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China shares bounce back in Shanghai, HK falls

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bubble_1 Jan 14, 2010 (Chinavestor) Shares of Chinese companies bounced back on Thursday in Shanghai but early gains diminished in Hong Kong by the end of the trading day. The Shanghai Composite Index rose +42.98 points or 1.35% to 3,215.55 at the close. The rally was broad, only one component of the 50 member SSE-50 Index (the composite of the largest Shanghai listed Chinese companies) fell while forty nine advanced.

Trading in Hong Kong was similar to Shanghai's in the morning but investors turned cautions ahead of American jobless and retail data. The Hang Seng Index fell 250 points after a strong open to end -31.65 points or -0.15% lower at 21,716.95 points for the day. Chinese airliners soared after Air China and China Southern Airlines reported strong passenger traffic growth and increase in passenger load factor. China Southern Airlines (HKG:1055) advanced 10.7%, China Eastern Airlines (HKG:0670) rose 8.7% while Air China (HKG:0753) advanced 7.5% on Thursday. Large cap China Mobile (HKG:0941) rose seventh day in a row on Thursday and is trading +13.2% higher in January. But energy and commodity plays weighted on the index; Petrochina (HKG:0857), an index heavy weight, fell -1.2% while China Shenhua Energy (HKG:1088), China's largest coal miner, fell -4.4%.

Worse than expected retail sales and the increase in weekly jobless claims pushed S&P and NASDAQ index futures lower before the open. A key player of the technology sector, Intel (NASDAQ:INTC) is going to report, setting a tone for the NASDAQ.

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The wide spread between the China real estate ETF (NYSE:TAO) and the global shipping ETF (NYSE:SEA) couldn't be more profound. Investors bet on the recovery of the global economy but are punishing Chinese real estate on asset bubbles. But this trend is about to end as U.S .retail numbers have just disappointed and the initial shock of credit tightening in China is over.

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