a technique the Chinese use to force rain to fall. It helps clear the smog from the air and encourages rainfall during droughts. The technique was used extensively before the Beijing Olympics in an effort to improve air quality.
In Tokyo, banking stocks also floundered as Japan's biggest banks hatched plans to sell more of their common stock in order to raise capital and rescue their balance sheets. Mizuho Financial Group (MFG) tumbled 6.6%, Nomura Holdings (NMR) sank 4.9%, Sumitomo Mitsui (SMFJY) lost 4.6 and Mitsubishi UFJ (MTU) retreated 3.7%.

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http://www.dailyfinance.com/2009/11/19/chinese-energy-producers-soar-after-record-snows-asian-banks-di/

http://www.dailyfinance.com/2009/11/19/chinese-energy-producers-soar-after-record-snows-asian-banks-di/