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A shares face 'further weakness'
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China's local-currency stocks could face "further weakness" as investors weigh concerns about tightening measures by the government and availability of funds, said Goldman Sachs & Co in a note yesterday. 

"We stay cautious on A shares due to valuations, liquidity and growth concerns," wrote Goldman Sachs analysts in the report. "High valuations and low forward earnings visibility prevent us from taking a more constructive view."


China's CSI 300 Index, which tracks local-currency A shares on the Shanghai and Shenzhen exchanges, tumbled 17 percent in November, the steepest monthly drop in its two-year history. The Shanghai Composite Index dropped 18 percent last month.


(Shanghai Daily December 5, 2007)

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