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Monday 9 February 2009
China stocks rally unsustainable – Goldman
The rally in China’s stock market this year is not sustainable and the market remains likely to trade in a narrow range for most of the year, pressured by slower economic growth and a fall in corporate earnings, Goldman Sachs said on Monday.
SHANGHAI, Feb 9 (Reuters) - The rally in China’s stock market this year is not sustainable and the market remains likely to trade in a narrow range for most of the year, pressured by slower economic growth and a fall in corporate earnings, Goldman Sachs said on Monday.
The CSI 300 index of blue chip stocks <.CSI300>, which has jumped 25 percent since the end of 2008 to around 2,275 points on Monday morning, will mainly move around 2,000 points this year, staying in a range of 1,980-2,200,said Thomas Deng, managing director of Goldman Sachs Asia Pacific investment research.
“With bad news about China’s economy and corporate earnings expected continuously this year, we don’t expect the current rally in the index can be sustained,” Deng told reporters in Shanghai.
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China stocks rally unsustainable – Goldman
9 February 2009
SHANGHAI, Feb 9 (Reuters) - The rally in China’s stock market this year is not sustainable and the market remains likely to trade in a narrow range for most of the year, pressured by slower economic growth and a fall in corporate earnings, Goldman Sachs said on Monday.
The CSI 300 index of blue chip stocks <.CSI300>, which has jumped 25 percent since the end of 2008 to around 2,275 points on Monday morning, will mainly move around 2,000 points this year, staying in a range of 1,980-2,200,said Thomas Deng, managing director of Goldman Sachs Asia Pacific investment research.
“With bad news about China’s economy and corporate earnings expected continuously this year, we don’t expect the current rally in the index can be sustained,” Deng told reporters in Shanghai.
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