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China stocks end first week of April on a high note

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new_year2 April 9, 2010 (Chinavestor) Shares of Chinese companies advanced in Asia on Friday as rumors about a possible Yuan revaluation spread. Chinese telecoms outperformed just as did insurers and resource players. The rally was stronger in Hong Kong, Hang Seng Index (INDEXHANGSENG:.HSI) advanced +1.6% while the Shanghai Composite Index (SHA:000001) rose +0.9% on Friday. The rally was universal in both markets, stocks that advanced outnumbered those that fell ten-to-one in Shanghai and seven-to-one in Hong Kong. Index heavy weight Petrochina Co. Ltd. (HKG:0857) rose +2.2%.

Carriers outperformed in Hong Kong after a Shanghai Securities News report that Chinese mobile operators will increase 3G related investment to RMB 400 billion in 2010. H-shares of China Unicom (HKG:0762) (NYSE:CHU) jumped +3.6% followed closely by China Telecom (HKG:0728) (NYSE:CHA) and China Mobile (HKG:0941) (NYSE:CHL).

Insurers pulled the Shanghai Composite higher for the day. Ping An Insurance (SHA:601318) rose +2.1% follwed by China Pacific Insurance (SHA:601601). Shares of China Life Insurance (SHA:601628) (NYSE:LFC) advanced +1.1% in Shanghai. But ICBC (SHA:601398), the largest financial institution in the world, shed -0.4% as credit tightening fears kept financials at bay. 

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China stocks listed in U.S. equity markets are expected to outperform on Friday as index futures point to a higher open. The relative large number of Chinese ADRs trading above 50-DMA is a positive sign, suggesting the rally isn't over just yet. The number of overbought Chinese ADRs is relatively low, suggesting more advance is within the card for Friday.

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Chinese indices and ETFs have been trading in a narrow range - though with a positive bias.

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