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China stocks mixed in Asia with a positive bias

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Asia_1 March 24, 2011 (Chinavestor) Chinese stocks traded mixed in Asia on Thursday. The Shanghai Composite Index (SHA:000001) broke a four day winning streak and shed 1.8 points or 0.1%. But the Hang Seng Index (INDEXHANGSENG:.HSI) surged 89.9 points or 0.4% taking clues from U.S. trading the day before. China Unicom (NYSE:CHU) and CNOOC Ltd. (NYSE:CEO) were the best NYSE-HKEX cross-listed blue chips. Chinese coal stocks fell in both Asian markets, putting pressure on Yanzhou Coal (NYSE:YZC) and uncertain oil prices hurt upstream oil company Sinopec Shanghai Petrochemical (NYSE:SHI).

The good news is that the rally was broad in Hong Kong, stocks that advanced outnumbered those that fell two to one among components of the Hang Seng Index (INDEXHANGSENG:.HSI). Telecom and related stocks advanced; China Unicom (HKG:0762) rose 2.6% while ZTE Corp. (HKG:0763) surged 2.7%. But China Mobile (HKG:0941), the largest Chinese mobile carrier, defied trends ending 0.1% lower for the day.

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Financials and telecom stocks outperformed coal stocks for the day in Asia, as components of the iShares FTSE/Xinhua 25 China Index (NYSE:FXI) testify. China Coal (HKG:1898), the second largest Chinese coal miner, fell the most among the 25 components of the underlying index while Yanzhou Coal (HKG:1171) fell 2.0%.

Small caps were mixed with a positive bias; stocks that advanced outnumbered those that fell two to one among components of the 162 member Guggenheim Small Cap China ETF (NYSE:HAO).

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Brilliance China Auto (HKG:1114), BMW AG's Chinese partner, surged the most among 42 members of the Hang Seng Index (INDEXHANGSENG:.HSI), a positive sign for Chinese car part manufacturers like China Automotive (NASDAQ:CAAS) and China XD Plastics (NASDAQ:CXDC).

Index future point to a higher open helping Chinese ADRs on their back. If components of the Hang Seng Index (INDEXHANGSENG:.HSI)  can serve as proxy for ADR trading, outlook is best for China Unicom (NYSE:CHU) and offshore oil producer CNOOC ltd. (NYSE:CEO). But Yanzhou Coal Mining (NYSE:YZC) and China Life Insurance Co. (NYSE:LFC) are under pressure, according to trading in Asia this morning. For a stock specific break down, visit today's overbought/oversold indicator.



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