Market review: March 07, 2016

Fang • submitted 2016-03-07 15:31:05

Market review:

China stocks continued to rally and closed with small gain at 2897.34, as investor are satisfied by the Gov econ reports on People’s Congress meeting.

Research Notes:

Money flowed into Software, Internet and Telecommunication sectors instead of Construction and Mining, the hot spots of previous week. Hefei Meiling Group(000521.sz), a consumer electronics producer, rallied to limit-up for its lowering price of directional issuance.

As Gov signaled it may limit bank loan to housing purchase to cool down the overheating of property market in Q1, we felt that the strength in cyclical sectors, especially those of Construction and Mining are approaching its end. Though we maintain our target for SHA 3000, we suggest investors to unload cyclical stocks at the end of the policy meeting in Beijing. The sentiment usually turned after such macro event and it’s safer to book some profit, if any, at the height of recent rally on optimistic expectations.

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author: Fang

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