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China shares mixed in Asia ahead of key US data

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Asia_1 July 8, 2010 (Chinavestor) Shares of Chinese companies advanced in Hong Kong but fell in Shanghai on Thursday as investors are waiting for key jobs and retail sales data from the U.S. The Hang Seng Index (INDEXHANGSENG:.HSI) rose 193.5 points or 1.0 percent on the back of strong market day in America the day before. China Cosco Holdings (HKG:1919) (SHA:601919), the largest bulk shipper in the world, advanced handsomely in Hong Kong and Shanghai as investors bet on the global economic recovery. Resource players continued to outperform the broad market while China Unicom (HKG:0762) (NYSE:CHU), the most overbought Chinese stock, continued to contract. China Telecom (HKG:0728) (NYSE:CHA) fell 1.0 percent in Hong Kong.

But trading was different in the mainland, the Shanghai Composite Index (SHA:000001) fell 6.0 points or 0.2 percent after three days of advance earlier the week. Industrial and Commercial Bank of China (SHA:601398), the largest financial institution in the world, fell 0.5 percent as AgBank IPO soaked up liquidity.

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Outlook for NYSE listed Chinese telecoms is dim ahead the bell on Thursday. China Unicom (NYSE:CHU) fell yesterday despite a strong market day, but it looks that more downside is on the road ahead. China Mobile (NYSE:CHL) and China Telecom (NYSE:CHA) are under pressure as well.



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