Chinese Stocks Erase March Gains as Policy-Driven Rally Falters [BNN Bloomberg (Canada)]
BYD CO LTD UNSP/ADR (BYDDY)
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Source: BNN Bloomberg
The onshore benchmark CSI 300 Index slipped 1.2% Wednesday, closing below the level set on the last trading day in February. Similarly, a broad gauge of Shanghai-listed stocks dropped below the key threshold of 3,000 points for the first time since late last month. The declines came as overseas investors sold a net 7.2 billion yuan ($996 million) of mainland shares via trading links with Hong Kong Wednesday, the biggest one-day outflow in more than two months. Disappointing earnings from companies such as BYD Co., Wuxi Biologics Cayman Inc. and China Mengniu Dairy Co. also hurt investor sentiment. “We stay relatively cautious on earnings recovery for Chinese equities through 1Q24 at least,” Morgan Stanley analyst Laura Wang wrote in a research note. “Downward earnings revisions could last well through late April.” There remains plenty of skepticism about the resilience of the earnings recovery even after some companies reported better-than-expected results. This has been demons
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