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China stocks extend rally in Hong Kong but GM bankrupcy looms over markets

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financialShares of Chinese companies listed in the US ended the week on a high note. CNOOC Ltd (CEO), China's offshore specialist, rose $7.55 on the back of the crude. Price for a barrel reached $63 on Friday just to see it creeping back to $66 by Monday morning, a record for 2009. Besides Chinese oil companies, NASDAQ listed China players rocked the town. Baidu.com, Sohu.com, Ctrip.com and Shanda Interactive (SNDA) were among top five China plays on Friday measured by dollar change. But Sinopec Shanghai Petrochemical (SHI), the largest maker of ethylene and related basic plastic materials, shed $1.25, as investors bet high oil price means lesser margin for refiners and related industries. Optimism spurred Hong Kong stocks to a record jump of 717.59 points or 3.95%. This is the single largest jump in 2009 and was based on a broad rally with heavy volume. Chinese manufacturing data suggest the worst is over for China, where domestic stimulus packages took over looming export demand. From an institutional point of view China's Yanzhou Coal (YZC) was in high demand as documents submitted to the Hong Kong Stock Exchange testify. Looking into the opening on Monday, index futures point to a higher open. China ADRs are not overbought yet, signaling there is more to the upside. The Relative Strength Indicator (RSI) is just neutral so be prepared for a good day for China stock investors.  Pre-Market_6-1.pdf


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