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Bottom fishing lifts stocks in China, Dec 21

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bottom_fishing_1 December 21, 2010 (Chinavestor) Chinese shares bounced back up in Asia on Tuesday as tension on the Korean peninsula eased. The Shanghai Composite Index (SHA:000001) rose 51.2 points or 1.8% while the Hang Seng Index (INDEXHANGSENG:.HSI) advanced 354.8 points or 1.5%. Investors picked up undervalued real estate and energy firms in Shanghai and metal and coal firms in Hong Kong.

Poly Real Estate (SHA:600048), the largest property developer among components of the Shanghai Composite Index (SHA:000001) advanced 10%, the daily maximum. China Shenhua Energy (SHA:601088), the largest Chinese coal miner, rose 6.0% in Shanghai as investors bet on rising coal demand for the winter.

Coal miners did well in Hong Kong. Hang Seng Index (INDEXHANGSENG:.HSI) component China Shenhua Energy (HKG:1088) rose 3.7% while Yanzhou Coal (HKG:1171), the third largest coal miner in China, rose 3.2%. Investors see rising demand for coal as a cold gripped the norther parts of China.

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Outlook remained bright for Chinese telecoms by looking at components of key ETF in Asia this morning. All but two components of the 25 member iShares FTSE/Xinhua 25 China Index (NYSE:FXI) rose in Asia led by China Shenhua Energy (HKG:1088).

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If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for Chinese ADR trading, outlook is best for Yanzhou Coal Mining (NYSE:YZC) and CNOOC Ltd. (NYSE:CEO) from the energy sector. But airliners, China Eastern Airlines (NYSE:CEA) and China Southern Airlines (NYSE:ZNH) bounce back up as well, suggesting a positive open for the sector as well.



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