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Showdown in Libya lifts China shares

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advance9 March 21, 2011 (Chinavestor) Chinese indices soared in Asia on Monday as oil stocks rose following an escalation of military action in Libya. Fighting in Africa's third largest oil producer intensified, sending price of the crude well above $100/barrel. Petrochina o. Ltd. (HKG:0857), China's largest refiner, surged 3.5% while China Shenhua (HKG:1088), China's largest coal producer, rose 3.4%. But it wasn't just energy stocks that lifted the Hang Seng Index (INDEXHANGSENG:.HSI). The rally was broad, all but six components of the 42 member Hang Seng Index (INDEXHANGSENG:.HSI) rose and each and every component of the 25 member iShares FTSE/Xinhua 25 China Index (NYSE:FXI) advanced.

Stocks on the Mainland rose, lifting the Shanghai Composite Index (SHA:000001) 2.9 points or 0.1% for the day. Investors in China are concerned about further tightening measures, keeping the market cool. Index heavy weight Petrochina Co. Ltd. (SHA:601857) rose 1.5% in Shanghai but it was Aluminum Corp. of China (SHA:601600) that was the best performing large cap component of the Shanghai Composite index (SHA:000001). The Dow Jones Industrial Average (INDEXDJX:.DJI) had a strong day last Friday and it is just getting better, if index futures can serve as proxy for the day. High oil prices and a showdown in Libya remove the uncertainty that loomed over the markets.

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Looking at components of key Chinese ETFs, outlook is best for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). Each and every component of the large cap China stock proxy rose in Asia, boding well for the most liquid  Chinese ETF. Small caps are looking almost as good as large caps. Over 130 stocks of the 162 member Guggenheim Small Cap China ETF (NYSE:HAO) advanced in Asia this morning.

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Earnings and oil prices are going to drive China stocks for the day. Chinese solar stocks are going to benefit from high oil prices along with energy producers. If components of the Hang Seng Index (INDEXHANGSENG:.HSI) can serve as proxy for ADR trading, outlook is best Petrochina Co. Ltd. (NYSE:PTR) and CNOOC Ltd. (NYSE:CEO), but oversold China Southern Airlines (NYSE:ZNH) is ready to make a comeback as well.

The strenght of Aluminum Corp. of China (NYSE:ACH) among components of the Shanghai Composite Index (SHA:000001) bodes well for the ADR as well.



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