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China stocks soar in HK & Shanghai on Friday

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advance5Chinese stocks capped the week with strong gains in Asia. The Hang Seng Index <.HSI> climbed  443.79 points or 2.42% to 18,805.66. The index is up 1160 points for the week, making it the best weekly gain since May. China stocks gained on investor optimism buoyed by analysts' upgrades that earnings will accelerate. The Shanghai Composite Index <.SSEC> advanced 5.99 points or 0.19% to 3,189.74 points, another 52 week high for the index. The wide Chinese domestic market benchmark is up 75% YTD, the best performer of the world. Ample liquidity combined with strong earnings turned to be a good mix propelling Chinese A shares into record highs.

Chinese shares look good in New York before the bell. While the number of overbought China ADRs are rising and reached four, it is still less than 10% of total. Most China stocks are now trading above their 20-DMA and 50-DMA, a sign that momentum is back. With RSI still slightly above the 50 reading, the outlook is great for China stocks before the bell on Friday.

 

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