Shares of Chinese companies rose in Hong Kong on Thursday. The Hang Seng advanced 103.21 points to 18,361.87 while the Shanghai Composite shed 4.8 points or 0.15% to 3,183.75.
China's economy growth accelerated to 7.8% in the second half of 2009, bringing the 8% growth target for 2009 beyond reach. Strong outlook from Intel, Goldman and now JP Morgan are setting a positive tone for U.S. markets and increasing risk appetite worldwide.
Chinese stocks listed in New York are far from overbought at the moment and thus offer additional updie potential. Only a handful of them are technically overdone, just half of them are trading above their 50-DMA while the relative strenght indicator has just passed the neutral line.