Chinese Stocks Have Been the Globe's Best Performers as Fast Money Drives Market Rally In Nov.
November's rotation-driven surge in Chinese stocks and credit has made them among the globe's best performers. An index of the nation's US-listed shares $NASDAQ Golden Dragon China(.HXC.US$ climbed a record 42%, the $Hang Seng China Enterprises Index(800100.HK$ gained the most since 2003, property stocks have jumped 61% and high-yield dollar bonds rose 20%.
Despite the gains, US hedge funds are still selling with outflows from Chinese stocks of almost $3 billion this quarter, Morgan Stanley says. Mom-and-pop investors have mostly stayed on the sidelines, with exchange-traded funds such as KWEB, MCHI and FXI attracting only a trickle of inflows.
Right now there are low-hanging fruits in China. The market had a great November but started off at a very terribly low base -- don't forget that." —— Daniel Lam, head of equity strategy at Standard Chartered Wealth Management, said on Bloomberg Television on Wednesday.
Despite near-term market volatility, we are more optimistic about Chinese risk assets for 2023, given low valuations and an economic upswing led by a controlled reopening next year." —— said David Chao, a global market strategist of Asia Pacific ex-Japan at Invesco Hong Kong Ltd.
Source: Bloomberg
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