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Property Woes Remain Evident, CSI 300 Sees Light Uptick, Hang Seng A Little Lower

CHINA STOCKS

The CSI 300 added a modest 0.1% on Tuesday, bouncing from a fresh YtD low into the close. Meanwhile, Hong Kong’s Hang Seng index shed 0.8%.

  • Late Monday comments from the NDRC re: plans to use government investment to consolidate and enhance the positive trend of economic recovery during ’24 had little impact, given the already-known focus on that strategy.
  • Meituan struggled on the back of M&A speculation surrounding a competitor.
  • Country Garden came under fresh pressure, with HK shares hitting a fresh all-time low. This followed news surrounding impairment provisions set aside by the troubled property developer.
  • That, coupled with news of a developer that is partially owned by the city of Shenzhen being unable to meet bond interest payments, weighed on the broader property sector.
  • Leisure/tourism names benefitted from news re: ’24 NY bookings.
  • HK-China Stock Connect links generated modest outflows for mainland names (~CNY2.1bn) on the day.
  • There were also reports doing the rounds re: a continued decline in interest in mutual funds, which were previously the savings method of choice for the retail investor base.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageEmerging Market NewsAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletHomepageEmerging Market NewsAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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