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Hot EFTs trailing Chinese indices

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pre-616-tumb(Sept. 10, 2009 - Chinavestor) The Hang Seng Index extended the rally it started last week and advanced 218.52 points or 1.05% on Thursday. The index is up 1,345 points or 6.8% since last Wednesday its fourth best 7 day run in 2009. Chinese airliners led the rally following news from the Chairman of China Southern Airline (NYSE:ZNH) that net profit will be stronger in the second half of 2009. News sent the rest of the sector higher; H-shares of China Eastern Airline (NYSE:CEA) rose 2.9% while Air China (HKG:0753) advanced 0.6%. China Unicom (NYSE:CHU) advanced on Telefonica's strategic alliance while CNOOC ltd. (NYSE:CEO) advanced on stronger oil.

Trading in Shanghai was mute, the Shanghai Composite shed 21.38 points or 0.73% to 2,924.88, breaking a seven day winning streak. The index experience extreme volatility in 2009 with a swift 20% correction in August. Investors are waiting for the government to release a slew of economic indicators on Friday such as the latest reading on the inflation, manufacturing activity, urban fixed-asset investment, among others.

Chinese sotck listed in the U.S. have regained most of their momentum lately as the following screen testifies.

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Chinese indices and their trailing ETFs offer trading opportunities, according to the overbought/oversold indicator. while the Shanghai Composite (SHA:000001) has a lot of ground to make up, the Hang Seng Index (HANGSENGINDEX:.HSI) is on fire. The Claymore/AlphaShares China Small Cap ETF (NYSE:HAO) is relatively behind its peers, the iShares FTSE/Xinhua 25 Index (NYSE:FXI), suggesting upside potential for smaller Chinese stocks. On the same time, the PowerShares Gld Drg Haltr USX (NYSE:PGJ) is ahead of the curve and may come under pressure on Thursday.

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