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

US EUROPE AFRICA ASIA 中文
Business / Markets

Turnover could signal peak for Shanghai stocks

By Bloomberg (China Daily) Updated: 2014-11-28 08:01

Market strategist says investor 'euphoria' has driven valuations too high and warns that a tumble may loom, reports Bloomberg.

The surge in Chinese equity trading that coincided with market peaks in 2009 and 2010 is back again after the Shanghai Composite Index jumped to a three-year high.

The 30-day average daily value of shares changing hands on the Shanghai Stock Exchange exceeded 200 billion yuan ($32.6 billion) for the first time in four years on Tuesday, according to Bloomberg data.

Turnover last breached this level on Nov 9, 2010, the same day the SCI began its slide into a 38 percent bear market. The previous surge came on Aug 7, 2009, two days after the start of a 23 percent retreat.

"It's a good chance we're at a market top right now," said David Cui, China strategist at Bank of America Corp, on Wednesday. "Based on experience since the global financial crisis, surging volumes each time marked a temporary top for the market."

Jumps in trading may signal market peaks because they reflect too much investor "euphoria" toward stocks, according to Cui.

The SCI had climbed 23 percent this year through Wednesday, sending valuations to a 20-month high, as the city's exchange link with Hong Kong opened the market further to foreign investors and the central bank unexpectedly cut interest rates last week for the first time since 2012.

The rally left the SCI trading 33 percent above its last bear-market nadir on Dec 3, 2012. The gauge posted average bull-market gains of 41 percent since 2008, with bear-market retreats averaging 33 percent, according to Bloomberg data.

Trading on the Shanghai bourse is about twice as high as the five-year average and 29 percent more than turnover on the New York Stock Exchange. The value of shares changing hands on the Chinese exchange climbed to a record 338.7 billion yuan on Thursday as stocks advanced on signs of further monetary easing by the central bank.

The SCI rose 1 percent to 2,630.49 points on Thursday, the highest close since August 2011.

Chinese stocks have kept rallying since Cui said in July that they were poised to decline, and again after he reiterated that view in September. While he said shares may "do things defying fundamentals for a while", the strategist is sticking to his pessimistic stance because he said corporate debt levels are rising and China still has excess capacity in some industries.

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: 青青草原国产在线观看 | 在线视频一区二区三区 | 玖玖爱在线精品视频 | 色av影院 | 天堂中文字幕在线 | 亚洲欧美自偷自拍 | 91麻豆传媒 | 超碰在线看 | 欧美无玛 | 四虎久久久 | 黄色av网站免费看 | 天堂中文资源在线 | 日韩成人黄色 | 白丝白浆 | 午夜在线免费观看视频 | 久久综合综合久久 | 肢体的诱惑在线观看 | 林心如三级全黄裸体 | 99热这里都是精品 | 夜夜骑天天操 | 最近免费中文字幕 | 久久影院中文字幕 | 黄色av网站在线观看 | 欧美日韩精品免费观看 | 色综合视频网 | 激情久久五月天 | 久草香蕉视频 | 中文字幕亚洲精品在线 | 免费成人深夜天涯网站 | 日韩成人精品一区二区 | 国产麻豆精品在线 | 亚洲成人一级 | 伊人网站| 精品久久久久久久久久久久久 | 在线天堂v| 天干夜天干天天天爽视频 | 中文在线字幕在线观看 | 国产黄频在线观看 | 亚洲国产精品免费在线观看 | 欧美日韩在线视频观看 | 日本黄页在线观看 |