December 1, 2009 (Chinavestor) Chinese stocks continued to advance in Asia on Tuesday following strong Chinese manufacturing data. According to the latest statistics, November manufacturing activity in China accelerated to the fastest speed in five years. The Hang Seng Index advanced 291.62 points to 22,113.15 points, while stocks in Shanghai pushed the Shanghai Composite +40.06 points or 1.25% higher to 3,235.36 points. China Eastern Airline (NYSE:CEA) won final regulatory approval to merge with smaller Shanghai Airlines, creating the nation's second largest airline after Air China. China Southern Airlines (NYSE:ZNH) advanced in Asia following a Goldman Sachs upgrade to buy. Industrial and Commercial Bank of China (HKG:1398) rose 2.3% following news that the world's largest financial institution had no exposure to Dubai.
Index futures point to a higher open, suggesting a positive market day for China stocks. For a stock specific report, please read today's overbought/oversold report.
Chinese indices rebounded on Monday and Tuesday, leaving Chinese ETFs behind. This makes a case for China related EFTs such as NYSE:CAF, NYSE:FXI and NYSE:PGJ.