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China stocks resume advance in Asia on Thursday

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advance5Chinese stocks headed north on Thursday in Shanghai and Hong Kong in tandem. The Shanghai Composite Index <.SSEC> advanced 55.13 points or 1.69% to 3,321.56 while the Hang Seng Index <.HSI> rose 98.58 points or 0.49% to 20,234.08.

Index futures point to a higher open before the  bell on Thursday, suggesting a positive open for Chinese stocks listed in New York. The number of overbought Chinese stocks is still on the rise compared to last week but the overall technical condition is improving.

We noticed a huge accumulation of HHuaneng Power International (0902.HK) (600011.SS) (HNP) H-shares in Hong kong by JP Morgan, suggesting a longer term rally for HNP.

 

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Looking at regional indices and ETFs that track them, one offers trading opportunity. The Morgan Stanley China (CAF) is well below the Shanghai Composite Index, the index that it tracks relatively closely. In turn it means that CAF has a lot of ground to make up, so expect CAF to do well in the upcoming days.

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