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China stocks fly high on Thursday

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advance7(Sept. 17, 2009 - Chinavestor) Chinese stocks continued to climb in Asia following positive developments from Japan, the U.S. and China. The Hang Seng index rose 365.59 points or 1.71% to 21,768.51 points as power companies and resource players continued to recover. H-shares of Huaneng Power (NYSE:HNP) advanced 3.9% followed by Aluminum Corp. of China (NYSE:ACH). China Life Insurance, airliners, all advanced. But oil producer CNOOC Ltd. (HKG:0883) fell on profit taking.

The Shanghai Composite Index rose 60.55 points or 2.02% to 3,060.26 at the close. Investors are finding solace in global macro economic reports. The Bank of Japan upgraded its outlook on the economy, the U.S. manufacturing activity rose for the second month is August, while a senior Chinese government official predicted double digit growth for the rest of the year.

Index futures reflect storng market sentiment and will pull Chinese ADRs higher at the open.

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Looking at Chinese ETFs, the Power Shares Golden Dragon Halter USX China (NYSE:PGJ) and the Claymore/AlphaShares Small Cap China ETF (NYSE:HAO) have some ground left to make up, compared to the Hang Seng index.

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