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China stocks end first week of June mixed

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buy_sell_2 June 3,11 (Chinavestor) The Hang Seng Index (INDEXHANGSENG:.HSI) fell 304.3 points or 1.3% to 22,949.56 on Friday as investors await U.S. jobs data. The decline was universal, stocks that fell outnumbered those that advanced four to one among components of the Hang Seng Index (INDEXHANGSENG:.HSI). But China stocks rose on the mainland, pushing the Shanghai Composite Index (SHA:000001) 23.0 points or 0.8% higher for the day. Coal miners suffered the most in Hong Kong amid speculations that the government will impose a price limit. China Shenhua (HKG:1088), the largest Chinese coal miner, fell 6.54% followed closely by Yanzhou Coal Mining (HKG:1171) (NYSE:YZC), a NYSE-HKEx cross listed blue chip.

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Chinese ETFs had a sound day on Thursday, large and small cap proxies all advanced. But outlook is different for large caps before the opening bell on Friday. All but two members of the Xinhua 25 Index fell on Friday, boding ill for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI). This particular ETF is not only the oldest but the most liquid China ETF, a bellwether for the industry. Any weakness of the FXI is bad news for the rest.

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