Free Trial

Modest Upticks On Wednesday


Benchmarks nudged higher on Wednesday, with the CSI 300 +0.2% and the Hang Seng +0.8%.

  • That meant the former ticked away from the multi-year intraday lows registered early Wednesday, while the latter has got nowhere near challenging its ’22 base.
  • Note that the Shanghai Composite index has moved back towards its long run uptrend line in recent weeks, although hasn’t threatened the latest test of the well-defined (multi-decade) technical support marker.
  • State-backed media outlets ran comments from analysts pointing to the potential for a mild bull market for mainland equities in ’24.
  • Elsewhere, the NDRC noted that China has scope for macro policy adjustments to support the economy.
  • Both Fitch & S&P confirmed that there were no changes to their sovereign credit ratings/outlooks for China after Moody’s moved their outlook for China to negative on Tuesday. Policymaker displeasure re: Moody’s move was seen.
  • Lenovo moved higher on a target price lift at a major brokerage.
  • BYD benefited from its Chairman tabling a proposed equity buyback plan.
  • Lithium and EV battery-linked names benefitted from expectations re: a lift in demand and prices.
  • Sands China gained as the company noted that its parent company plans to increase its stake in the name.
  • A share buyback plan from WuXi provided a fresh bid for the name, adding to the recent guidance-induced rally.
  • Offshore investors registered net buying of mainland equities via the HK-China Stock Connect schemes (CNY2.3bn), breaking a run of 3 consecutive days of net sales.
MNI London Bureau | +44 0203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.