Category: Money tips Release Date: 2005-12-14
Source: CITIC Securities Author: Qu Xiaoxing
After a few days early in December after the adjustment, the Shanghai index to launch a new round of upside, and in December 27 broke the 2500-point mark. From the perspective of the market's overall year-end financial side seems to be very lenient; but from a technical point of view, this indicator of capital flows through the statistical analysis, we found that even a new high in the stock behind the net inflow of capital markets is not perceived as abundant.
Last week, the Shanghai index to the 2,400-point advance in the process of turnover of large cities at 800 billion yuan; this week on the Shanghai Composite Index crossed the 2400 point, the turnover has waned.
December 18, 2300 on the Shanghai Composite Index breaking point, after the seven trading days (December 18 to December 26), the Shanghai Composite Index rose as high as 4.4%, while the Standard & Poor's A shares CITIC Composite Index rose only 1.5%, which shows the tremendous gains on the Shanghai Stock Index Most comes from the following two reasons: First Industrial and Commercial Bank of China and other capital flows accounted for a small blue chips rising leverage generated; second interval in the first seven IPO virtual-day gain to bring the index up.
Data show that the recent market-wide daily net inflow of volatile capital, in particular, December 26, although the Shanghai Composite Index touched 2,500 points, but the actual net capital inflows is negative, with 25 points 2400 points on the strength of the inflow of capital in sharp contrast. But given the recent volatility of capital flows trend does not rule out short-term capital inflows may be strong again.
In the past seven trading days, the various trades and industries index rose an average of about 3%, of which iron and steel, and financial sector showed a strong net inflow of capital increase. Most of the other plates showed net inflows decline, which apart from the recent decreases were more significant index of transportation, non-ferrous metal plates, the machinery, the real estate section clearly showed a net inflow of funds to reduce trends; electricity, medicine and a net inflow of funds plates also appeared a certain degree of decline. Coal plates last Thursday Friday appeared a wave of violent reaction, but since Monday, with the Shanghai Composite Index breaking 2,400 points, its net capital inflows dropped drastically.
In addition, our research shows, financial, power, tourism and hotel sector index for capital the higher the sensitivity, you can use smaller amounts of money leveraging Index Change. But coal, machinery, transportation, non-ferrous metal plates and vice versa.
The results showed that the current flow of funds, investors in the financial and steel plates enthusiasm unabated, while the machinery, the real estate section, there has been a tendency to cold. Value analysis from the perspective of the overall valuation of the financial sector has been relatively high, investors should remain calm; and plate steel and machinery valuation is still low, suggesting investors look at the performance of which the leading shares outstanding.
