Chinese steel stocks run away in the afternoon

View the latest quotes Hong Kong stock market on the afternoon of 22nd, the Chinese steel shares ran the big market, Anshan iron and steel shares are down 5.31%, Magang shares fell 4.13%, JPMorgan to the shares of cautious view, is expected to run a large market. The Hong Kong stock market narrowed down on the afternoon of January 22, with the Hang Seng index at 20,567.35, down 295.32 or 1.42%, and the state-owned enterprise indices reported 11,834 81, down 123.02 or 1.03%;　　Reported HK $14.28, MA Steel shares (00323) fell 4.13%, at HK $4.88. JPMorgan's cautious view of mainland steel stocks is expected to run out of the market as raw material costs rise, fixed asset investment slows and money supply risks. The bank pointed out that the impact of the 4 trillion trillion yuan expansion of domestic demand has gradually weakened, and China's fixed asset investment growth in 2011 will decline from 36% in 2009 to 15%.　　The bank added that this is a negative news for China's investment in fixed assets, the downstream commodity stocks, including steel. The bank also noted that real estate sales began to slow in most cities in 2010, a factor that also affected China's steel demand. The bank downgraded its stake in Angang and Masteel from overweight to reduced holdings to reflect a cautious view of the domestic steel stocks. The bank also lowered the target price of Angang shares from HK $18 to HK $12, and the target price of Masteel's shares was lowered from HK $5.6 to HK $4.