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China stocks catch fire in Hong Kong

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profit_1 May 28, 2010 (Chinavestor) Chinese ADRs bounced back up strongly on the back of positive market sentiment in the U.S. Earnings helped Chinese solar stocks to shine; Solarfun Power Holdings (NASDAQ:SOLF) surged over 25% since Wednesday while Trina Solar (NYSE:TSL) and Yingli Green Energy (NYSE:YGE) surprised investors to the upside as well. But it wasn't a cakewalk for every Chinese ADR - investors grilled management team of GigaMedia Ltd. (NASDAQ:GIGM) during the conference call on Thursday complaining about transparency and lack of bottom line growth. For earnings coverage for the week, read China stock earnings calendar, May 24-28.

In Asia, the Hang Seng Index (INDEXHANGSENG.:HSI) jumped 335.34 points or 1.73% on Friday surging 780 points in just two days as investors globally were focusing on a slew of encouraging economic news. Stocks that advanced outnumbered those that fell ten to one among the 42 member index components.

Chinese container companies advanced on shipping fee raise, while energy stocks jumped on stronger oil prices. Yanzhou Coal (HKG:1171) (NYSE:YZC) surged 9.1% on top of a 7.2% rally a day before.

Sound U.S. home sales and factory orders in April combined with a loosening Chinese monetary policy electrified investors. Morgan Stanley China desk chief suggested Chinese stocks were trading at a discount earlier this week.

Traders in Shanghai took profits on Friday after a market surge on Thursday. The most widely used mainland China barometer, Shanghai Composite Index (SHA:000001) ended up 2.8% for the week. Financials, consumer staples, insurance companies, energy stocks led the rally for the week.

pre_2010528_index

Chinese ADRs have started to bounce back off the oversold position; the number of China plays trading above 50-DMA is on the rise again. For a more comprehgensive technical analysis of the Chinese ADR universe, see the bottom of the following chart.

pre_2010528_hk

Global indices, ETFs and financial indicators have all bottomed out, according to the following screen. The is a lot of ground to make up for the oil, the Morgan Stanley China ETF (NYSE:CAF), just to name a few.

index_2010528



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