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China stocks to do well on Wall Street today

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WallStreetJan. 4, 2010 (Chinavestor) Manufacturing accelerated, number of autos sold in December hit record - just to pick a few headlines from China this morning. The purchasing manager's index hit 56.1, a very bullish statement on its own. The Shanghai Composite Index fell 1% to 3,273.46 as the government tightened mortgage rules but SAIC Motor (SHA:600104), the largest Chinese car manufacturer with GM in partnership, advanced 3.2% on the first day of trading in 2010. Real estate developers, financials and insurance companies took the brunt of the fall, stocks that fell outnumbered those that advanced 10:1 from the 50 member SSE-50 index. Energy stocks were weak in addition, Petrochina (SHA:601857) fell -1.4% followed by China Petroleum & Chemical Corp. (SHA:600028).

Investors were cautious in Hong Kong reflecting on the last hour of trading on American exchanges in 2009, a time when the DJIA fell over 100 points. Yanzhou Coal (HKG:1171) continued to shine and advanced 2.3% followed by Aluminum Corp. of China (HKG:2600). but China Petroleum & Chemical Corp. (HKG:0386) fell -2.6% as oil hit over $80 a barrel.

Index futures point to a higher open for the first day of 2010. Commodity plays, Aluminum Corp. of China (NYSE:ACH) and Yanzhou Coal (NYSE:YZC),  are best positioned among NYSE listed China blue chips. For a list of momentum stocks read China Stocks to kickstart 2010.

pre-201014

The sporadic performance of the Morgan Stanley China Fund (NYSE:CAF) is caught by the overbought monitor below. The fund is designed to track the Shanghai Composite but as the chart testifies it's not the case. The strong showing of the treasuries is a reflection on the optimistic outlook of American investors - saying the rally is not over yet. oil is trading at $80 a barrel but is far from its true potential - according to the overbought indicator.

index-201014

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