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Chinese indices on fire in Asia on economic growth

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advance7 April 1, 2010 (Chinavestor) Stronger than expected manufacturing data sent the Hang Seng Index (INDEXHANGSENG:.HSI) to a ten week high while stocks in Shanghai experienced a broad rally on Thursday. Stocks that advanced outnumbered those that fell 25:1 in Shanghai and 7:1 in Hong Kong.

Chinese economic growth accelerated to 10.7% in the first quarter, the best reading since 2007. The Purchasing Managers' Index rose to 55.1 from 52 a month ago, another sign of economic growth. PMI reading of over 50 means expansion.

Shipping companies led the rally in Hong Kong, China Cosco (HKG:1919), the largest container shipping company in the world advanced +5.3% followed closely by China Shipping Development (HKG:1138). Lower shipping rates have kept these companies at bay but now that the global economy is on the recovery, under appreciated stocks made a comeback.

SAIC Motor (SHA:600104), the largest Chinese car maker and GM partner, announced that 2009 net income grew tenfold! 48 out of the 50 largest Chinese listed companies in Shanghai advanced on Thursday. 

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American listed Chinese companies have been lagging behind Asian counterparts. With little momentum to show for, today is a potentially big day for China ADRs before the long weekend.

Earnings: Rino International (NASDAQRINO) is trading -4.5% lower on 2010 revenue guidance. SkyPeople Fruit (AMEX:SPU) reported after the close yesterday. For more coverage visit Chinavestor.com later the day.

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Chinese indices are on fire in Asia. The global shipping ETF (NYSE:SEA) is going to catch up with the rest of the sector today - indicated by the strong showing of shipping lanes in Hong Kong. Oil is above $84/barrel and is moving up as the global economic recovery continues.

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