Top China ADR Portal

China ADR stock research


Warning: strtotime(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home1/chinaves/public_html/libraries/joomla/utilities/date.php on line 56

Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home1/chinaves/public_html/libraries/joomla/utilities/date.php on line 198

Shanghai passes 3,000 with ease, HK falls ahead the bell

E-mail Print PDF

pre-6-11-tumbThe Shanghai Composite Index <.SSEC> rose 52.10 or 1.7% on Thursday to 3,065.25 thanks to signs that China is on the way to recovery. The index just broke through 3,000 points on Wednesday and many questioned if the time has come to take a break but apparently Chinese investors continued to step up buying large cap blue chips. Petrochina (PTR) A shares rose 3.3% while China Shenhua Energy (1088.HK: Quote, Profile , Research)(601088.SS: Quote, Profile , Research), the largest coal miner in China, advanced 4.3%. Strong money flows continue to dominate China's domestic market.

But trading in Hong Kong was remarkably different. The Hang Seng Index <.HSI> fell 200.68 points or 1.09% to 18,178.05.  China Southern Airlines (600029.SS: Quote, Profile , Research)(1055.HK: Quote, Profile , Research)(ZNH: Quote, Profile , Research) fell 4.7% followed closely by China Telecom (CHA: Quote, Profile, Research) (0728.HK: Quote, Profile , Research). China Shenhua H-shares fell 0.7% in Hong Kong just the opposite of Shanghai's strong advance. But shares of Huaneng Power International (0902.HK: Quote, Profile , Research) (600011.SS: Quote, Profile , Research) (HNP: Quote, Profile , Research) rose 2.9% on anticipation of that an electricity price increase will follow latest gasoline price jump of 10% as of July 1st.

Looking ahead index futures point to a lower open ahead the bell on Thursday. The market is anxious about upcoming key payroll report sending DJIA futures 56 points lower. This will pressure Chinese stocks from exploiting their potential in early morning trade. But American listed China stocks or ADRS look good from a technical point of view. The number of China ADRs trading above 50-DMA is increasing yet there is more oversold China stocks than in last week. Number of overbought China stock is only one, a very low number. While China stocks show short term momentum, measured by 20-DMA on the bottom of the chart below, the relative strength indicator (RSI) is still in the low 40s, indicating more upside potential on the mid term.

 

pre-72



If you like us, spread the word to the fellow investors on your favorite Social Bookmarking websites
Reddit! Del.icio.us! Mixx! Free and Open Source Software News Google! Live! Facebook! StumbleUpon! TwitThis Joomla Free PHP
 

!!! CHINAVESTOR.COM is for SALE !!!

BUY this domain with all its credentials. Chinavestor.com has been added to Google News and Finance since 2008! Huge web traffic upside potential! Website is optimized for Chinese stocks but can easily be tweaked. Contact Seller Here

sale1
G_news
Check out The Benefits of Getting into Google News!

Free weekly newsletter

Get hot China stock news every Monday