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Market review: September 28, 2016

Fang submitted 2016-09-28 01:19:28

Market review:

China stock resumed to decline as investors stay conservative before the China National Day Holiday.

Research Notes:

SHA fell about 0.34% with money outflowed from Construction, Software Development and Non-ferrous Metals Mining sectors the most. Zhejiang Wanfeng Auto Wheel Co.(002085.sz), rallied to limit-up as data showed that automobile industry performed strongly in August and benefit for most firms of this sectors.

DXY rebounded with overnight Flash PMI and Consumer Confidence are both higher than expected. CNYUSD mostly stayed unmoved as Shibor climbed again as banks grabbing limited liquidity before the week long holiday and it supported CNY for about one month. In commodity market, Manganese Alloy, Iron Ore and Methanol led the rally for producers trying store up these raw materials before the holiday. Though we kept our bullish opinion on SHA after the holiday, the trading session before the holiday could be relatively volatile and presents less reward for risk, hence we suggest investors to keep risk exposure low and only consider adding positions by Friday this week.

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