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China Stocks Enter New Year With Record

China Stocks Enter New Year With Recordhttps://ieconomy.io/gold-is-preparing-to-close-the-worst-week-of-2021/

China Stocks Enter New Year With Record
Yazar: Ross Sutton

Yayınlanma: 19 Şubat 2021 17:07

Güncellenme: 17 Kasım 2024 05:47

China Stocks Enter New Year With Record

China Stocks indicator surpassed its 2007 peak on the return of the Lunar New Year break

 

China Stocks Enter New Year With Record

As soon as it opened, the record-breaking indicator fell soon after. In this context, the CSI 300 Index fell by 0,7 %, while the ChiNext indicator fell 2,7 % after the central bank withdrew short-term funds from the banking system. In these conditions, the Yuan remained stable. Looking at the year overall, CSI 300 increased by 11 %, reaching the highest rating in the last 6 years. Contrary to the cautious behavior of overcrowded liquor producers, traders' long-term prospects in the stock market keep the uptrend going. Chinese markets had a record decline after a long Lunar New Year break in 2020. However, the moves that took place on Thursday proved that the market was nothing like last year. Yang Zhiyong, fund manager at Beijing Gemchart Asset Management Co., commented, “It's not surprising to see some hesitation in popular corporate stocks and papers with high earnings visibility at these levels. It has led to an increase in cyclicals such as energy. By contrast, technology stocks or stocks, which are predominantly held by institutional investors, have begun to weaken. " Traders had bid on the CSI 300 index to 13-year high in January. However, investors shifted record highs to Hong Kong stocks as domestic prices rose. This caused the acceleration to drop. Parallel to regional movements, the city's Hang Seng Index dropped 1,3% in the afternoon, despite mainland buyers buying nearly $ 1,7 billion of stock in Hong Kong. One of the main drivers of investor sentiment is the Bank of China balancing an uneven economic recovery without fueling excessive speculation. Traders faced a major liquidity squeeze in January, when the PBOC withdrew cash from the financial system for the first time in six months. However, the authorities balanced the liquidity squeeze by releasing the funds drop by drop. China provided medium-term funding to lenders on Thursday. According to the statement made by the authorities; The People's Bank of China offered 200 billion yuan ($ 31 billion) as one-year liquidity with medium-term credit facility. This has helped make up for loans that matured this month. The fund kept the interest rate at 2,95 %, unchanged. Despite the pandemic-induced imbalances in its economy, China managed to outpace other countries by returning to pre-pandemic growth rates in the fourth quarter. Making comments on the subject, UOB Kay Hian Ltd. from Hong Kong. "We are all talking about the recovery of the global pandemic. But the pace of recovery in China is faster than any other country. Also, more foreign investors will continue to browse the Chinese markets, despite sufficient funds in the market." said China Stocks Enter New Year With Record  

Source : Yahoo.Finance:

 

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