Sergey Golubev / Profile

China’s Equities Plummet on Slow Industrial Profit Growth (based on Forexminute article)

Chinese equities plunged, causing the benchmark index to post its biggest loss in 7 days, after benchmark money-market rates surged and industries recorded slower profit growth.

The Shanghai Composite Index fell 0.8 percent to close at 2,046.59. Industrial profits grew at 9.4 percent in January and February, down from 12.2 percent in December. The measure has declined 3.3 percent since January over fears that the economic slowdown will hurt profits and that the resumption of new initial public offerings will siphon away monies.

“We are back to market fundamentals with investors concerned about new IPOs, which might not have been fully priced in already, and soft economic data,” Gerry Alfonso,*a Shanghai-based dealer at Shenyin & Wanguo Securities Co. told Bloomberg. “There is no obvious short-term catalyst for the equity market.
The Hang Seng China Enterprises Index grew 0.3 percent, while the CSI 300 Index plunged 0.7 percent to 2,155.71 on Thursday. The ChiNext index also plummeted 3.5 percent.

9 out 10 industry categories in the CSI 300 fell today, with the sub-category of industrial shares tumbling 1.2 percent. Power equipment maker Dongfeng Electric slid 2.6 percent to 12.54 yuan, while wind turbine maker Xinjiang Goldwind fell 3 percent to 9.91 yuan.

However, Shanghai’s trading volumes rose 0.6 percent above the 30-day average on Thursday, valuing it at 7.5 times projected 12-month earnings, which is close the a record trough touched last week.
The National Bureau of Statistics revealed the industrial profits were 779.3 billion yuan ($125.4 billion) in the first two months of the year, down from a 17.2 growth recorded in the same period a year earlier.
The index of technology stocks fell 2.5 percent, the biggest among the 10 industry categories. Touch screen maker Shenzhen O-film fell 9.8 percent to 43.39 yuan, while Communist Party’s People.cn.CO tumbled 6.6 percent to 71.31 yuan.

ChiNext index touched its lowest point since the start of the year as Huayi Brothers fell 5.3 percent to 24.73 yuan.

Kenmore Design Announces Participation in the 2014 Turkey Forex Conference in Istanbul

Kenmore Design will join Boston Technologies and other Forex professionals at the 2014 Turkey FX Conference, hosted by Forex Magnates and Conversion Pros. The conference will take place on April 4-5, and will feature educational presentations and panels for Forex brokers and traders in the luxurious setting of Istanbul's Ciragan Palace Hotel.

read more here http://www.prweb.com/releases/2014/03/prweb11702568.htm

瑞信陶冬：中国央行可能已经实现了人民币双向波动的目标