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China stocks take breath in Asia in mid Feb.

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rotation February 17, 2011 (Chinavestor) China stocks eked out small gains at the end of the trading session in Asia before economic and corporate data. The Hang Seng Index (INDEXHANGSENG:.HSI)  advanced 144.9 points or 0.6% with telecom and energy stocks taking the lead. The Shanghai Composite Index (SHA:000001) rose a mere 3.1 points or 0.1% extending a five day winning-streak. But the advance was less convincing with most large cap components of the index ending the day in the red.

Stocks were mixed with no clear indication where the market is going to go. Poly Real Estate (SHA:600048) fell the hardest among the 50 largest components of the Shanghai Composite Index (SHA:000001). China Vanke (SHE:200002), the largest property developer in China, managed to eke out a small gain though.

Th really has legs in Hong Kong though where stocks that advanced outnumbered those that fell four to one among components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI). China Shenhua Energy (SHA:1088), the largest coal miner in China, rose 2.3% followed by Yanzhou Coal Mining (HKG:1171) (NYSE:YZC), a NYSE cross-listed miner. But airliners failed to build on the strength gained earlier the weak amid rising oil prices.

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Looking at components of key Chinese ETFs, outlook remains solid for large cap Chinese stocks. Most components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced in Asia on Thursday morning. Stocks that advanced outnumbered those that fell two to one among the 160 plus components of the Guggenheim Small Cap China ETF (NYSE:HAO) as well.

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But Chinese ADRs are subject to overall market sentiment in the U.S. as well. While the Shanghai Composite Index (SHA:000001) gives no direction to China ADR trading today, it is worth paying attention to the Hang Seng Index (INDEXHANGSENG:.HSI). China Telecom (NYSE:CHA), CNOOC Ltd. (NYSE:CEO) and Sinopec Shanghai Petrochemical (NYSE:SHI) are looking the best before the opening bell on the NYSE.

Yingli Green Energy (NYSE:YGE) is going to report earnings on Friday, opening the season for the rest of the solar sector. Expect volatility to increase for energy and solar stocks in particular.



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