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China stocks continue rally in HK and Shanghai

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Pre-6-10-tumbChinese stocks continued to climb in Asia on Friday sending both the Shanghai Composite and the Hang Seng to record high for the year. The Shanghai Composite advanced 44.11 points or 1.33% to 3,372.60 as strong money flows continued to pump energy stocks higher. Petrochina (601857.SS) A-shares rose 5.41% while shares of Sinopec Corp. (000028.SS) advanced 3.48% on Friday. The broad Shanghai Composite index is up over 80% YTD, the best in the world, after the Chinese government introduced a Yuan 4 trillion ($586 billion) stimulus package in last November.

Trading in Hong Kong set a record for 2009 as well after the Hang Seng index advanced 165.09 points or 0.83% to 19,982.79. the index past 20,000 for a short period of time but profit taking sent it back below 20,000. The index has not seen that high for over 10 months following the collapse of Lehman Brothers. Aluminum corp. of China (ACH) rose 6.1% on strong alumina prices while Yanzhou Coal (YZC) rose 3.4% with the rest of the coal sector on improved outlook. number of stocks that rose outnumbered those that fell 5 to 1.

Chinese stocks in New York are getting overbought following strong rally in the last five days. Most of them are trading above their 50-DMA, a good sign but the number of overbought Chinese ADRs are rising fast. Baidu.com (BIDU) reported Q2 earnings that failed to impress investors and the stock fell 5% after market. Baidu, the largest NASDAQ listed China stock, has big impact on the rest of the China internet sector effecting shares prices of online gamers and portals. Sohu.com is already weak along with Changyou.com. So be prepared for a weak market day for NASDAQ listed Chinese ADRs. But NYSE names are expected to do better with ACH, LFC and YZC on the lead. But overall trading on Friday will depend on American market sentiment. Should the DJIA cap the week of strong gains with a good Friday, Chinese stocks will keep investors happy. 

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