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China stocks up in Shanghai subdued in HK

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forecast_2Nov. 19, 2009 (Chinavestor) China stocks fell in Hong Kong for the third day in a row while Shanghai remained resilient. Shanghai Composite Index heavy weight Petrochina (SHA:601857) advanced 1.1% but railway companies were particularly strong: Guangshen Railway (SHA:601333) (NYSE:GSH) advanced 2.7% followed by a 2.3% and 1.9% advance of Daqin Railway (SHA:601006) and China Railway (SHA:601390), respectively. 

Hong Kong took direction from the U.S. where housing and unemployment worries kept markets under water. Hang Seng index heavy weight China Mobile (HKG:0941) (NYSE:CHL) advanced 1.7% in Hong Kong but profit taking dragged down high flying airliners and Yanzhou Coal.

Index futures point to a lower open for China ADRs as well. But earnings will keep quality companies ahead, expect the solar sector to do well in the near term.

pre-1119

Chinese indices and ETFs are looking neutral with a positive bias from a technical point of view. The global shipping ETF, NYSE:SEA), is ahead of the curve, expect some weakness in the near term. But Chinese real estate ETf (NYSE:TAO) is weak, may have more room to go.

index-1119



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