Market review: February 29, 2016

Fang • submitted 2016-02-29 15:31:05

Market review:

China stocks closed at 2687.98, tumbled to 15-month low as investors got disappointed from lack of cooperation in G20 meeting in the weekend and recent crackdown on Weibo space hurt the image of reform.

Research Notes:

Money outflowed from Electronics, Machinery and Petrochemicals sectors the most. Nanjin Chixia Development (600533.sh), a real estate developer, rallied to limit-up, boosted by the recent heat of property market.

Though the selling off on fruitless G20 ‘s well expected, we also have to watch China PMI on Tuesday as well as Gov’s attitude on property buying-frenzy as short term risks. Recent deletion of accounts of several public figures on Weibo also damped the expectation on the reform from People’s Congress meeting starts on March 5th, as it’s too easily to remind people of culture revolution, which is not good for econ. But say that it’s a rootless fear, and as China investors are prone to over-react and over-sell, we see less risk around SHA 2650 region. For some companies with sound annual reports incoming, it could be a good opportunity to buy.

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author: Fang

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