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China stocks shine again

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pre-624-tumb(Sept. 16, 2009- Chinavestor) Strong rally in Hong Kong sent the Hang Seng Index (HANGSENGINDEX:.HSI) up over 536 points or 2.57% on Wednesday as signs that the economic downturn is nearing the end surfaced. Strong U.S. retail sales number and a positive reading of the New York manufacturing activity helped investors to regain confidence. Forty stocks out of the forty four member Hang Seng Index advanced today.

Resource, metal and energy stocks were particularly strong. Hong Kong listed H-shares of Yanzhou Coal (NYSE:YZC) jumped 4.9% followed by Huaneng Power's (NYSE:HNP) 3.5% gain. Aluminum Corp. of China (NYSE:ACH) advanced 3.4% followed by large cap Petrochina (NYSE:PTR). 

Strong showing in Hong Kong coupled with positive S&P index futures suggest a strong market days for China ADRs - Chinese stocks listed in the U.S. As the following screen suggests, China stocks are far from overbought and have sufficient room left for additional upside.

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Chinese ETFs are in tandem with their underlying indices - suggesting not much of an upside for the iShares FTSE/Xinhua 25 Index (NYSE:FXI) or for the Claymore/AlphaShares China Small Cap ETF (NYSE:HAO).

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