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Investors send mixed signals from Asia on Thursday

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economy2 June 17, 2010 (Chinavestor) China stock investors remained cautious in Asia on Thursday, sending the Hang Seng Index (INDEXHANGSENG:.HSI) 0.4% higher while the Shanghai Composite Index (SHA:000001) shed 0.4%. China Shipping Development Co. (HKG:1138) was the best performing component of the 42 member Hang Seng Index after a 5.4% advance while China Cosco (SHA:601919), the world largest container shipper, fell -1.9% in Shanghai. Another mismatch for the day arose from the financial sector. Industrial and Commercial Bank of China (SHA:601398), the world largest financial institution, advanced 1.4% boosting the rest of the sector in Shanghai, but Bank of Communications (HKG:3328) made it to the top five worst performing Hang Seng Index (INDEXHANGSENG:.HSI) component for the day. Clearly, there was no direction of China stocks in Asia on Thursday.

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With no earnings from Chinese ADRs scheduled for the rest of the week, investors will have to find clues from U.S. indicators. A successful Spanish bond sale and an exit strategy for BP from the Golf oil spill- though it may cost as much as $20 billion with no cap - on its way, investors' confidence is on the rise. Index futures point to a higher open, suggesting Chinese energy, solar, and explosive internet stocks are poised to outperform for the day.

Hong Kong listed H-shares of China Eastern Airlines (HKG:0670) (NYSE:CEA) advanced the most among NYSE-HKEx cross listed blue chips, suggesting CEA shares will rise in the magnitude of 2% or more on the NYSE today.

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With short term momentum back for China ADRs, investors are facing a potentially positive market day on Thursday.

Chinese and U.S. indices, ETFs and key indicators have been trading in a narrow range with a positive bias lately, leaving lots of room to the upside. The Hang Seng Index (INDEXHANGSENG:.HSI) is in line with the iShares FTSE/Xinhua 25 Index (NYSE:FXI) for the most part just as is the Shanghai Composite Index (SHA:000001) and the Morgan Stanley China Fund (NYSE:CAF).

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