China market was closed entire week since Golden Week long holiday. Index tracking pure A-share market, such as CES China A80 Index (CES A80), remains unchanged.
Hong Kong market was also opened for only three days last week. Meanwhile People Bank of China (PBOC) announced a cut on required reserve for China banks, at least 50 basis point, starting in 2018. Banking constituents of CES China HK Mainland Index (CES HKMI), contributing 30% sector weighting, increased vary from 2.8% to 10.0%. CES HKMI ultimately rose 5.0% for the week.
Morgan Stanley & Deutsche Bank reports show optimistic view for Auto & New Energy Vehicle sector. Geely & BYD, constituents of CES China Private Elite Index (CES CPE), rose 24% & 11% respectively. CES CPE, benchmark for offshore Chinese private enterprises, upraised 4.4%.
