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China Stocks Caught in World Market Rally

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advance9(Oct. 23, 2009 - Chinavestor) World markets caught fire on Friday following strong gains in the U.S. Index futures point to a strong open following better then expected earnings from Microsoft. MSFT is up 10% in pre-market trading.

Chinese shares had their the best day in a month following strong GDP growth number and a positive market day in the USA. The Shanghai Composite index advanced 56.43 points or 1.85% to 3,107.85 as index heavy weight pulled the index to a record in October. Industrial and Commercial Bank of China (SHA:601398) , the largest lender in China, advanced 1.96% followed by a 1.8% gain by Petrochina (SHA:601857) (NYSE:PTR).

Trading in Hong Kong was just as enthusiastic as in Shanghai. The Hang Seng Index advanced 379.21 points or 1.71% to a new 52 week high of 22,589.73. Energy, financial and insurance stocks led the rally. China Life Insurance (HKG:2628) (NYSE:LFC) jumped 5.7% followed by a 5.5% advance of Ping An Insurance. CNOOC Ltd. (HKG:0883) (NYSE:CEO) jumped 5.4% followed by a 3.0% advance by Petrochina (HKG:0857) (NYSE:PTR). Stocks that advanced outnumbered those that fell four to one from the forty four member Hang Seng Index.

Index futures point to a strong open, suggesting a great market day for China ADRs as well.

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Looking at Chinese indices and ETFs, the China Real Estate ETF, TAO, is looking good with additional upside potential. Expect FXI, CAF, HAO and the rest of China ETFs to follow markets higher today.

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