China Stocks Erase All Reopening Gains as Property Woes Persist

-- Chinese stocks erased all the gains seen during their massive reopening rally that took off late last year, as persistent concerns about the health of the property sector help drive an unprecedented foreign outflow from the onshore market.Ringgit Falls to 25-Year Low, the Worst Performer in Asia After Yen This YearThe CSI 300 Index fell as much as 0.7% to 3,508.22 on Friday. That’s below its closing level on Oct.

A Bloomberg Intelligence gauge of Chinese developer stocks has tumbled about 44% in 2023 as policy efforts to rescue the property market have proved inadequate. Homebuyers remain cautious and several major developers continue to suffer from liquidity woes.Foreign investors’ outflow from the so-called A-share market has entered “an unprecedented stage,” Morgan Stanley strategists including Laura Wang wrote in a note, stating that the cumulative outflow of $22.1 billion from Aug. 7 to Oct.

The benchmark is now headed for a third month of declines despite a series of steps from policymakers in recent weeks to revive investor confidence. Measures such as boosting of stakes in big lenders by China’s sovereign wealth fund, liquidity injections by the central bank as well as tightening of curbs on short-selling activities had spurred bets of a tactical rebound in the market, which have yet failed to materialize.

Down nearly 10% in 2023, the CSI 300 gauge is one of the world’s worst-performing major indexes and on track for an unprecedented third-straight year of losses. The benchmark is trading at 10.3 times its one-year forward earnings estimates, more than two points below a five-year average. Blocking the deal is a clear step the government could take to address affordability concerns, Poilievre said in an interview to the newspaper. "If the biggest bank in Canada simply buys up a growing smaller player, then there's no hope of ever having more competition in Canadian banking," he told the newspaper. "If you remove HSBC, then you’ll be removing downward pressure on lending rates.

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