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Market review: November 23, 2016

Fang submitted 2016-11-25 21:43:03


Market review:

China stocks declined as investors taking some profit after the rally of the past 2 months.


Research notes:

SHA fell about 0.22% with money outflowed from Software Development, Electronic Devices and Petrochemicals sectors the most.Ningbo Donly Co.(002164) , a transmission equipment manufacturer, rallied to limit-up as its merge plan with a supply chain firm got approved by CSRC.

DXY retreated from the 101 high overnight as investors waiting for the release of Fed Minutes of Nov. CNYUSD stayed weak around 6.89 despite a rise of Shibor of all time frame with the selling off of bonds continued. And those money out of the bond market could positioned in riskier assets, such as equity, even derivatives. In commodity market, iron ore, hot coil roll and rebar led the rally as the recent snow storm disrupted raw material transportation in many part of China. While the stock of iron ore on major harbors stays high around 100-million tons. We maintained our optimistic expectation for SHA 3300 and recommended investors to overweight sectors such as new energy, fuel and gas producers, and foreign trade which could benefit for a weakening Yuan.


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