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China shares rise in Asia w/ light volume

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Asia_1Dec. 29, 2009 (Chinavestor) Shares of Chinese companies rose in Asia on Tuesday though trading volume was light ahead. The Shanghai Composite Index surged in the second part of the trading day sending the index +22.89 points or 0.72% higher to 3,211.76 at the close. Stocks that advanced outnumbered those that fell three to one out of the 50 member SSE-50 Index. The rally was led by financials while China Petroleum & Chemical Corp. (SHA:600028) (NYSE:SNP) and Aluminum Corp. of China (SHA:601600) (NYSE:ACH) were the best performing NYSE-SSEx cross-listed blue chips for the day.

 

Trading in Hong Kong was light with the Hang Seng Index teetering around yesterday's close. Stocks fell in the morning but recovered in the afternoon session sending the index +19.22 points or +0.09% higher to 21,499.44 points. Airliners gave back most of the gains from Monday and power generators fell as coal and oil prices continued to firm up. But shares of Yanzhou Coal (HKG:1171) (NYSE:YZC) continued to shine along with Guangshen Rail (HKG:0525) (NYSE:GSH). Expect these two large cap NYSE-HKEx cross-listed blue chips to outperform on the NYSE on Tuesday.

Index futures point to a higher open for American equities. This is good news for China ADRs as well. Expect momentum China stocks continue to shine - see our overbought/oversold report for stock specifics.

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Looking at Chinese ADRs, ETFs and indices from a technical point of view, the strong performance of treasury bonds, the Nasdaq Composite and the Chinese real estate ETF are getting our attention this morning. Treasuries are trading at the high end of the trading band, an indication that U.S. investors are bullish about the American economy. This implies that investor sentiment is strong and will remain so for the rest of 2009. Expect American indices remain firm for the upcoming days, says our technical indicator below. The Nasdaq Composite has taken the driver seat among major american indices. But be careful, the rally might have to slow down a bit, according to the chart below. And finally, current technical weakness of the Claymore/AlphaShares China Real Estate ETF (NYSE:TAO) offers an outstanding buying opportunity at current price of $17.95.

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