The 19th National Congress of the Communist Party of China draw to a close. HSBC published a commentary, mentioned that de-risking and structural reform in China would be the main theme for investment implications. Pure A-share market climbed in Friday, CES A80 was up 3.2% for the whole week.
For the cross-border market, CES 120, benchmark for large and liquid stocks, outperformed CES 280, large & mid cap stocks. CES120 rose 2.0%, comparing to only 0.7% increase by CES 280.
Sands, a constituent of CES G10 index, reported an unsatisfactory 3Q17 result. Management plans to invest over US$1.1 billion in new projects over the next three years in Macao. However Goldman Sachs worries the capex plan limiting future dividend growth. CES G10, benchmark of gaming stocks, dropped 3.0%.
