CSI300 dropped 1.6%
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The CSI 300 fell 1.6% this week on volume below the average and lower than the last week. The market condition was Rally Attempt. The index continued to adjust this week and remains below all key moving averages. Support is at the Feb. 2 low of 3108. Resistance is at the 21DMA. The CPI rose 0.5% y/y in July, higher than previous and expected. The PPI fell 0.8% y/y, unchanged from previous and expected. The Caixin services PMI was 52.1 in July, higher than previous. Exports rose 7% y/y in July, lower than previous and expected. Imports rose 7.2% year-on-year, well ahead of both expectations and the previous reading. Overall, it’s mixed. The news of the Bank of Japan’s wanting rate hike superimposed on concerns about a slowdown in the U.S. economy triggered by a much weaker-than-expected U.S. non-farm payrolls number in July has caused turmoil in global financial markets. Investors are advised to remain patient and wait for the index to regain its 21DMA. Northbound outflow via the HK-China Stock Connect was RMB14.8B.
Leading: Real Estate (+3.4%), Consumer Staple (+2.2%), Energy (-0.2%); Lagging: Communication Service (-4.8%), Technology (-3.6%), Industrial (-2.3%).
【A33】portfolio fell 2.5% with 8 stock up and 25 down. Leading Enterprises in Tourism Industry of Jilin Province Changbai Mnt Tsm (603099) led the gains. The stock rose 6.2% this week. RS and AD ratings were 98 and A. DG rating was 72.
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published on August 9, 2024