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Loan growth, export report send China stocks to the moon

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advance6 June 9, 2010 (Chinavestor) A surge in new loans and a robust export growth in May helped investors to believe that China's economy is not feeling the pinch from Europe's troubles. The news broke out in the afternoon sending Chinese shares surging in the last two hours of trading. The Shanghai Composite Index (SHA:000001) ended the day 69.9 points or 2.7% higher while the Hang Seng Index (INDEXHANGSENG:.HSI) rose 133.8 points or 0.7%.

H-shares of Mainland Chinese companies pulled the index higher in Hong Kong; the H-shares index rose 0.76% outperforming the broader Hang Seng Index (INDEXHANGSENG:.HSI). Most NYSE-HKEx cross-listed blue chips outperformed the broad market. China Unicom (HKG:0762) advanced 2.3% after a similar surge on Tuesday. CNOOC Ltd. (HKG:0883) (NYSE:CEO), China's offshore oil specialist, rose 1.8% followed closely by Petrochina (HKG:0857) (NYSE:PTR) and Sinopec (HKG:0386) (NYSE:SNP). Price of the crude advanced 1.3% in New York. China Life Insurance (HKG:2628) rose 1.3% while Huaneng Power (HKG:0902) (NYSE:HNP) rose 1.2%. China Mobile (HKG:0941) (NYSE:CHL) advanced 1.2% higher for the day.

The rally was broader and more more exuberant in Shanghai. Each and every component of the 50 member Shanghai Composite Index (SHA:000001) advanced. Oversold financials and real estate stocks led the market as investors snapped up value stocks.

pre_201069_index

Stock futures point to a higher open before the bell at 8:30 on Wednesday. Fed Chairman Ben Bernanke will testify before Congress and the central bank will publish the "beige book" - giving investors an indication about the health of the economy.

There is a lot of room left for improvement when it comes to U.S. and Chinese indices.

Index_201069



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