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China stocks open last week of 2009 with mixed results in Asia

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buy_sell_2Dec. 28, 2009 (Chinavestor) Shares of Chinese companies rose in Shanghai but succumbed to profit taking in Hong Kong on Monday. The Shanghai Composite Index rose +47.43 points or 1.51% to 3,188.78 at the close led by financials and construction materials. China Life Insurance (SHA:601628) (NYSE:LFC) was the best performing NYSE-SSEX cross-listed blue chip with a 2.3% advance in Shanghai. The largsts steel maker in the world, Baoshan Iron & Steel (SHA:600019), rose 3.0% followed by a 2.6% advance of Wuhan Iron & Steel (SHA:600005). Citic Securities (SHA:600030) led financials with a 3.6% advance.

The Hang Seng index fell for the day but was well above Thursday's close for most if the day. The index fell -36.78 points or -0.17% to 21,480.22 at the close. Chinese airliners bounced back very strongly; China Eastern Airline (HKG:070) (NYSE:CEA) jumped 5.3% followed by a 2.8% advance of China southern Airline (HKG:1055) (NYSE:ZNH). Telecom stocks were good, China Unicom (HKG:0762) rose 3.3% outperforming China Telecom (HGK:0728) and China Mobile (HKG:0941). Yanzhou Coal (HKG:1171) rose as energy prices continued to climb hurting power generators such as Huaneng Power (HKG:0902).

Index futures point to a higher open for China ADRs and as the following technical analysis suggests, there is a lot of room left to the upside.

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Looking at the China ADR and ETF list, the real estate ETF (NYSE:TAO) is way oversold and is ready to make a strong comeback!

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