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China Confidential - Premium Investment Insight
19 March 2012

What happened? Yet again, developments that might have been seen as bad news had, overall, little impact on China’s A share markets in the week to Friday March 16. Aside from the stocks in the Shenyin & Wanguo (SW) property sector, A share generally tracked sideways or advanced marginally during the week. Investors focused on Premier Wen Jiabao’s comments, made at the closing press conference of the National People’s Congress on Wednesday March 14, in which he suggested that housing prices in China are still far from a reasonable level. Investors were broadly unconcerned by latest economic statistics that point to slowing credit growth and electricity consumption, as well as slippage in inwards foreign direct investment (FDI). The SSE Composite and the CSI 300 indices dropped by 1.42% and 1.53% respectively. The SZSE Component index, by contrast, slipped by just 0.53%. Falling by 6.50% during the week, the SW property sector was something of an outlier. Nearly half of the sectors dropped by less than 2%, or actually rose (see chart).



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