CSI 300 Off Fresh YtD Lows Come The Close

The benchmark CSI 300 moved away from session cheaps into the bell, closing -0.2% on the day. Fresh YtD lows were registered for the index in the process, although bears couldn’t force a challenge of the Dec ’22 lows before the light bid came into play in late trade.

• Well-documented worry surrounding recent economic data and geopolitical tensions received plenty of airtime during the early move lower, with disappointing earnings from an EV maker providing some sector-specific pressure as well.
• Offshore investors shed another CNY9.56bn of mainland equities on Thursday, with sales accelerating into the close, even as the benchmark CSI 300 recovered from worst levels. Today’s net sales represented a fresh multi-month extreme, while the 3-day rate of net sales recorded now sits at the most extreme level witnessed since October.
• HSBC have noted that their measures suggest that global exposure to Chinese equities is back to levels witnessed in ZCS times i.e. “significantly underweight.”