Market review: February 23, 2016

Fang • submitted 2016-02-23 15:31:05

Market review:

China stocks declined after hit a new high yesterday, mostly for profit taking, and regained some ground in late trading, then closed at 2903.33.

Research Notes:

Power Generating, Construction and Financial sectors seen most money outflow. Henan Dayou energy, a coal miner, rallied to limit-up, on the hope of restructuring and rebound of coal prices, after Gov’s effort to cut capacity of this industry suffered historical loss last year.

As new round of IPO started today and the celebration for new head of CSRC won’t last too long, we may see some consolidation of SHA around the level of 2900.But given Gov’s shifting its strategy to maintain the GDP growth, we maintain ourfirst mid-term target of SHA 3000 for now until we ‘re convinced those measures of GDP boosting couldn’t work well or Gov’s proactively lower its growth target.

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author: Fang

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