My ICBC Investment Turned Positive & LFC Closed at Record High

Less than one month ago, I opened an E-Trade Global Trading account and bought 1,000 shares of Industrial and Commercial Bank of China (ICBC) listed on Hong Kong at HK$5.00 a piece. The trading had a very high price that included HK$299 commission and about HK$100 currency exchange fee. To make money from this trade, the price of the stock has to go above HK$5.40.

Well, it didn’t take long for the stock to pass that level as ICBC closed at HK$5.54 in Hong Kong yesterday. That’s more than 10% gain in less than 4 weeks. Though I never doubt the stock will surpass that level, the pace is quite impressive. Today, there’s a report on MarketWatch that ICBC, world’s largest bank, is among a few Chinese banks that are seeking license to open branches in US. If that indeed happens, it could further boost ICBC’s share price.

Meanwhile, another my favorite stock, China Life Insurance (LFC), closed at all time high of $78.61 today amid strong performance at both Shanghai and Hong Kong yesterday, though it was a little off its session high of $79.33. Since July 19, 2007 when both the Dow and the S&P reached record highs, the stock has gain nearly $20 per share.