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China stocks extend rally in HK but U.S. index futures point to a lower open

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pre-market_thumb_6-3Shares of Chinese companies rose in Hong Kong but upside is limited for ADRs as American index futures point to a lower open. China ADRs took a breath on Tuesday following news that resale of homes jumped to a seven year high. But with most Chinese stocks far outperforming their American counterparts for 2009, their upside seems to be limited. Exception was Giant Interactive (GA), a NYSE listed Chinese online game developer and operator, whose shares rose 7.07% to $8.48. But investors are still sour about Giant whose shares are trading less than their IPO price just over a year ago.  The rally on Tuesday for Giant is seen by many as a catch up with the rest of the super hot online gaming sector. Industry leader Shanda Interactive (SNDA) is trading over $60/ADR, a new record for the stock. The company announced sales forecast today to top investors' expectations.

The best China stock for the day was China BAK Battery (CBAK) whose shares jumped $.77 or 31.30% with heavy volume. But large cap blue chips traded sideways, signalling that China stocks are looking for direction at this point.

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Trading in Hong Kong was spurred by strong U.S. home resale numbers. The Hang Seng Index rose 187.3 points to 18,576.47, a record for 2009. Some fear that the index rose too far too fast and is subject to a pull back.

Based on Chinavestor technical tools, China ADRs are not terribly overbought yet though they clearly have strong momentum. At this point China ADRs are most likely to follow overall American market sentiment.



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