Kontak Perkasa - Bloomberg (16/10) -- China’s
stock-index futures fell after JPMorgan Chase & Co. downgraded
Chinese equities to underweight.
Futures on the CSI 300 Index (SHSZ300) expiring in October slipped 0.1 percent to 2,456 as of 9:21 a.m. local time. Inner Mongolia Yili Industrial Group Co., a milk producer, may be active after China tightened regulations on imported baby formula. Kweichow Moutai Co. may rise after third-quarter net income increased. The Shanghai Composite Index (SHCOMP) slipped 0.2 percent to 2,233.41 yesterday, while the CSI 300 Index fell 0.2 percent to 2,467.52. The Hang Seng China Enterprises Index gained 0.9 percent as Hong Kong’s markets re-opened after a holiday. The Bloomberg China-US Equity Index fell 0.7 percent. The Shanghai Composite has climbed 15 percent from its four-year low on June 27, boosted by speculation the city’s free-trade zone will attract foreign companies and allow for financial liberalization. The Shanghai Equity Exchange called a report from Shanghai Great Wisdom’s AAStocks.com that the exchange was studying an international stock board at the free-trade zone a “serious misrepresentation of the truth,” according to a statement on the bourse’s website today. The Shanghai index trades at 8.8 times projected earnings for the next 12 months, compared with the five-year average of 12.6, data compiled by Bloomberg show. Trading volumes in the stocks measure were 0.2 percent below the 30-day average yesterday. The government is scheduled to publish third-quarter gross domestic product data on Oct. 18. The economy probably expanded 7.8 percent from a year earlier, according to a Bloomberg survey, up from the second quarter’s 7.5 percent pace. |
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:25 AM
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