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Chinese Stocks End Week on a High Tone in Asia

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Asia_1Nov. 6, 2009 (Chinavestor) Chinese indices rose world wide on Friday buoyed by strong American markets. The Shanghai Composite Index rose a mere 8.98 points or 0.28% but Friday marked the fifth consecutive day of gains sending China's domestic market up 234 points or 8% for the week. Daqin Railway and Guangshen Railway (SHA:601333) advanced over 10%for the week but resource and metal players were strong as well. Aluminum Corp. of China (SHA:601600) advanced 8.2 for the week slightly outperforming China's largest copper company Jiangxi Copper and the largest steel maker, Baoshan Steel (SHA:600019).

Hong Kong trading reflected strong U.S. market sentiment, the Hang Seng index rose 350.64 points or 1.63% making up for yesterdays' losses and more. The index advanced 2.9%for the week. Top NYSE:HKEx cross-listed gainers of the day are Yanzhou Coal (NYSE:YZC), China Unicom (NYSE:CHU), CNOOC ltd. (NYSE:CEO), and China Telecom (NYSE:CHA).

With index futures pointing to a slightly higher open, expect these China plays to do well on Friday. But the all important jobs reports is going to dominate trading today, setting direction for China ADRs as well.

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The Morgan Stanley China Fund (NYSE:CAF) has been making progress over the week, as suggested. At this point the global shipping ETF looks to present to most short-term upside potential, according to the overbought/oversold indicator below.

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