日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

BIZCHINA> Comments & Analysis
Last Tuesday sell-off not Black Tuesday
By Hong Liang (China Daily)
Updated: 2007-03-06 09:55

The Shanghai stock market's nearly 9 percent plunge last Tuesday has been taken by many investors and analysts as the shrillest warning so far of an overheating market that has been sucking in copious amounts of funds from lofty institutions as well as savings from the average person-on-the-street.

But savvy pundits argue against reading too much into such occasional sharp corrections, which they maintain are common for the stock market of a rapidly growing economy as large as that of China. In a statement released the day after the fall, analysts at Union Bank of Switzerland (UBS) dismissed the sell-off as "nothing significant."

Indeed, the Chinese stock market has since stabilized, with the leading indices moving within a much less volatile band. So it seems that the big sell-off was triggered by nothing more than the knee-jerk reaction of many skittish investors after the indices hit a record high the day before.

It may seem hard to believe that billions of dollars of wealth, on paper at least, can be wiped out overnight by the often irrational herd instinct of investors. But coming from Hong Kong, I have seen that happen often.

There is nothing scary about these occasional stampedes as long as the economic fundamentals and the investment climate remain stable, as they are in China. The economy is growing at a brisk pace without causing much inflationary pressure.

To be sure, there is overheating in certain sectors of the economy, particularly property. But the authorities have taken measured steps to rein in bank credit that could be used to feed an investment bubble.

The stock market rally in the past 12 months or so was partly a reflection of the economic boom. With the Shanghai stock index surging more than 130 percent in that period, despite occasional faltering, it is natural to question whether the Chinese stock market is over-valued.

This was apparently the question many investors were asking when they dumped their holdings last Tuesday after the index broke through the previous day's 3,000 point psychological barrier. Some analysts tried to find the answer by drawing a parallel with other markets, particularly Hong Kong, where some of the largest mainland enterprises are listed. They noted that the average earnings multiple of the mainland stock market, at around 40 times, was substantially higher than that of Hong Kong.


(For more biz stories, please visit Industries)

   Previous page 1 2 Next Page  

主站蜘蛛池模板: 久久精品一区二区 | 日韩经典一区 | 国产黄色在线 | 日本成人福利视频 | 狠狠插狠狠插 | av在线黄 | 日韩在线视频不卡 | 日日人人 | 精品久久久久久亚洲精品 | 撸大师在线观看 | 久久tv| 超碰人人搞| 久久狠狠高潮亚洲精品 | 天天操天天看 | 久久免费在线观看 | 欧洲精品视频在线 | 欧美视频一区在线观看 | 久久精品这里只有精品 | www日本高清视频 | www四虎影院 | 青草久久久久 | 在线观看自拍 | 欧美在线日韩在线 | 黄视频免费看在线 | 欧美三级在线视频 | 超碰在线超碰 | 日本激情视频网站 | a v视频在线观看 | 日韩精品在线观看视频 | 久久视频黄色 | 91成人精品一区在线播放 | 99精品成人 | av网站在线免费观看 | 超碰1000| 在线观看视频一区 | 免费成人精品 | 亚洲精品美女 | 蜜臀av一区二区 | 亚洲精品无吗 | 日韩黄色网页 | 天天色天天色天天色 |