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China Market Lookahead: Stocks Set for More Weakness

China stocks are set for more weakness this week as concerns about the EU and China's own economy linger.

Shanghai skyline
Nikada | Vetta | Getty Images
Shanghai skyline

Eight out of ten brokerages surveyed by the China Securities Journal forecast downside.

The Shanghai Compositefell 0.74 percent to 2333.55 on Friday, ending the week 0.47 percent lower, the third week of losses.

Market Factors

China's banking regulators issued detailed rules on private investment in banks that reduce restrictions and promise equal treatment for private investors.

China's large industrial firms' profits in the first four months of the year totalled 1.4 trillion yuan, down 1.6 percent from a year ago.

Stocks to watch: Disney related stocks

Shanghai Disneyland Resort zone starts courting investors to develop the areas surrounding the theme park—CBN newspaper.

Steelmaking, infrastructure stocks

China's state planning agency has recently approved steelmaking projects worth more than 100 billion yuan in total, it has also approved the construction of at least four new airports in western and northeastern China, according to various state media reports.

Quanjude

China's most famous Peking Duck restaurant chain responds to reports that it sold "gutter oil" (recycled duck fat from the kitchen) to merchants who then used it to make deep-fried snacks, saying "we were deceived by the merchants."

The company will soon hold a press conference to explain the matter further.

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