June 14, 2010 (Chinavestor) Investors snapped up value stocks in Asia on Monday as sentiment shifted following Ben Bernanke's optimistic remarks regarding the U.S. economy. The FED Chairman suggested the U.S .economy is strong enough to be released from stimulus.
Asian markets reacted positively on Monday, the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 179.5 points or 0.9% to 20,051.91 by the close. China's strong export data suggeste4d the world economy is going to shrug off Europe's debt problems. Shipping companies led the rally; shares of China Cosoc (HKG:1919), the largest container shipping company in the world, rose 3.5% while smaller China Shipping Development Co. (HKG:1138) advanced 4.5%. Shares of China Shipping Container Lines (HKG:2866) advanced 3.5%.
The China ADR earnings calendar is light this week, only Chindex Int. (NASDAQ:CHDX) is scheduled to report later this week. China stock earnings calendar, June 14-18. Not U.S. listed but important Bank of China will release earnings later this week.
Key Chinese indices, ETFs and commodities have been trading in a narrow range lately. Chinese ETFs have been following their underlying indices very closely presenting no obvious trading opportunities at this time.