November 13, 2009 (Chinavestor) Chinese shares advanced in Hong Kong and Shanghai on Friday. Strong economic news from China helped the Shanghai Composite index to firm up above the psychologically important 3,000 level. Trading in Hong Kong reflected strong American market sentiment sending the Hang Seng index 156.06 points higher for the week. Chinese airliners were caught on fire on low valuation and improved passenger traffic report from China Eastern Air (HKG:0670) (NYSE:CEA).
Index futures point to a higher open for Friday. With a slew of economic news on the corner expect a strong market day to cap the week.
Chinese ADRs have regained momentum this week with 14 ADRs trading above thier 50 DMA, and the number is rising. Yingli Solar (YGE) and Rino International (NASDAQ:RINO) reported earnings before the bell, both stocks are up in pre-market trading.
Chinese indices and ETFs look good before the open on Friday. The global shipping ETF (NYSE:SEA) has been particularly strong lately, as predicted in the last three days. Expect Chinese ETFs to follow overall market sentiment today.