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China stocks rally in Asia, may cap the week with solid gains

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Pre-6-10-tumbChinese stocks rose in Shanghai to a new record for 2009 on Friday while China H shares sent the Hang Seng Index in Hong Kong higher for the third day in a row. With index futures slipping ahead of income data, Chinese American Depository Receipts, ADR, are expected to see a narrow open before the bell.

The Shanghai Composite rose 3.165 points or 0.11% to 2,928.11, a new record for 2009. The benchmark for Chinese domestic market rose fourth day in a row as strong economic data continued to flow. Credit Suisse raised forecast for China's growth on Thursday while reports release on Friday show that industrial profits started to increase. Steel makers, financial institutions gained and China Shenhua 601088.SS, the largest Chinese coal miner rose 0.8% following a Goldman upgrade.

Trading in Hong Kong was strong, the Hang Seng Index rose 325.23 points or 1.78% to 18,600.26. The index rose over 6% in the last four days. Rally was universal, only three of the 42 member Hang Seng Index declined. Shipping, energy was strong along with telecoms such as China Unicom (0762.HK). Yanzhou Coal (YZC) and Chalco (ACH) did well.

American listed China stocks look good from a technical point of view. They are hardly overbought giving room for a possible advance on Friday. But it all depends on U.S. market sentiment as we know but this time there is a strong positive bias to China stock.

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