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Discussione: Lyxor ETF China Enterprises

  1. #21
    Oggi a Hong Kong deciso rialzo di Zijin Mining Group Co. (+7,5%), società mineraria produttice e raffinatrice di oro, rame e metalli non ferrosi.

  2. #22
    Secondo Mark Mobius di Templeton Asset Management la crisi internazionale del credito è prossima alla fine.
    Ha acquistato azioni di Bank of China.

    The fund manager, who oversees $47 billion in emerging- market equities, said he has been buying shares of banks including Bank of China Ltd. and Industrial & Commercial Bank of China Ltd. Malaysian equities are also becoming ``more and more attractive,'' he said in a Bloomberg Television interview today.

  3. #23
    Hong Kong Stocks Climb, Extending Weekly Advance; Shenhua Rises
    By Hanny Wan

    Nov. 28 (Bloomberg) -- Hong Kong stocks rose, extending a weekly advance, on optimism China's stimulus measures will sustain growth.

    China Shenhua Energy Co., the biggest coal miner, climbed 7.3 percent on speculation demand can be sustained. China Mobile Ltd. gained 2.3 percent after its Hong Kong unit said it may bid for wireless licenses in the city. Shares also rose after BNP Paribas SA said investors should be ``overweight'' on Chinese shares listed outside China because the nation is shifting to a consumption-driven economy.

    ``Towards the end of the year things should be fairly positive,'' said Pauline Dan, chief investment officer at Samsung Investment Management Hong Kong Ltd., a unit of Samsung Investment Trust Management Co., which oversees the equivalent of $58 billion of global assets. ``There are specific companies that will benefit from the stimulus policies.'' Dan said she favors construction-related and domestic machinery stocks.

    The Hang Seng Index added 336.18, or 2.5 percent, to 13,888.24, extending its advance this week to 9.7 percent. The measure completed its first weekly gain in three weeks. The gauge dropped 0.6 percent this month, its fourth-straight monthly drop.

    Still, ``it's more like a bear market rally,'' Dan said. ``There are still uncertainties in the external environment.''

    The Hang Seng China Enterprises Index, which tracks so- called H shares, rose 1.2 percent to 7,207.48.

    Stocks were further boosted by an editorial in the China Daily that suggested China spent some of its $1.9 trillion of foreign reserves buying H shares. A government purchase of Hong Kong-listed China shares could help restore investor confidence in both the city and the mainland's A-share markets, Yi Xianrong, a researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences, wrote.
    China Cheap

    The 4-trillion yuan stimulus package was designed to be spent on areas including infrastructure, housing and education, the State Council said when it announced the program on Nov. 9.

    China Mobile advanced 2.3 percent to HK$71.10, the second- biggest gainer by index points on the Hang Seng. China Mobile Peoples Telephone Co., the Hong Kong unit of the world's biggest phone carrier by value, may seek a wireless license in a government auction in January. It hopes faster broadband services will attract more customers.

    BNP Paribas raised its rating on Chinese shares listed outside China to ``overweight'' from ``underweight.''

    ``The market has largely priced in China's downturn in growth and China stocks look cheap in a global context for the first time in five years,'' analysts at the brokerage, including Erwin Sanft, wrote in a research report. ``Demographics, rural land reform and healthcare spending bode well for China's gradual shift to a consumption-driven economy.''

    Six stocks on the 42-member Hang Seng Index advanced for each that dropped. December futures climbed 3 percent to 13,988.

  4. #24
    Dec. 4 (Bloomberg) -- Investors should buy Chinese stocks because the so-called H shares of the mainland companies traded in Hong Kong are nearing the bottom and may rise as much as 30 percent in 2009, according to Emperor Investment Management.

    “H shares earnings multiples, such as price-to-book ratio, at close to the same levels seen during the 1998 Asian crisis, which was the lowest point we’ve ever seen,” said Ed Mullen, chief executive officer at Shanghai-based Emperor, a hedge fund that oversees $150 million in Chinese stocks.

    Corporate profits in China will outpace other emerging and developed markets as the country’s economic growth remains robust, Mullen said in an interview in New York. His firm’s Emperor Greater China Fund, which was set up eight years ago, fell 51 percent this year through October after climbing 93 percent in 2007.

    The Hang Seng China Enterprises Index of mainland shares in Hong Kong has lost 55 percent this year on concern shrinking industrial expansion and slowing exports will stifle economic growth. China’s government last week cut its key lending rate by the most in 11 years to prevent an economic slump and four weeks ago pledged a 4 trillion yuan ($580 billion) stimulus package.

    “China’s economy will start to recover in the second half of next year when we’re going to see the stimulus package and monetary easing taking effect,” Mullen said.

    The country’s economy, the biggest contributor to global growth, expanded 9 percent in the third quarter, slowing from 11.9 percent a year earlier. Fourth-quarter growth may slump to 5.8 percent, the slowest pace in 18 years, Credit Suisse Group AG estimated in a report last month.

    Profit Growth

    Earnings growth of Chinese companies may lure investors back to the country’s stocks, Mullen said. Chinese businesses whose profits depend on domestic demand, such as infrastructure and consumer-staples companies, will have faster earnings growth than “anywhere in the world,” he said.

    The declines in the Hang Seng China Enterprises Index pushed the measure to trade at 9.3 times the trailing profit of its 42 companies, compared with a 32.4 times high in October 2007. The MSCI Emerging Markets Index, which has dropped 59 percent this year, trades at 7.8 times the profit of its 787 companies.

    “The price-to-earnings and price-to-book ratios are compelling evidence that China stock market is a buy right now,” said Bill Santos, Emperor’s president.

  5. #25
    Rileggendo il primo mio post di 2 anni fa ne è passata di acqua sotto i ponti.
    Voglio augurare BUON NATALE a tutto lo staff ,ai moderatori e a tutti i partecipanti del forum di


  6. #26
    Citazione Originariamente Scritto da piro
    Citazione Originariamente Scritto da PIFRAN
    Etf I Shares Xinqua Cina Come Mai Se L'indice Hang Seng Ha Perso 1,70 L' Etf Perde Il 3,80 Dove Sta Il Trucco ??
    L'ETF in questione non può replicare l'indice fedelmente,non ha in portafoglio la totalità dei titoli cinesi, ma solo una parte di questi,vedi link :

    A differenza di quello che avevi scritto, proprio per replicare l' indice Hang Seng China Enterprises questo ETF Lyxor non deve avere in portafoglio la " totalità dei titoli cinesi" perchè lo stesso indice H.S. China Enterprises non contiene tutti i titoli Cinesi.
    Ovviamente Lyxor ETF China Enterprises ha in portafoglio i titoli che compongono l' indice che ha lo steso nome.

  7. #27
    Outlook for 2009: Getting Worse Before Getting Better
    December 19, 2008

    By Qing Wang; Denise Yam, Steven Zhang and Katherine Tai | Hong Kong

    More Economic Pain Likely in the Near Term

    The triple whammy of 1) a cooling down in real estate investment, 2) a massive de-stocking of raw material inputs after the collapse of international commodity prices, and 3) a slowdown in external demand should continue to weigh on China’s economy through the first half of 2009. We would characterize the country’s economic outlook for the new year as ‘getting worse before getting better,’ laying the foundation for a firmer recovery in 2010. We expect growth to slow further in 1H09, and we see deflation as a distinct possibility. The effect of the massive policy stimulus implemented since October 2008, together with a tepid recovery in G3 economies, should help the Chinese economy regain some growth momentum in 2H09.

    We forecast GDP growth to slow to 7.5% in 2009 from 9.4% in 2008: An outright decline in private real estate investment and much weaker exports should be partly offset by a sharp increase in government-driven investment, especially in the infrastructure sector.

    Risks: We construct two alternative scenarios, a bear case featuring 5% GDP growth and a bull case assuming 9% growth, to highlight the downside and upside risks to the 2009 outlook under our base case (7.5% GDP growth). Real estate investment will be the biggest swing factor among the scenarios, in our view. The package of tighter macroeconomic policies that China implemented from late 2007 through 4Q08 has hit the property sector particularly hard. As a consequence, real estate investment has slowed substantially, reducing demand for key construction materials, such as steel, cement, and aluminum, and housing-related consumer durable goods.

    While much attention has been paid to the synchronized recessions in G3 economies and their knock-on impact on China’s external demand, we think the biggest swing factor in gauging the growth outlook in 2009 is real estate investment in China. Given the gloomy outlook for G3 economies, China’s external demand in 2009 will almost surely be very weak. The rapid economic deceleration in 2008 has been primarily attributable to the slowdown in real estate investment rather than to weak exports. Under our baseline scenario for 2009, we envisage a significant decline of 6% (in real terms) in real estate investment carried out by the private sector.

    Investment implications. Although economic expansion driven by the public sector should help achieve headline GDP growth and job creation targets and thus limit the extreme downside risk of an outright hard landing, we do not expect it to deliver nearly as strong corporate earnings growth as when the same level of headline GDP growth is fueled by buoyant private-sector spending. The public-sector-driven growth will likely occur in a relatively ‘job-rich’ but ‘profit-deficient’ macroeconomic environment where bonds tend to be favored over equities. Within the equity space, sectors and companies with high earnings visibility and/or those exposed to government-supported capital spending will likely outperform.

    A Perfect Storm for Deflation

    A confluence of factors points to a high risk of deflation in 2009. From the supply side, the bursting of the international commodity price bubble triggered by intensification of the global financial deleveraging since September has caused the prices of raw materials imported by China to decline sharply, representing a powerful positive shock in terms of trade. From the demand side, decelerating exports — which are expected to continue slowing amid a synchronized recession in G3 economies — have started to exacerbate the problem of production overcapacity, limiting Chinese producers’ pricing power.

    Therefore, despite still relatively high CPI and PPI readings at this time, we believe that a perfect storm for deflation is gathering strength under the surface. It is likely to bring about a deflationary impulse in 1H09 that could morph into persistent deflation in 2H09 and beyond, barring an aggressive policy response up front. Deflation is not always a bad thing. If it is due to positive supply shock, it is ‘good’ deflation; if it is due to negative demand shock, it is ‘bad’ deflation. Our best judgment is that the potential deflation in 1H09 will likely belong to the former category. However, the challenge is to prevent deflationary expectations from getting entrenched, turning ‘good’ into ‘bad’ deflation, as the latter carries far more serious consequences. This necessitates a strong, preemptive monetary policy response.

    We have lowered our CPI forecast for 2009 from 1.5% to -0.8%. We forecast headline CPI deflation at -0.9% YoY in 1H09 and -0.7% YoY in 2H09. The easing in deflationary pressures that we are projecting in 2H09 reflects our assumption that the policy stimulus will be able to arrest the decline in price levels.

    The Policy Outlook

    The Chinese authorities have made delivering economic growth a top priority by adopting a campaign-style approach to policy execution. On the fiscal policy front, the Rmb 4 trillion stimulus package, of which Rmb 1.18tn will be funded out of the central government budget, is unlikely to be the only stimulus package for the entire year, in our view. On the monetary policy front, given the high risk of deflation, we expect that benchmark interest rates will be cut aggressively – by a further 162 basis points – over the course of 2009. The rate cuts will most probably be front-loaded in 1H09 because of the need to prevent deflationary expectations from becoming entrenched.

    While the authorities may engineer a modest depreciation of the renminbi against the US dollar in the near term, we believe the renminbi’s trend appreciation over the longer term remains intact in view of China’s strong balance of payments position. We see a broadly stable renminbi exchange rate against the dollar as the main reason for the outperformance of the Chinese stock market since August compared with its emerging market peers. We expect this to remain an important factor underpinning the relative performance of Chinese stocks.

  8. #28
    Mon May 4, 2009 5:04am EDT

    * US data, China PMI fuel broad-based rally

    * HSI at highest since mid-October 2008

    * China properties soar on Guangzhou R&F's upbeat sales

    * Volumes scale four-month high at HK$80.3 bln

    HONG KONG, May 4 (Reuters) - Hong Kong shares advanced 5.5 percent on Monday in huge turnover, sending the main index to its highest level since mid-October 2008, as data from China and the U.S. suggested the global economy was on the mend.

    Coal and steel stocks rallied strongly after China's official purchasing manager's index (PMI) for April rose for a fifth straight month, adding to evidence the country would make an early recovery from the global economic slump.

    Turnover soared to a four-month high of HK$80.3 billion compared with Thursday's HK$70.9 billion.

    "The trend is pretty clear, the market is going to gain much more unless there is a big scare like widespread H1N1 flu. But a pullback will a great entry point for institutional funds, there is a lot more liquidity waiting to enter the market," said Steven Leung, sales director with UOB Kay Hian.

    The benchmark Hang Seng Index .HSI ended 860.06 points higher at 16,381.05, after grazing 16,387.12, its highest level since October 15, 2008, earlier in the session.

    The index also topped 16,000 points for the first time this year on Monday, and the convincing break has investors betting on a greater upside for the market as shorts squeezes will be triggered if the rally is sustained.

    Most investors shrugged off concern over a global H1N1 flu pandemic even after Hong Kong's government on Friday confirmed the city's first case of the flu on Friday in a Mexican traveller and sealed off a hotel, quarantining 200 guests and 100 staff for seven days.

    "The flu fears seem to be fading as the danger of it spreading seems to be lower now. On the other hand, we have China's PMI data, which seems to signal continued recovery for the economy, yet another reason to stay bullish," said Castor Pang, strategist with Sun Hung Kai Financial.

    The world's largest contract manufacturer of mobile phone handsets, Foxconn International Holdings (2038.HK) tacked on another 17.8 percent to Friday's 19 percent rally after a landmark cross-strait telecom deal was struck between China Mobile (0941.HK) and Taiwanese Far EasTone (4904.TW).

    Expectations of further Chinese investments into Taiwanese companies sent shares in Taiwan's market soaring 6 percent on Monday.

    Consumer goods exporter Li & Fung Ltd (0494.HK) jumped 10.8 percent to HK$24.00, building on last week's gains, after the company said it expected to sign more outsourcing deals within months as cash-strapped retailers in the United States looked to cut costs in the economic downturn.

    The outsourcing deals in 2009 could be similar in size to the one the company signed with fashion retailer Liz Claiborne Inc (LIZ.N) in February, Li & Fung President Bruce Rockowitz told Reuters in an interview last Tuesday. [ID:nHKG369019]

    The China Enterprises Index .HSCE of top mainland companies was up 6.1 percent at 9,641.91, tracking a 3.3 percent rally on the Shanghai Composite Index .SSEC which closed at a nine-month high on Monday.

    China property stocks soared after Guangzhou R&F Properties (2777.HK) said its contracted sales in April jumped 80 percent from a year earlier to 2.34 billion yuan ($343 million) and it was confident of achieving its interim sales target.

    The Chinese real estate developer said contracted sales in the first four months totalled 8.3 billion yuan. It gave no comparison figures. The company had set a sales target of 22 billion yuan for 2009 and about 10 billion yuan for mid-year.


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