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China Mobile lifts the Hang Seng Index

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pre-623-tumb(Sept. 22, 2009 - Chinavestor) Chinese carriers reported subscriber numbers yesterday making China Mobile (NYSE:CHL) the king of the sector. Index heavy weight China Mobile (HKG:0941) advanced 2.4% in Hong Kong but China Unicom (HKG:0762) fell while China Telecom (HKG:0728) traded sideways. Investors became selective with airliners as well. China Southern Airlines advanced 4.0% but Air China and China Eastern Airlines (NYSE:CEA) fell. but overall market sentiment was strong, stocks that advanced outnumbered those that fell 3:1.

Trading in Shanghai added more gloom for the short term. The Shanghai Composite index fell 69.46 points or 2.34% and solidified its position below the 3,000 level. It looks that it will take some time and positive news from China to get the index moving higher again. 

Chinese ADRs are looking good ahead the bell on Tuesday. They have momentum, but not excessive, while index futures point to a higher open. With a strong showing in Hong Kong, except China Mobile (NYSE:CHL) to rock the house on Tuesday. Positive market days typically lift resource and energy plays as well, so watch out for Aluminum Corp. of China (NYSE:ACH), Yanzhou Coal (NYSE:YZC) and the oil sector. As far as the NASDAQ listed Chinese stocks are concerned, look up today's Overbought/Oversold indicator for direction.

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Looking at Chinese indices and their trailing ETFs from a technical point of view, there is upside today for the following ETFs: FXI, HAO and PDJ. But with a weakness in Shanghai, a correction looms over the Morgan Stanley China (NYSE:CAF).

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