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China stocks break record losing streak for 2010

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advance8 Jan. 28, 2010 (Chinavestor) China stocks broke a 6 day losing streak in Hong Kong and continued to firm up in Shanghai on Thursday after President Obama State of the Union Address reinvigorated investors' hopes that the U.S. economy is going to shift in high gear and jobs creation. The Hang Seng Index rose +323.3 points or +1.61% to 20,356.37 at the close. Stocks that advanced outnumbered those that fell five to one. Power producers outperformed following an announcement by Huanenrg Power (HKG:0902) (NYSE:HNP), the largest Chinese independent power producer, that the company has returned to profitability in 2009 after an RMB 3,701 million ($540 million) loss in 2008. Shares of Datang Power (HKG:0991) and Huadian Power (HKG:1071) advanced 3.1%, each. Shares of China Life Insurance (HKG:2628) (NYSE:LFC) advanced 0.9% following "estimates that the Company’s net profit attributable to shareholders for the year 2009 may increase by over 50% as compared to the Company’s net profit attributable to shareholders for the year 2008. Detailed financial information of the Company will be disclosed in the Company's 2009 annual report" - said China Life (HKG:2628) in a statement

Index futures point to a higher open for U.S. stocks and Chinese ADRs as a result. Yesterday's late rally, sparked by a favorable FED statement and AIG hearing, got additional boost by Pres. Obama's address and strong earnings. Ford (NYSE:F) reported net profit of $2.7 billion for 2009, Procter & Gamble (NYSE:PG) topped forecast. Today's heavy weight earnings will come from Microsoft (NASDAQ:MSFT), 3M (NYSE:MMM), Amazon.com (NASDAQ:AMZN), AT&T (NYSE:ATT), and Altria (NYSE:MO).

Chinese stocks are expected to take part of the rally. Small cap Chinese stocks are expected to outperform larger caps - according to the overbought report. The China small cap ETF (NYSE:HAO) lost most of its mojo last week in a dramatic fall, a trend to be reversed just as dramatically today. For stock specific break down please visit the overbought/oversold report.

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