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China stocks down in Asia but U.S. trading looks promising

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pre-623-tumb(Sept. 28, 2009 - Chinavestor) As stated in the overbought/oversold report this morning, U.S. investors are about to embrace a week full of economic indicators. Plus companies will start reporting third quarter earnings in October, giving an idea about where the market will be heading for the rest of the year.

When it comes to Chinese stocks Asian trading didn't offer much reason to cheer on Monday. The Shanghai Composite Index fell 75.32 points or 2.65% to 2,763.52 at the close. The Hang Seng index fell almost as much, erasing 435.99 points or 2.07% to 20,588.41 at the close. The fall was universal, only one stock out of the 44 member Hang Seng index gained while the rest fell.

But index futures point to a higher open in the U.S., suggesting a positive market open for China ADRs. Focus Media Holdings (NASDAQ:FMCN) generated a lot of attention last week following allegations that the Chinese government might not approve the sale of FMCN's core assets to Sina Corp. (NASDAQ:SINA). Rino International (NASDAQ:RINO), China BAK Battery (NASDAQ:CBAK), Cogo Group (NASDAQ:COGO) are among smaller cap Chinese stocks that saw a lot of action last week.

China's off-shore oil producer, CNOOC Ltd. (NYSE:CEO) and the rest of the Chinese energy sector should do well if market sentiment stays positive.

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As the following chart testifies, Chinese indices and their trailing ETFs have been on a retreat lately. But despite a substantial fall in the Hang Seng index, Chinese ETFs have already been trading at a discount, leaving not much downside risk for Monday.

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