Nov. 18, 2009 (Chinavestor) Shares of Chinese companies advanced in Shanghai but fell in Hong Kong on Wednesday. The Shanghai Composite Index broke through the 3,300 level for the first time after the 20% correction in August. But investors were more cautious in Hong Kong ahead of consumer-price-index and housing stats reading from the U.S.
Solarfun Holdings (NADAQ:SOLF) and NetEase.com (NASDAQ:NTES) are reporting earnings today. Both are closely watched for the same reason: investors are looking for clues about the health of the solar and internet sectors. So far both industries have been healthier than originally tought, evidenced by strong earnings from JA Solar (NASDAQ:JASO), Yingli Solar (NYSE:YGE) and Sina Corp. (NASDAQ:SINA).
Stocks have been on fire globally, as is evidenced by the overbought chart below. Chinese small cap stocks and American indices are taking the lead but expect Chinese real estate (NYSE:TAO) to catch up soon.