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China Stocks Christmas Rally in Asia

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christmasDec. 24, 2009 (Chinavestor) Equity markets in Asia and Europe rallied on Thursday following news that China will continue a loose monetary policy in 2010. The Shanghai Composite Index jumped +79.63 points or +2.59% to 3,153.41 at the close. An indication about the strength of the rally is that each and every component of the SSE-50 Index advanced on Thursday.  Iron, basic materials and coal stocks led the rally in Shanghai. Investors bet that consumer durables and building materials are a safe bet for 2010. Jiangxi Copper (SHA:600362) jumped 6.3% followed by Aluminum Corp. of China (SHA:602600).

Trading in Hong Kong saw Chinese shares rising as well. The Hang Seng index advanced +188.26 points or +0.88% to 21,517.00 at the close. Mining and coal stocks pulled the index higher. Stocks that advanced outnumbered those that fell 4:1 out of the 44 member index. Here is list of the best performing HKEx-NYSE cross-listed blue chips: China Eastern Airline (HKG:0670) (NYSE:CEA) advanced 2.3% followed by Huaneng Power (HKG:0902) (NYSE:HNP), Petrochina (HKG:0857) (NYSE:PTR), CNOOC ltd. (HKG:0883) (NYSE:CEO), and Yanzhou Coal (HKG:1171) (NYSE:YZC). 

Durable goods orders and unemployment reports are expected to reaffirm that the U.S. is on track of recovery. Index futures point to a higher open at 8:30 A.M. with a positive bias for Chinese ADRs. China Infrastructure Development (NASDAQ:CIIC) shed -9.9% on Wednesday following a 90% surge a day before. But the rest of the Chinese ADR universe is not overbought, leaving room for the upside.

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There is upside left for the iShares FTSE/Xinhua 25 Index Fund (NYSE:FXI) and the Morgan Stanley China Fund (NYSE:CAF) by looking at the following Chinese ETFs and indices. The Claymore/AlphaShares China Real Est ETF (NYSE:TAO) advanced 1.37%, just as we predicted yesterday, after the ETF became seriously oversold. The strong showing of the Treasuries imply that U.S. investors are optimistic about the U.S. economy and expect the market continue to rally on Thursday.

Merry Christmas, investors!

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