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China shares mixed in Asia the first day in February

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economy4 Feb. 1, 2010 (Chinavestor) Shares of Chinese companies advanced in Hong Kong but fell in Shanghai on Monday, sending mixed signals about the short term outlook for Chinese shares in the region. Traders in Hong Kong grew more optimistic as earnings season continues in the U.S., a market that has a profound impact on the city's stock indices. Airliners continued to outperform in Hong Kong: China Southern Airlines (HKG:1055) (NYSE:ZNH) rose +6.2% followed by China Eastern Air (HKG:0670) (NYSE:CEA) with a +5.0 advance. Looking at NYSE-HKEx cross-listed blue chips, Huaneng Power (HKG:0902) and China Mobile (HKG:0941) (NYSE:CHL) outperformed the broader Hang Seng Index for the day.

Trading in Shanghai was remarkably different. Fears that fiscal tightening might choke off too much of growth sent shares of metal and commodity shares tumbling. Policy markers warned of possible overcapacity in the steel sector, sending shares of Baoshan Iron and Hebei Iron & Steel, the two largest steel makers of the country, tumbling. The largest Chinese aluminum maker, Aluminum Corp. of China (SHA:601600), fell -4.1% followed closely by the largest precious metals firm, Jiangxi Copper (SHA:600362). China Cosco (SHA:601919), the largest bulk shipping company in the world, fell -4.44% following reports that 2009 profits are estimated 90% below 2008 record levels.

Index futures point to a higher opening for U.S. equities and Chinese stocks alike. Sohu.com (NASDAQ:SOHU), one of the largest Chinese internet portal, reported before the bell. The company missed Q4 earnings and guided lower for 2010 Q1, sending her shares sharply lower before the bell.

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The time has come for a market turnaround - say all technical indicators. U.S. equity markets have become oversold while Chinese ADRs have lost so much momentum that the bottom must be at hand - according to the chart just above.

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