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China stocks mixed in Asia ahead of a deluge of earnings

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buy_sell_2 January 27, 2011 (Chinavestor) Chinese equities traded mixed in Asia on Thursday. The Hang Seng Index (INDEXHANGSENG:.HSI) reigned in positive territory for more of the day but profit taking sent it 63.6 points or 0.3% lower by the close. Airliners succumbed to profit taking but industrials and telecoms advanced.

Investors on the mainland continued to buy up large cap stocks ahead of earnings. The Shanghai Composite Index (SHA:000001) advanced 39.9 points or 1.5% on Thursday making up for all the losses the index suffered earlier the week. Resource and financial stocks rose but real estate fell as policy makers tightened second mortgages, again.

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Wednesday was a day for Chinese stocks, measured by the performance of key ETFs. While the DJIA eked out a miniscule 0.1% gain, the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) and the Guggenheim China Small Cap ETF (NYSE:HAO) rose 0.6% and 0.5%, respectively.

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Looking at individual components of key ETFs this morning, outlook is good for large cap China stocks going forward. H-shares of China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU) rose 4.4% and 2.9% respectively while China Mobile (NYSE:CHL) advanced 0.9%. Sinopec (NYSE:SNP) contiued to surge just like Aluminum Corp. of China (NYSE:ACH).



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