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Chinese stocks looking to U.S. for clues

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think_1 September 24, 2010 (Chinavestor) The Hang Seng Index (INDEXHANGSENG:.HSI) bounced back up 71.7 points or 0.3 percent on Friday as trading resumed. The Shanghai Stock Exchange remained closed for the day. Investors were cautious in Asia sending Japanese indices lower but Hong Kong managed to stay afloat. Guangshen Railway (HKG:0525), the largest railway operating in the Pearl River delta area, was the best performing NYSE-HKEx cross listed stock in HK today. China Telecom (HKG:0728), Petrochina (HKG:0857), Chalco (HKG:2600) and Yanzhou Coal (HKG:1171) all advanced in Asia earlier today. But China Eastern Airlines (HKG:0670) fell 3.0 percent followed by Air China (HKG:0753) and China Southern Airlines (HKG:1055).

pre_2010924

The U.S. is going to supply the market with indicators: durable goods orders as well as data on new home sales are on the menu for Friday. Index futures point to a higher open as investors expect a positive surprise or at least signs that the economy is recovering.

If components of the Hang Seng Index (INDXHANGSENG:.HSI) can serve as a guide for ADR trading, outlook is bright for Guangsen Rail (NYSE:GSH) and China Telecom (NYSE:CHA) but China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) are expected to fall.



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