Friday, five fund companies, including Yinhua, Shanghai Investment Morgan, ICBC Credit Suisse, Rongtong and Yimin, took the lead in releasing their first-quarter reports for 2008. The report shows that in order to avoid market risks, the positions of most equity funds dropped in the first quarter, with nearly half of them dropping by more than 10 percentage points. With the exception of the Shanghai Investment Morgan fund, the rest of the company's funds have seen varying degrees of net redemptions. It was also a blow to market confidence on Friday.
The disk shows a large area of decline more than rise less universal weak market characteristics. The first day of listing of new stocks fish leap medical (002223) showed a pattern of high opening, opening at 16.5 yuan, 74% higher than the issue price. Early in the morning session in the oil repeatedly at 16.70 yuan to hold on to the issue price but still eventually fell below. As of the close, in addition to ST outside the two cities without a stop stock, Lanzhou Minbai (600738), health yuan (600380), Guanlong shares (600251), Lupin Gaoke (000998), such as more than 5% of the stocks only more than ten, Tibet tourism, Guihua Airlines (600523), Gehua Cable (600037), COFCO Real Estate (000031), Gui sugar Shares (000833) and other representative of the industry's leading stocks are active, the plate is collectively in the ranks of the decline, aerospace, food, finance, military and other decline in relative resistance, non-ferrous metals, textile machinery, chemicals, electricity, the Olympic Games, water and more than a dozen plate setbacks, the stock market has become a general decline in the center of gravity of the stock index to move down the impetus for the rebound is also just a flash in the pan. At present, more than 100 yuan of stocks only remaining Guizhou Maotai (600519), Tianma shares (002122), salt lake potash (000792) three.
The first quarter of the relevant data came out, and there is not much unexpected. Once again to raise the reserve ratio of bank deposits, the financial services industry index in the day the market fell sharply in the market fell the smallest. The market for the future of listed companies performance growth slowdown is more worried, do more confidence is not enough. Recently, the listed company's performance forecasts, and did not inspire enthusiasm for investment; while the performance is lower than expected or pre-loss pre-loss, the stock price quickly fell, the Yangtze River Power is evidence of this. Oil prices remain high, triggering a resurgence of new energy concepts, but their contribution to the broader market is negligible.
The stage of the weak trend of the stock index has not changed, the current average system is still in a short alignment. It will take time to change this weak trend, as well as substantial moves on the policy front to inspire investor confidence.
The weak market does not say bottom. Since January 14, 2008 5522 points since the adjustment, the market has been exploring the bottom, the real bottom in where, generally more than a hindsight confirmation, in the adjustment trend is not easy to say the bottom. In terms of sectors, the rotation of shorting is a first-tier, second-tier blue chips and theme stocks, financial, real estate followed by electricity, aviation and steel. These four sectors in the CSI 300 accounted for the proportion of 34%, 2.5%, 3.3% and 16.8%, while the coal and oil sector also occupies 30% of the weighting, is the second largest sector in the CSI 300, but in other sectors have to break down to stay firm, but in the game pattern is more intense, investors should be alert to the possibility of the sector to make up for the fall. Data show that this week's market plunged 11.4%, from the performance of the industry index, the major industries this week, the whole line killed. Among the top five declining industries, including: real estate industry fell 25.27%, hydropower industry fell 18.48%, metal industry fell 17.14%, financial industry fell 16.54%, communication industry fell 16.40%; after the top five declining industries, including: the food industry fell 6.37%, petrochemical industry fell 8.50%, the timber industry fell 8.88%, the agriculture and forestry industry fell 9.31%, the commercial industry fell 10.02 percent.
Comprehensive analysis, after a continuous plunge, the short-term weakness of the pattern has not substantially changed, most of the stocks in the two markets with the market have fallen, only a small number of varieties against the trend up. As the market hit a new low on Friday, the last line of defense of the parties moved to 3000 points, the market will test the psychological point of 3000 points of support. Therefore, in the near future operation should also pay attention to control positions, volume is still a key indicator to determine the strength of the market, in the absence of a clear turnaround should be appropriately cautious.