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Comment For China Stock Market 2016/08/26

Aug. 26, 2016 10:52 PM ETKBA, CN, ASHS, CNXT, SOYB
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China stocks stayed mostly unmoved with SHA climbed about 0.06%.Investors played conservative before the Jackson Hole meeting. Money flowed into Gardening, Aviation and Biomedicine sectors. Heilongjiang Longjian Road & Bridge Co. rallied to limit-up for investors believed that the firm would benefit from Public-Private-Partnership investment plan. Overnight US data showed the economy continue to strengthen yet DXY fell as investors didn't expect Chairwoman Yellen to speak hawkish at Jackson Hole. Yet CNYUSD slumped to 6.67 as investors speculated that PBOC could cut RRR further increase the reverse repo quantity to support equity market during G20 meeting. In commodity market, Silicon Manganese, Zinc and Glass led the rally while iron ore, rebar and coal fell the most. There're increasing rumors that gov would curb the sale of houses in tier 1 and 2 cities and damped the sentiment in rebar and iron ore market. Though many Fed governor offered their hawkish view on US rates, we considered that Yellen has the final saying and she could stay at the dovish side. Even the hike materialized in September, the shock for equity market could restrained within the short term. Global liquidity should stay loose for long time and for China, the reform premium is still worth waiting. We maintained the strategy to buy into new energy, environment conservation and smart devices, if SHA retreat to 3000 level or lower.

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