Global Black Monday stock market welcomed a total of A shares to 14 times the average price-earnings ratio

27, the world's total stock market welcomed the "Black Monday." Shanghai and Shenzhen stock index on the same day decline in more than 6%, a new low of the year, the Prev early low of 1802 points in the opening minutes after the fall of that declaration. Index heavyweight mass grave into a nosedive, dragged down the index, Sinopec, China Vanke A, China Unicom (600050, and it shares), and other heavyweight limit, the super-city one-third of the stock closed at the limit.
Information on the surface, first of all, the Ministry of Finance over the weekend, the State Administration of Taxation decided on October 9, 2008, the stock market for individual investors to obtain the funds settlement with the Securities and Exchange interest income, interest from savings deposits, mutatis mutandis, the collection of personal income tax waiver . Second, the central bank governor Zhou Xiaochuan entrusted by the State Council, reported to the Standing Committee in December 2007 Central Economic Work Conference has been the strengthening of financial macro-control of the situation. While the warm weather news, but last Friday the world's stock markets fell again, the A shares hit investor confidence to pieces. SSE Composite Index opened Monday on the almost 1,800-point mark, the low pre-cracked immediately. Although some early multi-resistance, but with the opening of Hong Kong stocks after the recent plummeting, A shares immediately to give up resistance, the afternoon decline in stock index down unilateral expansion of the lowest Prev Close to 1721.60 points, the atmosphere of panic spread again.
Up close, the SSE Composite Index was reported at 1723.35, down 116.27 points, or 6.32 percent; Shen Chengzhi below 6,000-point mark, the newspaper 5734.81 points, down 424.14 points, or 6.89 percent; Shanghai and Shenzhen 300 Index 1654.67 points, down 126.93 points, or 7.12 percent. Turnover of the two cities were 33.2 billion and 15.1 billion, representing close to enlarge slightly. The two cities rose only 50 stocks, 10% of the stock close to the limit of 600, focused on the energy side air vent.
Last year, the highest point from 6124 to 1721 yesterday, the lowest point, the biggest decline Prev Close up 72%. Average price-earnings ratio of the two cities are also declining rapidly. As of October 27, the Shanghai stock market on average for 14.02 times earnings, and Shenzhen A shares for an average of 14.36 times earnings. Shenzhen B shares even-earnings ratio of only 5.93 times, almost a low valuation, the world is second to none.
For having one school of analysis, on the medium and long term, with the valuation levels down dramatically, obviously the release of the investment risk in the management of the programs being introduced to stimulate the economy, is expected to short-term stock index dropped for the possibility of not Great. In the bottom of the process, the operation should be more or less to see action, in order to position Qingcang mainly concerned about the follow-up, as well as external policy to stabilize the market, intends to do.27日,全球股市共迎“黑色星期一”。沪深两市股指当日跌幅均超过6%,再创年内新低,沪指的前期低点1802点在开盘后几分钟即宣告沦陷。权重股集体暴挫严重拖累指数,其中中石化、万科A、中国联通(600050,股吧)等权重股跌停,两市超三分之一的个股封于跌停。
　　消息面上,首先,周末财政部、国家税务总局决定自2008年10月9日起,对证券市场个人投资者取得的证券交易结算资金利息所得,比照储蓄存款利息所得,暂免征收个人所得税。其次,央行行长周小川受国务院委托,向人大常委会报告了2007年12月中央经济工作会议以来加强金融宏观调控的有关情况。虽然消息面偏暖,但上周五全球股市再次大跌,把A股投资者的信心击得粉碎。周一上证综指开盘就直逼1800点大关,前期低点随即告破。虽然早盘多方有所抵抗,但随着港股开盘后的急挫,A股随即放弃抵抗,午后股指单边下行跌幅扩大,沪指最低至1721.60点,恐慌气氛再度蔓延。
　　截至收盘,上证综指报1723.35点,下跌116.27点,跌幅6.32%;深成指跌破6000点大关,报5734.81点,下跌424.14点,跌幅6.89%;沪深300指数报1654.67点,下跌126.93点,跌幅7.12%。两市成交额分别为332亿元和151亿元,较上一交易日略有放大。两市上涨个股仅50只,10%跌停的个股接近600只,空方能量集中宣泄。
　　由于前期被视为“政策底”的1802点早盘跌破,市场信心严重受挫,股指再度呈现加速下跌趋势。周一仅有国债指数翻红,其他板块全线下跌,外贸、送转、旅游酒店、3G、煤炭石油、通信、网络游戏等板块跌幅超过9%。据统计,中石油、中国石化(600028,股吧)、建设银行(601939,股吧)、中国银行(601988,股吧)、中国神华(601088,股吧)等权重股合计带动股指下跌46点,成为沪市杀跌主力;万科、五粮液(000858,股吧)、鞍钢股份(000898,股吧)、深发展、苏宁电器(002024,股吧)、华侨城等权重股带动深市下跌60多点。个股方面,攀钢系个股、铁路概念股受利好消息提振表现抢眼,但由于大势太弱,激发不了更多资金的参与热情。
　　从去年最高6124点到昨天最低1721点,沪指的最大跌幅达72%。两市的平均市盈率也快速下降。截至10月27日,沪市平均市盈率为14.02倍,深市A股的平均市盈率为14.36倍。深市B股甚至只有5.93倍的市盈率,估值之低几乎是傲视全球。
　　针对后市,有分析认为,就中长期而言,随着估值水平的大幅下移,投资风险明显释放,在管理层经济刺激方案陆续出台的情况下,预计短期股指连续大幅下挫的可能性不大。在筑底的过程中,操作上还是应该多看少动,仓位以轻仓为主,关注后续政策的实施以及外围市场的企稳,再做打算。