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China shares end February with mixed feelings

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optimism Feb. 26, 2010 (Chinavestor) Shares of Chinese companies advanced in Hong Kong ending the month up +2.8% but traders in Shanghai were less enthusiastic. The Hang Seng Index advanced +209.13 points or +1.03% to 20,608.70 on Friday while the Shanghai Composite Index shed -8.67 points or -0.28% to 3,051.94 by the end of the month. Shanghai remains concerned about the fallout of the exit from the stimulus package, fearing that too fast of an exit may hurt growth. Another fear is that banks have depleted capital and will have to raise cash, raising concerns about the overall health of the Chinese financial sector.

On the other hand Hong Kong is open to the world and took merit from the strong comeback of equities in the U.S. on Thursday. The rally in Hong Kong was universal, stocks that advanced outnumbered those that fell four to one. China Unicom (HKG:0762) got a strong BUY recommendation from Deutsche Bank and jumped +7.6% for the day. China Petroleum & Chemical Corp., known as Sinopec, (HKG:0386) advanced 4.1% followed by China Eastern Airlines (HKG:0670). China Eastern Airlines have advanced 5 days in a row and suggests a positive market day for her NYSE listed ADRs under ticker symbol NYSE:CEA.

But markets are still looking for direction as is evidenced by all technical indicators below. Chinese ADRs as well as Chinese indices, U.S. indices, Chinese ETFs and key commodities are little changed from last week and are in a neutral position, according to the charts below.

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The bad news is that Treasuries have been on the losing streak reflecting on the loss of confidence in the U.S .economy. GDP number are thus highly watched today and might give direction for the markets for March.

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