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China stocks up in Hong Kong and Shanghai

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Pre-6-10-tumbChinese shares rose both in Hong Kong and Shanghai as the world third largest economy shows signs of accelerating growth. The Hang Seng Index advanced 69.52 points or 0.39% to 17,790.59 while the Shanghai Composite rose 42.26 points or 1.37% to 3,123.03, another record for 2009.

Trading Hong Kong saw steady improvement in the afternoon session erasing losses of the morning trade. Shares of China Life Insurance (LFC) jumped 5.2% to $HK30.50 followed by a 3.9% jump by Sinopec Corp. (SNP). Number of advancing stocks outnumbers those that declined 2 to 1. 

But index futures point to a higher open for Chinese stock listed in New York. Despite weak retails sales in June initial jobless claims dropped sharply, a positive news that markets were hungry for. Expect China Life and Sinopec to open sharply higher on Thursday morning.

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