[20081114]CICC China Market Wrap

yangruoxin

Pls see attached the full PDF research report, below is a highlight:
Market Information
China Market Wrap
2008/11/13
Equity Market (Please see A/B and A/H Premium/Discount Table in attached file)
 
Shanghai Composite opened at 1837.27 and closed at 1927.61(+3.68%) volume RMB30.61bn (US$11.76bn)
Shenzhen Component opened at 6030.79 and closed at 6364.03 (+4.04%) volume RMB13.04bn (US$5.21bn)
A-share indexes bucked the regional trend amid government strongest effort to boost the economy. Several ministries and local governments released detail construction plans after the Rmb 4 trillion announcement and the lower opening just provided a good chance for barging hunters to jump in.  The momentum never exhausted until the closing bell and surprised most of the traders, though the poor Industrial Production number of 8.2% missed the consensus by 2.9%.Railway construction counters are the shining stars and the major three ones all sealed at up-limit, with MoR’s detail plan effect getting kicked into. The cooking coal name like Kailuan Coal and Xishan Coal saw a brilliant surge as most of the bad expectation has been priced in lately and the down-stream users may demand more coals than we thought. The rally was across the board and the advancers out-sized the decliners by 91 times. Bulls and bears had a hard-fought battle today which could be reflected by the 87% volume expansion. Many traders warned that if everyone in the market turned bullish, we might see a reversal soon but at least some Railway construction names will keep the strength in the short-term.
General Administration of Civil Aviation of China (GACAC) said it will invest at least Rmb 550 bn on local airport construction to substantially boost domestic demand and infrastructure. The current under-construction scale is Rmb 100bn and GACAC plans to spend further Rmb 200bn and 250bn respectively in 2009 and 2010.
An article reported by the Shanghai Security Journal has it that the key to reverse the A share performance is solving the “Daxiao Fei” problem. There will be separately Rmb 3.76 trillion and Rmb 3.94 Trillion locked shares to be released in 2009 and 2010. A “DaXiao Fei social responsibility fund” funded by the government is suggested by the author.
SHCOMP:   ADVANCERS OUTPACED DECLINERS 97.56:1
SHENZHEN: ADVANCERS OUTPACED DECLINERS 86.89:1
BLUE-CHIP LARGE CAPS up: CHINA UNICOM (600050) +2.06%, BAOSTEEL (600019) +4.79%, YANGTZE POWER (600900) SPECIAL SUSPENSION, SINOPEC (600028) +4.36%, DAQIN RAILWAY (601006) +7.25%, AIRCHINA (601111) +5.53%, CHINA LIFE (601628) +2.77%, PINGAN (601318) +1.68%, SHENHUA ENERGY (601088) +4.67%, CHINA COAL (601898) +4.98%, PETROCHINA (601857) +2.83%, CHINA COSCO HOLDINGS (601919) +2.36%, CHINA RAILWAY (601390) +10.06% (Up-limit)
BANKS rallying after a lower opening: SPDB (600000) +4.44%, MINSHENG (600016) +3.40%, CMB (600036) +3.24%, HUAXIA BANK (600015) +4.06%, ICBC (601398) +2.54% BOC (601988) +2.77% INDUSTRIAL BANK (601166) +4.63%, BOCOMM (601328) +2.19%, CCB (601939) +2.51%, CITIC BANK (601998) +2.89%, SZDB (000001) +5.11%
PROPERTY STOCKS rallying: VANKE (000002) +3.91%, GEMDALE (600383) +3.85%, COFCO PROP (000031) +3.84%, FINANCIAL ST. (000402) +2.27%, CHINA MERCHANTS PROP (000024) +4.72%, POLY (600048) +4.91%, LUJIAZUI (600663) +2.77%
Government Bond Market
CGB market advanced by 0.09% to close @ 119.74. Volume dropped to 18.79 bn. Of total 51 bonds 21 up,23 flat and 7ended in green. The heavily traded bonds mostly rallied: 10-yr bond 010110 +0.14% yield 2.51%.10-yr bond 010112 +0.13% yield 2.52%.7-yr bond 010115 flat yield 2.31%.
  fwciccchinamarketwrap20081113.zip (439.37 KB)

[20081114]CICC China Market Wrap
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2008-11-14 08:53