Factors that have propelled Chinese stocks to nine-month highs

SHANGHAI - Chinese stocks have staged a robust rebound this year, unexpectedly recouping much of 2018’s sharp losses, buoyed by hopes Beijing will roll out more support measures for the slowing economy and signs of progress in Sino-U.S. trade talks.

The benchmark Shanghai composite index SSEC gained 17.9 percent in the first two months of 2019, versus an 8.2 percent rise in MSCI’s broadest index of Asia-Pacific shares in the same period. In a move to further lower financing costs and spur growth, China’s central bank in October announced a steep cut in the level of cash that banks must hold as reserves, its fourth in 2018.

Analysts say a trade deal would be no panacea for China’s ailing economy, but it would relieve some pressure on its exporters and manufacturers and help business confidence.At the forefront of the rebound, technology firms soared as Beijing continues its push to reduce dependence on foreign technology and to upgrade its industries.

Net flows into the Shanghai and Shenzhen stock markets via the Stock Connect scheme as of end February topped 120 billion yuan, nearly four times that in the first two months of 2018. “Foreign investors as a group have surpassed insurers as the largest A-share holder, and with the help of the MSCI weight increase, are likely to rival domestic mutual funds soon,” Gao Ting, Head of China Strategy at UBS Securities noted in report.Investors are also being attracted by the cheapness of mainland stocks, whose valuations many say are near record lows by historical standards.

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