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China stocks up in Shanghai trade sideways in HK

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pre-6-10-tumbDec. 30, 2009 (Chinavestor) Direction for Chinese ADRs before the last full trading day of the year is uncertain given weak index futures and mixed performance of Chinese stocks in Asia on Wednesday. The Shanghai Composite Index closed +50.84 points or +1.58% higher but the Hang Seng Index off Hong Kong fell -2.82 points or -0.1% to 21,496.62 at the close. Nevertheless both indices have performed very well in 2009 with a positive outlook for the first half of 2010.

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ETFs and indices that have shown strength on Wednesday include the Shanghai Composite Index and u.S. Treasuries. The Morgan Stanley China Fund (NYSE:CAF) is catching up with the Shanghai Composite, suggesting there is more upside on the way. The strong performance of the treasuries is taken as an indication that investors are bullish about the U.S. economy. Even if the DJIA experienced a correction on Wednesday the short term outlook remains bullish.

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