Officials have undertaken a flurry of measures in recent days to improve battered sentiment in the world’s second-largest stock market. They’ve urged financial institutions to snap up equities, encouraged companies to boost buybacks, and asked mutual funds to stop selling. All to little avail, with the MSCI China Index slumping a further 1.3% at the close of local markets on Friday.
Global funds have been fleeing the mainland market, offloading almost $11 billion in a 13-day run of withdrawals through Wednesday, the longest since Bloomberg began tracking the data in 2016. Wall Street analysts are also turning more downbeat, with Morgan Stanley and Goldman Sachs Group Inc. lowering their targets on Chinese stocks in the past week, after starting the year on a positive note.
Morgan Stanley, JPMorgan Chase and Barclays Plc now see China missing a government-set growth target of around 5% for 2023 — a far cry from the sentiment this spring, when that goal was widely viewed as overly conservative. The data “all lead to a weaker conviction for international investors to justify the risk they are taking for China equities versus assets elsewhere with better perceivable risk-reward,” said Xiadong Bao, fund manager at Edmond de Rothschild Asset Management in Paris.
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