Market review: December 2, 2016

Fang • submitted 2016-12-02 16:01:36

Market review:

China stocks declined on profit taking and concern of the macro events the next week.

Research Notes:

SHA declined about 0.9% with money outflowed from Non-Ferrous Metal, Finance and Transportation sectors the most. Gansu Shangfeng Cement Co.(000672) rallied to limit-up as investors believed that the PPP plan and gov’s support for construction in the One Road One Belt campaign sector could boost its profit perspective.

DXY fell to 100.7 level as investors cut some risk exposure before Italian Constitution Amendment Vote and Non-farm job report. CNYUSD stayed weak at 6.88 with more regulations may come out to further restrict the RMB outflow and increase the risk of holding the Yuan assets. In commodity market, soybean, thermal coal and rice led the rally. For soybean, investors believed that the production in China would fall further the next season and also CME soybean got support from South America growing season. While coke and coking coal fell over 3% as investors switched out of these former leaders, following the stock investors. As we got Italian vote, China Central Economic Work Conference and FOMC all due the next 2 weeks, investor should keep their exposure low when SHA facing risk to dip below 3200, but sectors such as construction, telecommunication and SOE reform still worth the attention if the index falls and provide more bargain by mid of Dec.

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author: Fang

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