Remembering Harley: Graveside memorial service honours homeless Hantsport man’s life | SaltWireSHANGHAI/SINGAPORE - Investors are making a tentative return to China's beaten-down stock markets as the government opened the stimulus taps, including pressing a national fund for support, but they remain mindful the economy and sentiment are still fragile.
Drawing investors back into China's $10.5 trillion stock market, particularly the foreign buyers that have fled in droves this year, would stem further slides in a market which fell to its lowest since 2019 earlier this week. QiuYang added some positions this week for short-term bets, but remained defensive as"the market needs time to find bottom", Huang said.
The CSI300 index is down 18% from its peak this year in January while China's currency is down nearly 6% so far in 2023. "We see tactical opportunities" over the next few months, he said, citing some improvements in China's economy, the Sino-U.S. relationship, and fresh stimulus. But"I dare not say we are already at the bottom."
China Asset Management Co said Huijin bought an estimated 10 billion yuan of ETFs on Monday, and continuous buying would"effectively ease liquidity shortage and help stabilise markets."