In the very near term, the optimism might continue"albeit at a less furious pace," said Lynn Song, chief economist of Greater China at ING.
Chinese investors are looking for more policy direction from China's top economic planning body on Tuesday, when mainland markets return from a week-long holiday.A panel of senior officials from the National Development and Reform Commission, including chairman Zheng Shanjie, will brief reporters on the implementation of stimulus policies at the press conference on Tuesday at 10 a.m.
The Ministry of Finance is not participating in Tuesday's presser and has not yet announced major policies to support growth,. Now the government needs to add fiscal stimulus to maintain the rally's momentum, said Shaun Rein, founder and managing director of China Market Research Group. Rein said the key thing to watch for in Tuesday's meeting is if the new measures target the real economy.
Room for the market to continue rallying is"narrowing," said Gary Ng, senior economist at Natixis,"it now depends on real improvements in the economy to justify the valuations." The key now will be"less the quantity of stimulus, but the actual mechanism to help boost wages, consumption and overall consumer confidence," said Eugene Hsiao, head of China equity strategy at Macquarie Capital. While China has often deployed fiscal stimulus, he warned that the effect is often limited as it is reflected in muted market reaction.
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Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »