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China stocks up in Asia led by energy

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advance4(Oct. 13, 2009 - Chinavestor) Chinese shares advanced both in Shanghai and Hong Kong on Tuesday as price of oil firmed up and auto sales hit new record. The weak dollar pushed oil and commodity prices higher, helping Petrochina (HKG:0857) (NYSE:PTR) and CNOOC Ltd. (0883.HK) (NYSE:CEO) to lead the Hang Seng Index 168.1 points or 0.79% higher to 21,467.36  points at the close. China's top gold miner Zijin Mining (HKG:2899) advanced 2.5%, in line with Petrochina H-shares.

Traders in Shanghai found strength in strong car sales and commodity prices, sending the Shanghai Composite Index  41.71 points or 1.44% higher to 2,936.19 at the close. The China Association of Automobile Manufacturers reported September passenger car sales jumped 84% from last year to 1.015 million units, surpassing the one million monthly mark for the first time. Car sales in China surpass the U.S. this year, making it the largest car market in the world in 2009. Strong oil prices helped Petrochina A-shares (SHA:601857) to advance but Chinese coal miners outshined oil producers. China Shenhua Energy (SHA:601088), the largest Chinese cola producer advanced 2.7%. Smaller rival China Coal (SHA:6018980) advanced 2.8% and Yanzhou Coal (SHA:600188) (NYSE:YZC), the Shanghai-Hong Kong - NYSE cross-listed blue chip advanced 3.9% in Shanghai today.

Chinese ADRs underperformed major American indices on Monday, as investors are warming up for the earnings season. With Johnson & Johnson, Intel, and CSX are in the line to report today, investors are cautions with Chinese stocks.

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When it comes to Chinese indices and ETFs, there is not much trading opportunity left according to the overbought oversold indicator. ETFs are in line with their underlying indices, and American market sentiment is going to dominate China stock and ETF trading today.

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