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China stocks advance in Asia as fear subdue

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advance5 May 26, 2010 (Chinavestor) Index futures point to a higher opening for U.S .equities, suggesting a positive market day for Chinese ADRs along the way. China stocks advanced in Asia on Wednesday, the Hang Seng Index (INDEXHANGSENG:.HSI) jumped 210.9 points or 1.1% to 19,196.45 by the close. The Shanghai Composite Index (SHA:000001) rose 3.2 points or 0.1% to 2,625.79. The optimism was based on the assumption that Chinese policy makers will delay tightening measures to make up for slower growth in Europe.

Shipping companies jumped as transport fees rose; China Shipping (HKG:2866) rose 5.7% while China Cosco Holdings (SHA:601919), the largest bulk shipping company in the world, advanced 1.9%. Index heavy weight Petrochina (HKG:0857) (NYSE:PTR) advanced +3.0% in Hong Kong, suggesting a similar move for its ADRs.

pre_2010526_index

Chinese ADRs have been trading in a narrow range lately. The number of overbought and oversold Chinese stocks is less then a week ago. Most Chinese ADRs are trading below their 20-DMA and 50-DMA but the relative strength index turned into the positive direction already.

pre_2010526_HK

Major Chinese and U.S. indices and ETFs have a lot of ground left to make up, according to the following chart.

index_2010526



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