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China stocks mixed in Asia on June 28

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Asia_2 June 28, 2010 (Chinavestor) Chinese stocks in Asia won't give much direction ahead of Chinese ADR trading on Monday. The Hang Seng Index (INDEXHANGSENG:.HSI) advanced 35.9 points or 0.2 percent as oil, energy and property developers rose but China stocks fell in Shanghai as economic and growth concerns kept bulls at bay for the day. Chinese investors in the Mainland are bogged down by diminishing government stimuli worldwide and the unfavorable Yuan exchange rate development. The Shanghai Composite Index (SHA:000001) shed 17.5 points or 0.7 percent to 2,535.28 by the close. Coal producer fell after the government instructed them not to raise prices for the summer. Zijin Mining (SHA:601899) tumbled 1.6 percent following gold spot prices lower.

pre_2010628_index

Index futures point to a higher opening for U.S. equities and Chinese ADRs as well. Momentum stocks are expected to take the lead with some oversold China plays to pop up in addition.

Chinese coal miners fell hard in Hong Kong, suggesting a similar trading pattern to take place on the NYSE today. Yanzhou Coal (HKG:1171) (NYSE:YZC), the third largest Chinese coal miner, fell 7.2 percent while China Shenhua Energy (HKG:1088), the largest Chinese coal miner, tumbled 2.6 percent. Air China (HKG:0753), China's flagship carrier, fell 2.6 percent followed closely by China Southern Airlines (HKG:1055) (NYSE:ZNH). China Eastern Airlines (HKG:0670) shed just a fraction of larger rivals'.

For a detailed, stock specific analysis visit the Overbought/Oversold section of Chinavestor.com.



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