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China shares rally in HK while Shanghai takes a breather

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Asia_2 April 7, 2010 (Chinavestor) The first day of trading following the Easter Holiday break sent shares in Hong Kong higher, playing catch up with the rest of the world. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced +391.77 points or +1.82% to 21,928.77 at the close. Energy stocks led the rally, even index heavy weight Petrochina Co. (HKG:0857) (NYSE:PTR) rose +1.7%. CNOOC Ltd. (HKG:0883) (NYSE:CEO), a pure play oil producer,  jumped +6.9% while Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest Chinese coal miner, rose +3.4%. Shares of Aluminum Corp. of China (HKG:2600) (NYSE:ACH), the third largest producer of the metal in the world, advanced +4.1%. Shares of China Eastern Airlines (HKG:0670) (NYSE:CEA) and China Southern Airlines (HKG:1055) (NYSE:ZNH) advanced but smaller rival Air China (HKG:0753) fell -1.1%. High oil kept shares of Sinopec (HKG:0386) (NYSE:SNP), Asia's largest refiner, at bay.

Trading in Shanghai was different. After four days of straight gains the Shanghai Composite Index (SHA:000001) took a breather and shed -10.46 points or -0.3% ending the day at 3,148.22. Investors are concerned about two developments: inflation and the a possible revaluation of the yuan. Should the central bank raise interest rates, something that hasn't done for three years, the rising cost of borrowing will hurt liquidity driven sectors such as real estate. Shares of China Vanke (SHE:200002), the largest listed property developer, and Poly Real Estate (SHA:600048) fell over -1.0%. But NYSE cross-listed Aluminum Corp. of China (SHA:601600) (NYSE:ACH) rose the most among the 50 largest listed companies in Shanghai followed by China Life Insurance (SHA:601628)(NYSE:LFC). China Life Ins. (NYSE:LFC) is going to announce 2009 financials tomorrow.  

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Chinese shares listed in the U.S. have taken advantage of a strong market sentiment in American equity markets. The number of Chinese ADRs trading above 50-DMA and 20-DMA increased dramatically compared to last week and the number of overbought Chinese stocks is on the rise again. Shares of Baidu.com (NASDAQ:BIDU), the largest Chinese search engine company, rose $18.11 or 3.01% leaving the $600 level behind. Sinovac Bio. (NASDAQ:SVA) fell on weak earnings but shares of China Life Insurance (NYSE:LFC) are expected to advance ahead of earnings. The company is schedule to report on April 8, Thursday, and may be up to a pleasant surprise. Shares of China Information Security Technology (NASDAQ:CPBY) jumped over 30% after a major contract, more gains are possible...

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Large cap Chinese stocks may pause the rally today though, given that the iShares FTSE/Xinhua 25 Index ETF (NYSE:FXI) ran ahead of the Shanghai Composite Index (SHA:000001) and the Hang Seng Index (INDEXHANGSENG:.HSI). Global shipping stocks are going to play catch up with the rest of the market. Treasury yields remain high as the appetite for U.S. debt from China vanes. China is expected to report the first monthly trade deficit over a decade. Price of oil is trading above the trading envelope but is far from overbought at this point, suggesting more raise is a real possibility.

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