129777286952031250_18Shares tumbled scenes and mystery of the bottom of the global market
Amid the sound of singing, a-shares he was back to the bottom position of the global stock market. On March 30, the index rebounded slightly more like a psychological comfort, 12 trading days prior to this, index of Cliff Telok 200 points all the way, has since the beginning of January this year has swallowed more than half per cent. Shenzhen Stock Exchange, junior and gem no one spared. A-sharesNightmarish ordeal undergone by investors in the market at the same time, and neighbouring markets in Europe and is in continuous record high: as of March 30, since the beginning of this year, NASDAQ gains achieved 18.82%, the Frankfurt DAX rose 16.56%, Russia RTS index rose 18.89%, the Nikkei 225 index rose as high as 19.26%, Hong Kong's Hang Seng index rose 11.19%, corresponds to a-shares can only be "ashamed", index of only 2.88% per cent. There is no doubt that a share! Where are you? Fall is always justified. On March 28, pull out the Long Black Line for a 60-point, then put in bad on your desktop is: new third speed, CITIC heavy IPO, the Ministry denied pensions into sth Huaxia timesReporters learned in an interview, economic fundamentals rather cold and the stimulus is not to force a share as a helper not fools of the root cause. This time, the stock market "faithful" to act as a barometer of the economy. Who is behind the collapse? On March 27, the overnight European stock markets rose around and generally good, but the a shares advance on low, shock fall. That night, the Secretary of StateVice Premier Wang Qishan, inspected Zhongguancun in Beijing non-news out of the pilot work on transfer of shares of listed companies, is already living on the market on March 28 in diving, huzhi 60-day moving average line and 2,300 point support continuous breakdown, tumbling 62.3, fall 2.65%; junior and gem drop was up to and 3.98%, respectively. March 29, Two weight unit of PetroChina and Sinopec continued to drop it, even in the real estate and banking sectors under the common background of the hood, market formed a Yin line again, adjusting more than 32 points to close at 2,252. After the a-share market fell below 2,400-point is at the end of March 14 two sessions throughout the country on that day afternoon, sharp fall of the two cities and score on November 30 last year since theLargest one-day drop. Below 2,300 and 2,400 points of time, seems to be to some extent proves the "non-market factors" on the deep influence of the stock market and impact is severe. Seen from the side, adjust the volume of the March 28, in key locations after the drop, empty feeling; another interesting phenomenon is that a share while weakening, stock indexCargo market hyperactive, clearance hand position, and $ 20 billion bond size reflects the air offensive of violent, its a-shares "kidnapping effect" appeared. Worked for ping an securities chief researcher of macro-analysis of Sun Fanghong reporter said, the a-share market is also affected by institutional factors more. In her view, a-shares and foreign compared to mature markets are still immatureMarkets. Building Fund in late March to early April main risk comes from the market-oriented reform of the securities market. Since the beginning of this year, the SFC has been in discussion on market-oriented reform, including construction of the OTC market, small, entrepreneurial decentralization of approval authority as well as the reform of shares system of refinancing. These three reforms are negatively on the overall market valuation hubs in particular gemEffect. But due to the February decline in market risk premium, high-beta stocks rebound makes the market ignored the impact of reform in the short term. Decline in a row, reporters also noted that CITIC heavy industries biggest IPO this year plan to issue on 685 million shares on March 29, market confidence in the capacity of overwhelmed the fragile confidence of investors, which are also listed on4 new listings of all of the break, had suffered "fried new rules limiting the" coldest day since. New shares issued still rapid, eventually the market choose to vote with their feet. In addition, it is worth noting that is currently on pension investment areas are still confusing, due to be held in Shenzhen on March 29 of the social security funds extended by the General Assembly to be held in early April, which means that the Guangdong social security fundFrom the road of small waves, into the stock market still is legendary. "Bad message superimposed on the larger negative impact on weak market confidence, could lead to crash. "International on investment portfolio management Department Deputy Director Wang chengjia. To justify falling always find. In fact, one need not bother to look for it is difficult to correct one of the fundamental reasons are: investors about macroeconomic baseThis reduced confidence. Saying goes: the hair adhere to and shares early gains compared to economy feeling more of a cold. "Profit is negative in 27 months of industrial enterprises, as well as main business income (the data up by December last year fell to 27.2% of) confirmed a slowdown in economic growth. "Into a cutting-edge industry stock-basedJin Liu Antian, note earlier market expectations of a decline of such economic fundamentals or will be postponed to the end of the first quarter, this slowing trend may even be deferred to the second half. In addition, the latest release of credit before the data came in lower than expected in February, only more than 700 billion in new loans
tera gold, which may be in the context of economic slowdown, companies not to rush into expansion of capacity andInventory investment and loan demand, into the end of the downturn in manufacturing investment and real estate duration is restricting economic growth performance in the second quarter. Changjiang securities analyst Deng Eryong said February industrial production, CPI, PPI, in March, annual reports, and other information data clearly shows that the economic fundamentals are still adjusting period, recession trends don't change, emotionsRising market participants prefer to believe that the market sentiment, influence intention to belittle or ignore the fundamentals of the economy on market, similar factors such as the State Department files only "the camel's last straw". According to NBS data, 1, national industrial enterprises above the designated size 606 billion yuan in profits, down 5.2%. Analysis of Deng Eryong said, Deeper declines in market because sooner marketing focus or the party to return to the fundamentals of the economy, and the economy is still "down-cycle", return to the fundamentals of the process is painful and lengthy. "Calm of the see is the Government" when the 2008 financial crisis, a share then rose, because investors see on Government stimulus efforts. This time, What do you see? Reporters noted that the reduction of size of non-lifting of the listed company announcements since the March from the sharp increase in the amount, monthly net reduction of 7.642 billion yuan, increased by nearly 1 time per cent from February, would create a monthly reduction of net new highs over the last 12 months. Northeastern securities analyst Du Changchun, remove the macro factors, reasons and industrial capital of the recent crash in MarchContinue showing a net reduction of about. "The face of economic growth, new market expects Government stimulus policies issued, but it is the Government that we see calm. "Du Changchun believes that accompany economic growth down, continue to cut its rate, even a rate cut of counter-cyclical monetary policy are expected, and these policies are too smooth, not like 4Trillion investment will allow economic growth to reverse that.
However, macro-policy Department General Manager Wei Fengchun Boshi Fund pointed out that growth and not as optimistic as we imagined, while inflation is not far away. Wei Fengchun
tera gold, liquidity, low inventories, geopolitical and economic needs of a variety of factors, such as support, crude oil prices may remain high; and United States remuneration ringGrowth for four consecutive quarters of growth not less than unit labor output, and three or four quarters last year remains at a higher level. In his opinion, which stated that United States economic inflation-induced factors, China's rise in crude oil prices had been conducted to daily price trend, even if the prices of pork and vegetables are still trending downward, but beware of inflation induced by other factors. SunFang Hong said
tera power leveling, economic expansion this year and price levels will result in contradictions, this monetary policy difficult to deal with, interest space is limited. And monetary policy adjustment is not to rescue the universal remedy, and in late February the Central Bank reduces deposit rates brought about improvement in liquidity, is not apparent recovery effect on dynamic manufacturing expansion.
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