Market review: September 7, 2016

Fang • submitted 2016-09-07 16:05:27

Market review:

China stocks mostly unmoved as SHA stuck around 3091.Though it’s the fourth day of rising, the index seems lost momentum to climb above 3100 threshold as speculation for G20 meeting met its end.

Research Notes:

Money flowed into Construction, Engineering Equipment and Non-ferrous Metal Mining sectors the most. Ningixa Qinglong Pipes Industry Co.(002457.sz), rallied to limit-up as gov encourage the improvement in drainage system of cities, as the “Sponge City Project”, to avoid flooding risk.

Though many restructure plan for SOE released, the sentiment didn’t get much boost for worry about the squeeze of private sectors.DXY ‘s trying to find a bottom as lower than expected US pmi data clashed with hawkish talk of Fed officials. And CNYUSD strengthened and reclaimed 6.66 level. In commodity market, soybean meal and rapeseed meal led the rally with silver, as agricultures rebounded in CME overnight, while funds taking profit in coal and rebar as factories would resume production after the G20 meeting. Environment protection, SOE reform and Gardening sectors are still attracted funds, but we believed the rally could facing increasing pressure when FOMC approaching and lack of major macro event. Investors can take some profit with SHA near 3100 and wait for some retrace around the second half of September.

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author: Fang

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