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China shares climb in Asia on March 9

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advance5 March 9, 2011 (Chinavestor) A strong market day in the U.S. helped lift the Hang Seng Index (INDEXHANGSENG:.HSAI)  in Hong Kong on Wednesday. The rally in the U.S. was universal, all but three components of the Dow Jones Industrial Average (INDEXDJX:.DJI) advanced on Tuesday. The Shanghai Composite Index (SHA:000001) closed above the psychologically important 3,000 level for the first time in 2011. The index was one of the worst performers in 2008 with a weak performance in 2010 again, but low valuation helped attract investors as the earnings season unfolds.

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Large caps pulled the Hang Seng Index (INDEXHANGSENG:.HSI) and the Xinhua 25 China Index higher on Wednesday. The rally was universal among components of the  Xinhua 25 China Index, boding well for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI), the most liquid Chinese ETF. Stocks that advanced outnumbered those that fell five to one among the 25 components of the index. Small caps rallied as well although it was less universal. Stocks that advanced outnumbered those that fell two to one among components of the Guggenheim Small cap China Fund (NYSE:HAO).

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Earnings continue to increase volatility for Chinese ADRs. China Information Technology (NASDAQ:CNIT) fell apart following a weak 2010 Q4 report while Shanda Games (NASDAQ:GAME) advanced on the back of a strong report earlier.

Suntech Power (NYSE:STP) reported after the close yesterday and is trading higher after beating expectations. The company also got analyst upgrades, fueling price increase for the short term.

Going forward, four Chinese ADRs are going to report today, including China Integrated Energy (NASDAQ:CBEH). Visit the weekly stock earnings calendar for details.

If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as proxy ahead of the NYSE open, outlook is good for China Unicom (NYSE:CHU) and Chalco (NYSE:ACH), but China Telecom (NYSE:CHA) and China Southern Airlines (NYSE:ZNH) are expected to gap down right at the opening bell.



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