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China stocks soar in Hong Kong on U.S. home sales

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advance3 June 3, 2010 (Chinavestor) Strong U.S. home sales lifted American indices on Wednesday, helping to pave the way for Hong Kong listed stocks to advance the next day. The Hang Seng Index (INDEXHANGSENG:.HSI) surged 314.9 points or 1.6% to 19,786.71 by the close. The rally was universal, stocks that advanced outnumbered those that fell ten to one. Oversold sectors, resource, energy and airliners, advanced the most. Shares of China Eastern Airlines (HKG:0670) (NYSE:CEA) jumped 4.7% followed by Air China (HKG:0753) and China Southern Airlines (HKG:1055) (NYSE:ZNH). China's off-shore oil specialist, CNOOC Ltd. (NYSE:CEO) advanced 3.0% while Aluminum Corp. of China (HKG:2600) rose 3.2%.

Trading in Shanghai got a boost in the morning but stocks succumbed to profit taking in the last hour, pushing the Shanghai Composite Index (SHA:000001) into the red. The index closed off -18.8 points or -0.7% on Thursday.

pre_201063_index

Chinese ADRs are expected to open higher with solar and energy stocks taking the lead. A sudden drop in U.S. crude supply and strengthening of the euro are factors to watch. Suntech Power (NYSE:STP), a major player in the solar industry, will report at 8:00 A.M. before the open. Each and every Chinese solar company that have reported first quarter earnings beat estimates.  Analysts are expecting STP to deliver $.14/ADS from $.01 last year.

Market cap weighted, large cap driven China ADR Index (CAI) is ahead of the curve, according to the following chart. But that won't change on Thursday, according to early indications. Chinese airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH).are expected to outperform on Thursday along with CNOOC Ltd. (NYSE:CEO), Aluminum Corp. of China (NYSE:ACH) and Sinopec (NYSE:SNP).

index_201063

 



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