Category: Money tips Release Date: 2007-03-28
Year of the Dog Valentine's Day, the stock market linkage between the followers, not without trouble. Because they found, even though they had been too infatuated fan, but "she" is not necessarily faithful.
Not long ago, I wonder how many outside the theory of internal evaluation, in particular the QFII, are all barking "cattle trail", expounded endlessly bullish A share point of view. However, when investors gradually convinced when the tone changed again. Surrounding how the stock market, futures currency how the S & P to see how all of a sudden became empty grounds. It turned out that linkage between them is also a ramshackle "lovers."
Since the Asian financial turmoil, stock markets in the event of a crash of an unusually often affect A shares, but surrounding the stock market rise on A shares have no significant impact. In 2005, Tokyo's Nikkei index rose 41 percent, the Paris CAC40 index rose 21.5%, emerging stock markets is stronger than the mature markets, including Latin America MSCI Emerging Markets Index rose 44.58%, MSCI Eastern Europe index rose 47.18 percent, while the did not live up to expectations during the Shanghai Composite Index fell to 8.3%.
International stock markets over the big river, the Chinese A-share market is in the busy river water shortages, which many economists say the interaction with nature is clearly not the same thing. With the surrounding market conditions are very different, the renminbi under capital account has not yet freely convertible, A-share market has not fully opened. If the stock market is a surrounding ocean river linking the capital, then the A-share market is more like a self-enclosed dry hole. In the wet period, river water and well water independent of each other, while in the dry season, the riverbed dried up, wells have been affected.
As time went on, China and the world ever closer economic ties, "kept themselves to" the situation will change. However, at present, although foreign investors have been allowed to invest in A shares, from the heard and that are reflected in its shadow, there is inevitably a process. QFII in China's stock market's performance has been increasingly active, but the size of its current funding is still quite limited, its impact on the A-share market, not so much is that individual stocks, but rather that is the investment philosophy.
City of China's stock market and foreign exchange markets over the same period are also different, only the B shares and H shares with a small number of species with international markets and foreign investment there is a relatively close contact. However, in most cases, they only occur under the influence of external market fluctuations in a certain phase characteristics, the nature of such fluctuations is clearly still can not be said linkage. As for most other species, even into the WTO era, external influences for most of them do not involve stock prices, mainly reflects the performance aspects of this same interaction is also different.
Although some people have repeatedly stressed in recent years, compared with other markets shares, A shares price-earnings ratio is too high, there is a huge room for downward adjustment. But as a linkage between the theoretical basis for "a price theorem" but is built on a series of assumptions, even in international trade, it has never been proven before. Overseas stock standards for the linkage A shares can not but with a clear tendency to mislead. A stock price-earnings ratio of self-man-one-way linkage of the results, not the national interest to bring the market's overall interests and the interests of investors, "a prosperity or" but might be "a loss for both sides."
For the Chinese stock market, the "pull situation as a whole," the main factor is to establish an environment conducive to safeguarding the interests of investors in the market mechanism, not a linkage between the market under the name of integration. Take the linkage between them at every turn for things, it seems China's stock market depends on the non-foreign "lover" of the face can not be, it is not only possible Shade unrequited love, not even without the disgusting Haba cavity.
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