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Market review: April 08, 2016

Fang submitted 2016-04-08 15:31:05

Market review:

The selling continued for China stocks with SHA lost the 3000 ground. The enthusiasm encouraged by the debt-share conversion plan faded, at least for now, as investors realized the long term risks from the plan.

Research Notes:

Money outflowed from Infrastructure, Petrochemical and Coal Mining sectors the most. Jiangsu Safety Wire Rope (603028.sh), which went public recently, rallied to the limit-up for a second day as investors considered it’s generally undervalued.

As several macro data, such as CPI and new loan for March, will be released the next, the precautionary unloading of positions is understandable and we may downgrade our SHA mid-term target of 3200 if data of the next week fall below our expectations.

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