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GOOG, economic data lift stocks in China

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advance7 April 13, 2012 (Chinavestor) Chinese stocks ended the second week in April on a high note after both key indexes advanced on Friday. The Hang Seg Index (INDEXHANGSENG:.HSI) surged 373.7 points or 1.8% thanks to a strong showing of mainland Chinese shares. All but one stock, China COSCO (HKG:1919), rose among the largest 25 Chinese stocks measured by the Xinhua 25 Index. This bodes well for the iShares FTSE/Xinhua 25 China Index (NYSE:FXI), the most liquid Chinese ETF trading on the NYSE. Most of the advance is attributed to a resurgent performance of the Dow and strong corporate earnings from Google Inc. (NASDAQ:GOOG) last night. Advances were not limited to Chinese stocks alone, stocks that advanced outnumbered those that fell eight to one among components of the broad Hang Seng Index (INDEXHANGSENG:.HSI) as well.

Investors took some profits on the Mainland after days of record advances, limiting upside for the Shanghai Composite Index (SHA:000001) on Friday. The index rose 8.3 points or 0.4% after a 1.8% surge on Thursday. Economic news moved stock in China on Friday. Chinese GDP growth for the first quarter fell to 8.1% from 8.9% three months ago but sound retail sales and money supply growth suggests the economy may be bottoming out.

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Looking at components of key Chinese ETFs trading on the NYSE, the PowerShares Golden Dragon Halter USX China ETF (NYSE:PGJ) is the first to look at. The performance of the EFT mirrored that of the Dow Jones industrial Average (INDEXDJX:.DJI) for the most part. Oversold Synutra International (NASDAQ:SYUT) did best among Chinese ADRs followed by China Automotive Systems (NASDAQ:CAAS) and Tudou Holdings (NASDAQ:TUDO). But it's going to be the tech sector that will shine following strong earnings from Google inc. (NASDAQ:GOOG). China's Google, Baidu.com (NASDAQ:BIDU) is expected to benefit from Google's record earnings, as it did in the past.


Large cap Chinese stocks did very well in Hong Kong overnight, as components of the iShares FTSE/Xinhua China 25 Index below testify. Ffinancial institutions and insurance companies continued to outperform the broad market. Citic Bank (HKG:0998) surged 6.1% while China's second largest insurer Ping An Insurance (HKG:2318) rose 4.3%. ICBC (HKG:1398), the largest financial institution in the world, surged 3.2%, the most over two months.

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