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Shanghai Composite breaks 3,000 on strong economic data

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pre-616-tumbWorries that the U.S. economy will take time to find its footing sent American indices lower on Tuesday. This in turn pressured Chinese stocks and just a selected few could manage to eke out some gains. But strong economic news continue to flow from China, where strong manufacturing data sent the Shanghai Composite Index <.SSEC> breaking through the 3,000 level for the first time in 2009. Strong manufacturing data boosted investor sentiment igniting a strong rally. Construction materials, financials, autos all rose with heavy volume.

Hong Kong was close for the day. Looking at Chinese stocks listed in America China stocks look good from a technical point of view. There is not a single NYSE or NASDAQ listed China stock that is overbought, a rare technical condition. The relative strength index for the China ADR universe is recovering but is still in the 40s. This suggest that China ADRs can rally if market conditions improve.

 

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