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China stocks up in Asia, ADRs set to rally Friday morning

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Pre-6-10-tumbChinese stocks rallied in Asia on Friday on the back of sstrong American jobless report and economics data. The Shanghai Composite Index <.SSEC> rose 26.59 points or 0.93% to 2,880.49 setting a new record for 2009. String liquidity overturned fears that the resumption of IPOs will pressure the index. Banks and construction materials continued to show strength.

Hong Kong listed China stocks or H-shares did well on Friday. The broad Hang Seng Index <.HSI> rose 144.27 points or 0.81% to 17,920.93 ending a four day losing streak. Oversold China stocks lead the rally in Hong Kong. Sinopec Corp (0386.HK: Quote, Profile , Research)(SNP: Quote, Profile, Research) (600028.SS: Quote, Profile , Research)), Asia's largest refiner, advanced 2.6% followed by Guangshen Railway Co. Ltd. (GSH: Quote, Profile , Research)(0525.HK: Quote, Profile , Research)(601333.SS: Quote, Profile , Research) and Huaneng Power International (0902.HK: Quote, Profile , Research) (600011.SS: Quote, Profile , Research) (HNP: Quote, Profile , Research). The telecom sector is still lagging behind, China Mobile (Hong Kong) Ltd. , (0941.HK: Quote, Profile , Research) (CHL: Quote, Profile , Research) rose only 0.1% on Friday. But basic materials shed following news that Chin will stop stockpiling strategic materials such as zinc, copper or aluminum. Jiangxi Copper Co. (0358.HK: Quote, Profile , Research)(600362.SS: Quote, Profile , Research) fell 2.4% followed by AAluminum Corp. of China Ltd.'s (2600.HK: Quote, Profile, Research)(ACH: Quote, Profile, Research)(601600.SS: Quote, Profile, Research) 1.4% decline.

 

Seasoned investors should pay attention to Yanzhou Coal (1171.HK: Quote, Profile , Research) (YZC: Quote, Profile , Research). We have noticed a significant institutional interest for Yanzhou H shares, and if history can predict future price movement, expect YZC to soar in the following weeks or month.

The Chinese ADR list of stocks look to have swung over the board in the week and are now oversold. with index futures pointing to higher open ahead the bell, Chinese stocks will have as strong day on Friday.

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