By Zheng Buchun

A-shares managed to press ahead earlier yesterday, but retreated during the afternoon, ending the session on a weak note. Shanghai Composite was down 0.15% and closed at 3212.99 points, the highest being 3236 points. Other share indexes slide even further with Shenzhen main board, small and medium board, and ChiNext down 0.88%, 1% and 0.85% respectively.

In the previous days of this week, rising price was coupled with declining volume. On the contrary, trading volume expanded yesterday while stocks prices are falling, which typically means investors are not confident about the market. Banking stocks, sub-new stocks, and stocks of enterprises that benefiting from SOE reform in Shanghai have displayed some leadership. But the rest are traded lower.

Traders received a major economic news item recently. Specifically, US Federal Reserve Chair Janet Yellen said it's unwise to delay rate hike and will discuss it on the upcoming meetings. Odds of a rate hike in March inched up afterwards, but still under 40%.

I still hold that the market will not go down all the time. So don't panic if you missed the trading opportunity at the highest price yesterday. As the annual plenary sessions of NPC and CPPCC are coming soon, institutional investors may take advantage of it. So be patient and follow their steps. But the "upcoming meetings" will not benefit all shares. To maximize your returns, you have to adjust your positions according to the situations.

(Zheng Buchun is NBD's columnist)

Email: tanyuhan@nbd.com.cn