久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Center

A shares: a resting bull or a bursting bubble?

(chinadaily.com.cn)
Updated: 2007-02-09 17:29
Large Medium Small

The Chinese domestic stock market is stabilizing after last week's sell-off amid policymakers' concerns over a stock market "bubble". Regulators seem to be backing off from their tough rhetoric that has spooked investors. As investor anxiety begins to fade, it is time to reflect on the fundamentals:

Are ChineseA sharesin a dangerous bubble that is about to burst, or is the recent shakeout just a classic bull market correction preceding a series of new highs in prices? What is the appropriate investment strategy for the near term and beyond? BCA Research makes the following arguments:

Related readings:
A shares: a resting bull or a bursting bubble? Debate on bulls and bears froths overe
A shares: a resting bull or a bursting bubble? Banks clamp down on misuse of loans
A shares: a resting bull or a bursting bubble? Lawmaker urges rational stock investment
A shares: a resting bull or a bursting bubble? Retail-led market may need reform

The "bubble" in a proper perspective

With a trailing price-to-earnings (P/E) ratio of 30, A shares are not cheap. In fact, they are arguably expensive, especially when compared to other Asian markets. However, it is premature to conclude that the A share market is in a dangerously inflated bubble.

Current valuation indicators of Chinese domestic stocks (P/E at around 30) are nowhere near the heights reached during previous financial manias around the world, or China's own speculative bubbles in the early 1990s (P/E at over 90).

Furthermore, Chinese stocks are not overly expensive when the ultra low interest rates are taken into account. Currently, the earnings yield on stocks is 3.3 percent, compared to a 2.5 percent savings deposit rate and a 2.9 percent government bond yield.

As a rule of thumb, a country's equity market should roughly reflect nominal economic growth. The annual compound rate of returns for the A share market has averaged 15.3 percent since 1992, roughly on par with the average nominaleconomic growth rateof 14.7 percent over the same period. The top panel of Chart 2 shows that the domestic market stands at almost exactly the same point as suggested by the country's nominal output level.

   Previous Page 1 2 3 Next Page  

分享按鈕
主站蜘蛛池模板: 99色视频在线观看 | 三级毛片免费观看 | 国产一区二区在线不卡 | 亚欧人成精品免费观看 | 国产精彩视频在线观看 | 在线观看一级 | 日韩三级在线免费观看 | 久久在线影院 | a级毛片毛片免费很很综合 a级毛片免费 | 91国内视频在线观看 | 99久热在线精品视频播放6 | 一级做a爰片久久毛片美女 一级做a爰片久久毛片免费看 | 亚洲高清视频在线观看 | 日韩不卡一级毛片免费 | 国产小网站 | www.操操操| 中文字幕日韩欧美一区二区三区 | 日本精品网 | 国产日韩精品欧美一区视频 | 亚洲精品乱无伦码 | 欧美日韩一区二区三区免费 | 国产一级视频久久 | 国产一级视频播放 | 天天夜天干天天爽 | 国产91色综合久久免费 | 成人欧美一区二区三区在线观看 | 中文字幕乱码无线码在线 | 一级毛片免费在线观看网站 | 成人免费a视频 | 国产精品大片天天看片 | 久久一级视频 | 精品一区二区三区免费站 | 免费的成人a视频在线观看 免费的毛片 | 香蕉久久夜色精品国产 | 欧美日韩一区二区三区免费不卡 | 欧美在线一区二区三区 | 久久综合给合久久狠狠狠97色69 | 亚洲欧美成人综合久久久 | 日韩精品久久久毛片一区二区 | 亚洲欧美成人影院 | 精品伊人久久久久7777人 |