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China ADRs to end quarter on a high tone

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pre-624-tumb(Sept. 30, 2009 - Chinavestor) China stocks rose in Shanghai but fell in Hong Kong ahead the week long holiday commemorating the 60th anniversary of communist rule in China. Trading was light in both markets where investors didn't want to take positions at a time when U.S. economic news are rolling out at a fast pace. NASDAQ and S&P index futures point to a higher open following reports that job loss was less then expected as the U.S. economy contracted at a slower pace in the second quarter then previously estimated. This in turn makes a case for China ADRs for Wednesday. Chinese manufacturing activity remained strong and rose for the sixth months in September, according to the latest HSBC survey released today. The Chinese central bank signaled that loose lending is about to continue for the rest of the year, easing fears that the stimulus driven China stocks rally has come to an end. 

As the following indicator suggests, Chinese ADrs lost some of their shine lately and have ground to makeup. Strong economic indicators from China combined with positive market sentiment in the U.S. is a sure recipe for a strong China ADR market day. For stock specific information please read today's overbought/oversold report "Overbought indicators don't lie: Sina, Sohu and FMCN in focus".

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There is some trading opportunity arising by looking at Chinese ETFs from a technical point of view. The Shanghai Composite index and her trailing ETF, the Morgan Stanley China Fun (NYSE:CAF) are both at the lower end of their trading range. Should the Shanghai Composite regain her mojo, expect CAF to do extremely well. This may be a time for bargain hunting...

Another set of undervalued ETFs include the iShares FTSE/Xinhua 25 index (NYSE:FXI) and the Claymore/Alphashares China Small Cap Fund (NYSE:HAO). Both ETFs are well below current Hang Seng index levels, suggesting hidden upside for the smart investor.

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