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China shares rise in HK on Mainland money flows

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advance_8 Jan. 19, 2010 (Chinavestor) Hong Kong's main index broke a five day losing streak and rose +217.97 points or +1.02% to 21,677.98 at the close following news that China will let Shanghai money to flow into the Hong Kong Stock Exchange (HKEx). The influential Caijing news quoted Fang Xinghai, head of the financial services office in Shanghai, saying that Shanghai individuals will be allowed to invest in overseas markets. The news came after China officially abandoned the "through train" program last week, a platform that was to allow Chinese individuals to invest in Hong Kong directly.

Shipping and energy companies outperformed in Hong Kong on Tuesday. China Cosco (HKG:1919), the world's largest container shipping line, advanced 3.6% while China Shipping Development (HKG:1138) jumped 6.9%. Shares of Yanzhou Coal (HKG:1171) (NYSE:YZC) rose 4.3% followed by Petrochina (HKG:0857) (NYSE:PTR) and Sinopec (HKG:0386) (NYSE:SNP). Stocks that advanced outnumbered those that fell four to one out of the 44 member Hang Seng Index.

Trading in Shanghai was dismal - the Shanghai Composite Index rose +9.78 points or 0.30% on Tuesday. While corporate earnings have been strong so far, credit tightening puts pressure on Chinese equity markets. The Central Bank of China pushed yield of the one-year treasury bill to the highest level in 14 months on Tuesday, taking aim at inflation and potential asset- and property-bubbles.

Index futures are mixed ahead the bell on Tuesday. Earnings, merger news are in focus - while investors find solace in the strongest quarterly GDP growth data in four years. Estimates point to a 2009 Q4 GDP growth of +4.3%, but 2010 is expected to be less peppy with an average growth of around 3%.

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Chinese real estate ETF (NYSE:TAO) is oversold and this is representing a value for the intelligent investor. According to the latest statistics, China's property sales increased to $645 billion in 2009, representing an increase of 75.5% from a year earlier. Strong sales were boosted by record lending with cities taking a lead like Shanghai, Chongquing and Zhejiang.

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