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China stocks mixed in Asia ahead of deficit and jobs reports

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China_flag1Dec. 10, 2009 (Chinavestor) Asian stocks were subdued but Europe traded higher on Thursday. Index futures point to a higher open with the following NYSE:-HKEx cross-listed blue chips in focus: Yanzhou Coal (NYSE:YZC), CNOOC Ltd. (NYSE:CEO), China Life Insurance (NYSE:LFC), Petrochina (NYSE:PTR), China Eastern Airlines (NYSE:CEA) and Guangshen Rail (NYSE:GSH).

The Shanghai Composite Index managed to eke out some gains but the Hang Seng Index off Hong Kong shed -41.72 points or -0.19% as investors are looking for a direction. Half of the 44 member Hang Seng index components advanced with Yanzhou Coal (HKG:1171) taking the lead among NYSE-HKEx cross-listed China plays. CNOOC ltd (HKG:0883) advanced 0.7% followed by China Life Insurance (HKG:2628) and China Unicom (HKG:0762). Index heavy weight Petrochina (HKG:0857) was virtually unchanged. on the negative side China Eastern Airlines (HKG:0670) succumbed to profit taking and fell -2.4% after a 30% plus advance earlier in November. Guangshen Rail 9HKG:0525) shed 1.6% followed by Huaneng Power (HKG:0902). HNP is the most oversold China ADR at the moment according to todays' overbought/oversold report: Volatility is back for China stocks. This suggests Huaneng Power (NYSE:HNP) is readying for a correction rally.

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The Hang Seng Index (^HSI) experienced profit taking in the last five days leaving ETFs such as the Real Estate ETF (NYSE:TAO) and the Small Cap China ETF( NYSE:HAO) vulnerable.

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