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October ends on a high tone for China stocks

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currency_3Oct. 30, 2009 (Chinavestor) China stocks ended the month on a high tone in Asia. The Shanghai Composite index advanced 35.38 points or 1.20% on Friday to 2,995.85 points at the closer. The index is up 7.8% for the month but is below the psychologically important 3,000 level. Financials, energy, materials were strong in October while real estate gave up most of earlier gains on policy change.

Hong Kong trading was even more enthusiastic on Friday as American market sentiment carried over to China's international stock market. The Hang Seng index jumped 487.88 points or 2.29% erasing all the losses from the day before. The index ended the month 3.8% higher at 21,752.87 points. CNOOC ltd. (NYSE:CEO) (HKG:0883) led oil companies higher, lifting coal shares along. Yanzhou Coal (HKG:1171) advanced 2.0% on Friday.

Chinese ADRs are subject to American market sentiment. With consumer spending down 0.5% in September, the DJIA is to open lower, leaving uncertainty over Chinese stocks on Friday.

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Chinese indices are on the retreat from a week ago. The real estete ETF is in bad shape, but might offer oportuity for the ridsky investor at this point.

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