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China ADRs set to rally on Friday

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advance2China shares advanced in Hong Kong and Shanghai simultaneously on Friday, ending the week on a high note. The Hang Seng Index <.HSI> advanced 339.25 points or 1.68% to 20,573.33, the highest weekly close in 2009. The Shanghai Composite Index <.SSEC> rose 90.50 points or 2.72% to 3,412.06, the highest close on Friday in 2009. Both indices were propelled by strong earnings and improved outlook for metal stocks. Datang International Power Generation Co. (0991.HK) (601991.SS) advanced in HK on better than expected earnings, setting a positive tone for Huaneng Power International (0902.HK) (600011.SS) (HNP), a NYSE cross-listed China stock. We also noticed a strong institutional interest for HNP in KH two days ago, so expect HNP to do well in the upcoming days! Shares of Aluminum Corp. of China Ltd. (2600.HK)(ACH)(601600.SS) rose 3.9% in HK on strong metal prices while Angang Steel (0347.HK)(000898.SZ) and other metal stocks had a strong showing as well.

With S&P and NASDAQ index futures point to a higher open, expect China ADRs to do well on Friday. Shanda Interactive (SNDA) is the only China ADR that is technically still oversold, saying there is upside potential for the stock. ACH, YZC, HNP should do well on fundamentals besides other momentum stocks.

 

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