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China stocks shine on strong economy

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economy_1Nov. 11, 2009 (Chinavestor) Strong economic news confirm our expectations that China will going to achieve 8 percent GDP growth for 2009. Strong retail sales and manufacturing numbers are good news for China stock investors, while export data suggests the global economy will need more time to heal.

The Shanghai Composite Index traded sideways on profit taking while stocks in Hong Kong soared. The Hang Seng Index advanced 359.05 points or 1.61% to new 52 week high of 22,627.21. Chinese airliners China Eastern Air (HKG:0670) and China Southern Airlines (HKG:1155) led the rally followed by China Mobile (HKG:0941) (NYSE:CHL). Shares of Yanzhou Coal (HKG:1171) bounced back up as well, suggesting a strong market day for China Mobile and Yanzhou on the NYSE.

Index futures point to a higher open for Wall Street, giving food for China stocks to extend the rally. For momentum China stocks, please see today's overbought/oversold report. Pay close attention to earnings today: Ctrip.com (NASDAQ:CTRP), China GrenTech (NASDAQ:GRRF) and KongZhong Corp. (NASDAQ:KONG) are going to report after the close.

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Looking at Chinese ETFs and indices,the global shipping ETF (NYSE:SEA) has left ground to make up while most China ETFs are in line with their underlying indices. The China real estate ETF, (NYSE:TAO) looks to have more upside potential then the rest of the ETF universe.

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