CSI300 gained 0.4%
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The CSI 300 rose 0.4% this week on volume below the average and lower than the last week. The market condition was Downtrend. The index recovered slightly this week but remained below all key moving averages. The turnover in Shanghai and Shenzhen exchanges was below RMB500 billion for three consecutive days this week, and Tuesday’s turnover was as low as RMB477.32 billion, a new low since December 24, 2019. Market sentiment is low. Support remains at the Feb. 2 low of 3108. Resistance remains at the 21DMA. M1 fell 6.6% year-on-year in July, down more than expected and the previous value. M2 rose 6.3% year-on-year, higher than the previous value but lower than expected. RMB260 billion of new RMB loans in July were lower than the expected of RMB456.1 billion and the same period last year of RMB345.9 billion. Social financing scale increased by RMB772.4 billion in July, lower than the expected of RMB1.0 trillion, but higher than the same period last year of RMB536.6 billion, and the stock of social financing scale rose 8.2% year-on-year, higher than the previous value, but lower than expected. Industrial value added in July rose 5.1% year-on-year, lower than the previous value, but higher than the expectations. Total retail sales of consumer goods rose 2.7% year-on-year, higher than the previous value, but lower than expected. Fixed asset investment rose 3.6% year-on-year in January-July, lower than the previous value and expectations. Overall, the data is not very good. U.S. PPI rose 2.2% y/y in July, lower than the previous value. CPI rose 0.2% m/m in July, unchanged from expectations. It rose 2.9% y/y, the lowest since March 2021.Core CPI rose 0.2% m/m in July, unchanged from expectations, and it rose 3.2% y/y, the lowest since April 2021.The data showed that U.S. inflation has cooled, increasing the Fed’s ability to cut interest rates. Investors are advised to remain patient and wait for the index to regain its 21DMA. Northbound outflow via the HK-China Stock Connect was RMB5.0B.
Leading: Communication Service (+3.1%), Energy (+2.1%), Financial (+2.0%); Lagging: Real Estate (-3.9%), Consumer Staple (-2.0%), Basic Material (-1.5%).
【A33】portfolio fell 0.4% with 12 stock up and 21 down. Modern biomedical enterprises Sichuan Biokin Pharma (688506) led the gains. The stock rose 9.8% this week. RS and AD ratings were 99 and B+. DG rating was 76.
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published on August 16, 2024