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China stocks on the rise, again

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advance7(Sept. 4, 2009 - Chinavestor) China stocks rocked the house in Hong Kong following news that regulators increased the limit for Qualified Foreign Institutional Investors to 25% of assets or to $1 billion. The news jump started the teetering Hand Seng Index in the last hour of trading, sending the benchmark up over 400 points. Altogether the index finished the day 556.94 points or 2.28% higher at 20,318.62 points. The fact that not a single stock out of the forty four member Hang Seng Index (INDEXHANGSENG:.HSI) closed lower for the day speaks volumes of the quality of the rally. 

While we have seen a similar rally in Shanghai just yesterday, traders were more cautious on Friday in the mainland and sent the Shanghai Composite Index up only 16.58 points or 0.58% to 2,861.61 points. But given the big rally of over 500 points yesterday, the Shanghai Composite Index (SHA:000001) bounced back off the oversold position and looks to position herself for more gains in the upcoming week.

S&P and NASDAQ index futures point to a slightly higher open ahead jobs data on Friday. Combine this positive momentum with strong performance in Asia, Chinese ADRs are set to continue do well on Friday. The following companies are set to do well right at the open based on strong gains in Hong Kong: Huaneng Power (NYSE:HNP), China Mobile (NYSE:CHL), Aluminum Corp. of China (NYSE:ACH) and Petrochina (NYSE:PTR).

For smaller cap momentum stocks, please look up our overbought/oversold indicator - "Hot money chasing small cap China stocks"

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