Unclear outlook hurting equities

The biggest concern for China's A-share market in the second half of 2013 comes from uncertainties about economic policies, said Chen Li, head of China equity strategy at UBS Securities.

The signals are mixed, Chen said as he raised several key issues, including what the central bank's stance is on monetary policy, whether there is a bottom line for gross domestic product growth and what the official attitude toward property markets is.

"The majority of investors are taking a wait-and-see attitude. They said don't touch the market - and there are no trade ideas," he said.