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Chinese Stocks Welcome The Bull Back

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Bull_2October 12, 2010 (Chinavestor) After a 20% rally off their July lows, Chinese equities are officially back in bull market territory, joining Indonesia and Thailand as the other Asian markets to be considered in bull markets this year. The Shanghai Composite (SHA:000001) is trading above 2,840 and could see 3,000 in the near future according to a strategist at a strategist at Central China Securities Holdings Co., Bloomberg News reported.

Commodities names are leading as Yanzhou Coal (NYSE: YZC), China's fourth-largest coal producer, and Jiangxi Copper Co., China's biggest copper producer, have both surged since Chinese markets reopened after being closed for much of last week due to holiday celebrations.

Commodity producers have also rallied the past three days on speculation possible U.S. economic measures will weaken the dollar and make commodities more attractive investments, Bloomberg reported.

Nomura Holdings issued a report that said the Shanghai Composite's (SHA:000001) technicals look attractive and the index could challenge resistance at 2,891 if volume is strong. CIMB Investment Bank said if the index surpasses 2,950 it could maker a run at its longer-term high of 3,478.

 



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