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China shares rally on Greece rescue

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advance3Feb. 10, 2010 (Chinavestor) World markets rallied on hopes that the euro zone will contain Greece's ills. Chinese markets have been oversold to start with; the Hang Seng under the 20,000 level for the first time in five months and the Shanghai Composite under the 3,000 level for the first time in three months. So when market conditions significantly improved, shares of Chinese companies soared for the second day in a row. The Hang Seng Index advanced +131.94 points or .67% to 19,922.22 points at the close. The rally was universal, stocks that advanced outnumbered those that fell eight to one.

The Shanghai Composite Index rose +33.66 points or 1.14% to 2,989.50 at the close. According to the latest statistical data, China's January imports grew 85.5% from a year earlier while exports rose 21%. This trend puts pressure on the yuan while reinforces forecasts that domestic consumption is growing fast in China.

Worse-then-expected U.S. trade balance data has just been released but investors keep their eye on Greece's rescue efforts. Index futures suggest a narrow open with a positive bias. Chinese ADRs are expected to do well on Wednesday with small cap stocks taking the lead. The China Small Cap ETF (NYSE:HAO) is way oversold compared to large caps, measured by the FTSE/Xinhua 25 Index (NYSE:FXI). Expect small caps to outperform large cap China stocks on Wednesday. For a stocks specific breakdown visit today's overbought/oversold report.

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