(Oct. 14, 2009 - Chinavestor) The stage is set for a strong market day and Chinese ADRs are going to take part of that. China stocks rallied in Asia, sending the Hang Seng Index up 419.12 points to 52 week high of 21,886.48 points. Hong Kong listed H-shares of Petrochina (NYSE:PTR), CNOOC ltd. (NYSE:CEO), Sinopec (NYSE:SNP), Chalco (NYSE:ACH), China Life Insurance (NYSELFC) led a rather universal rally. The number of stocks that gained outnumbered those that fell 8:1.
Shanghai saw a similarly strong market day sending the Shanghai Composite Index 34.34 points or 1.17% higher to 2,970.53 at the close. Strong institutional interest in bank and financial shares propelled the index but oil and energy companies did well just as much.
With index futures up strongly, Chinese ADRs are set to do well on Wednesday.
Looking at the following China ETF and index list, the FXI, PGJ, and HAO room to make up to track the strong performance in Hong Kong.