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Market review: May 11, 2016

Fang submitted 2016-05-11 15:31:05

Market review:

China stocks generally stayed stable as rebound of commodity revived risk appetite, and closed at 2837.04.

Research Notes:

Money flowed into Agriculture, Food & Beverage and Biomedicine sectors the most.Beijing Yanjing Beer Corp (000729.sz) rallied to limit-up for summer season, with several incoming sport events, should increase its sales.

Soybean, soymeal and rapeseed meal futures rallied to limit-up also for USDA lowered South America bean supply due to flood. The move, in short term, offered a powerful support for commodity market and related equities, and we believed the trend could last into summer for China, for China itself also facing looming flood risk from El Nino. We believed that SHA 2800 could provide some floor for the equity market and CPI sensitive sectors, such as agriculture and food, could be good bets into summer and autumn.

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