Shanghai Composite
Shanghai Composite market touched 3050 after breaking 3000 and will will most likely see selling pressure in afternoon session. Investors would like to sell the index as most believe the Shanghai composite trading range is still between 2700~3100.
Some blue chip stocks were weak today like Chinese property the previous rally of Chinese property sector is driven by 2010 results and investor's expectation on tightening coming to an end, but recent data show the sale volumes are not bouncing and investors are worrying about oversupply in 2 quarter.
Cement and machinery sector are overweight in 1 quarter and will probably see profit taking for these two sectors as well. Small cap stocks not catching up even large cap names pull back, GEM Board index down 1.4% today, SME Board index down 0.5%.
March economic data to be released this week. Today's most outperforming sector is coal and oil, steel, commodity (weaker USD), the worst performing sector is property, home appliance, cement and telcoms equipment.
