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China stocks watch Wall Street for direction

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WallStreet June 22, 2011 (Chinavestor) Chinese stocks surrendered all early morning gains with the Hang Seng Index (INDEXHANGSENG:.HSI) eking out a small, 9.4 points or 0.0% gain by the end of the day.  The DJIA enjoyed a broad rally on Monday before the Greek government confidence vote, with all but two components advancing. But investors shifted attention to the FED's next step to help the economy, sending index futures lower ahead the opening bell.

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Chinese stocks and ETFs all rallied on Monday but that is about to change on Tuesday. Sina Corp. (NASDAQ:SINA) rose 18.6% in one day, its best just in over a year as investors snapped up oversold stocks.

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If trading in Hong Kong were a proxy for ADR trading, outlook is best for Aluminum Corp. of China (NYSE:ACH) and China Unicom (NYSE:CHU). This latter reported robust 3G growth for May, positioning it the best in the smart phone segment among major telecoms.



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