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China shares bounce back in Asia

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pre-market_thumb_6-3(Sept. 1, 2009 - Chinavestor) Shares of Chinese companies bounced back off in Shanghai and Hong Kong after heavy selling in August. The Shanghai Composite Index advanced 15.98 points or 0.60% to 2,683.72 by the end on Tuesday, still off 20% from its peak earlier in August. Weak corporate earnings and careful remarks about the Chinese economy by prominent policy makers are partially to blame for such a correction.

The Hang Seng Index in Hong Kong reflected international market sentiment and rose 148.11 points or 0.75% to 19,872.30. Bargain hunters snapped up assets of oversold Chinese large cap companies. Aluminum Corp. of China (HKG:2600) rose 1.6% followed by a 1.2% advance of Petrochina (HKG:0857). China Telecom (HKG:0728) advanced 2.0% on competitors' weakness.

Chinese shares listed on American stock exchanges have lost all short term momentum. there is not a single Chinese ADR that is overbought- except for American Exchange listed small cap Sinovac. The number of oversold Chinese ADRs is on the rise, creating opportunities for the seasoned investor.

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Looking at Chinese indices and their trailing ETFs, the Shanghai composite index is clearly oversold and so is its trailing ETF, the Morgan Stanley china (NYSE:CAF). But fundamental weakness might keep both at bay, limiting short term upside potential.

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