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JPMorgan Cautious On MSCI China Index

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play_1 July 13, 2010 (Chinavestor) JPMorgan (NYSE:JPM) is bullish on the near-term prospects for the MSCI China Index, a measure of mainly Hong Kong-listed shares that is down 5.5% this year. JPMorgan (NYSE:JPM) said the index will benefit from increased liquidity due to released funds from AgBank's initial public offering and cash injections by the People's Bank of China.

Lower agriculture prices could be another positive catalyst for the index, the U.S.-based bank said, while noting that concerns over slowing economic growth in China appear to have been priced into the index. The index at 15.7 times reported earnings, compared with last year’s high of about 22.6 times in December, according to Bloomberg News.

JPMorgan's (NYSE:JPM) report on the MSCI China Index is not without caution. The report said corporate earnings are at risk because of China's slowdown. Materials names are also at risk due price caps on coal and China's newly proposed resource tax.

Investors should favor consumer stocks, expressways, independent power producers, banks and insurers, and avoid commodities, property developers, paper manufacturers and airlines, Bloomberg reported, citing JPMorgan (NYSE:JPM).



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