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Chinese stocks withstand global financial turmoil

2020-3-20 11:53

 

China's stock market withstood another round of overseas sell-offs on Thursday, pointing to growing market resilience against the current global financial turmoil, analysts said.

The key Shanghai Composite Index ended down by 0.98 percent to close at 2,702.13, while the ChiNext Index, which tracks Shenzhen's innovative startup-heavy board, rose by 0.42 percent to 1,894.94.

This came after the global market rout triggered by the worsening spread of novel coronavirus pneumonia, with stock trading in South Korea, the Philippines and Indonesia halted after plunging on Thursday.

The S&P 500 in the United States slid by 7 percent amid Wednesday's trading and tripped an automatic trading halt, the fourth time since last week. The Dow Jones Industrial Average ended 6.3 percent lower, closing below 20,000 for the first time in three years.

The relatively stable performance of China's A-share market on Thursday has reflected its resilience against the recent global market turmoil caused by uncertainty surrounding the pandemic, said Xu Gao, chief economist at BOC International (China) Co.

"The A-share market is wobbling, but it has gained its footing from fundamentals," Xu said, citing that the outlook of epidemic control and economic rebound is clearer in China than in the US and European economies.

Investors are betting on the rebound of the Chinese economy, as retailers and listed firms engaging in internet data center construction led the market on Thursday.

Authorities at different levels have been working to facilitate consumption recovery and infrastructure investment in high-tech sectors including data centers to shore up economic growth.

The country's top leadership also called for strengthening research and analysis of the global economic situation.

Targeted policies and measures should be formed in a timely manner, the Standing Committee of the Political Bureau of the Communist Party of China Central Committee said after a meeting on Wednesday.

China's A-share market is expected to regain its upward momentum in the second quarter of the year with the recovery in domestic economic conditions as well as global investor sentiment, analysts with CITIC Securities said in a report.

"After the current global sell-off of risky assets, the weighting of A-shares in global investors' portfolios may evidently increase as they reallocate their money," the report said, citing China's preliminary control of the epidemic, low reliance on external demand and stable sovereign credit rating.

FTSE Russell, a global multi-asset index provider, is expected to add more A-shares to its global index series on Friday, with more to be added in June. The move will lead to capital inflow from passively managed funds tracking the indexes.

Jameel Ahmad, global head of currency strategy and market research at foreign exchange broker FXTM, said more capital is expected to enter the mainland stock market than exit this year, despite the current net outflow driven by low risk appetite.

"China has the advantage of having both the fiscal and monetary pushes to help stimulate the recovery, while most other economies that will face the same economic headwinds do not have the same level of playing cards at their disposal," Ahmad said.

 

分析师表示,中国股市周四经受住了又一轮海外抛售,表明市场在当前全球金融动荡中日益增强的弹性。


上证综合指数下跌0.98%,收于2702.13点,而追踪深圳创新创业板块的创业板指数上涨0.42%,收于1894.94点。


此前,新型冠状病毒肺炎(coronavirus pneumonia)的传播日益恶化,引发全球市场暴跌,韩国、菲律宾和印尼股市在周四暴跌后暂停交易。


美国标准普尔500指数在周三的交易中下跌7%,并出现自上周以来的第四次自动交易暂停。道琼斯工业平均指数收盘时下跌6.3%,三年来首次收于2万点以下。


中银国际(中国)有限公司(BOC International (China) Co.)首席经济学家许高表示,中国a股市场周四相对稳定的表现,反映出该市场对近期全球市场动荡的韧性。


“a股市场正在震荡,但它已从基本面中站稳了脚跟,”徐表示。他指出,与美欧经济体相比,中国的疫情控制和经济复苏前景更为明朗。


投资者押注中国经济将出现反弹,从事互联网数据中心建设的零售商和上市公司周四领涨大盘。


各级政府一直在努力促进消费复苏和包括数据中心在内的高科技领域的基础设施投资,以支撑经济增长。


中国最高领导层还呼吁加强对全球经济形势的研究和分析。


中共中央政治局常务委员会在周三的一次会议后表示,应该及时制定有针对性的政策和措施。


中信证券(CITIC Securities)分析师在一份报告中表示,随着国内经济状况和全球投资者人气的复苏,中国a股市场有望在今年第二季度恢复上行势头。


报告称:“在当前全球风险资产遭遇抛售后,随着全球投资者重新配置资金,a股在全球投资者投资组合中的权重可能会明显上升。”报告指出,中国已初步控制了疫情,对外部需求的依赖程度较低,主权信用评级稳定。


全球多资产指数提供商富时罗素(FTSE Russell)预计将于周五在其全球指数系列中增加更多a股,6月份还将增加。此举将导致跟踪指数的被动管理基金的资金流入。


外汇经纪商FXTM全球外汇策略和市场研究主管贾米尔•艾哈迈德(Jameel Ahmad)表示,预计今年流入中国内地股市的资金将超过流出的资金,尽管目前资金净流出是由低风险偏好推动的。


艾哈迈德说:“中国有财政和货币两方面的优势,可以帮助刺激经济复苏,而其他大多数面临同样经济逆风的经济体没有同等水平的牌可供使用。”

 

原作者: Zhou Lanxu 来自: china daily