Investment Daily Note

CITIC Sec (6030.HK, HK$31.65) announced last night to place 640 million H-shares to National Council for Social Security Fund (NSSF) at HK$18.00, and has signed a strategic cooperation agreement with NSSF. This may put pressure on today’s stock price, but co-operation between the two parties is positive for long-term development of the company.

MSCI will announce tonight (US time) whether to include A-shares into its emerging markets index. The market generally stays conservative on the case. But whether MSCI will follow FTSE in establishing a transition index remains to be seen.