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 decline underscores investors' doubts about the rebound in February, when a combination of state-fund purchases and policy support for the embattled economy put a stop to months of selling. While some say the more than 10% gain in the benchmark CSI 300 Index from a low last month means the market has bottomed, there hasn't been any meaningful re-rating from analysts who are waiting for a broader earnings recovery. “It's possible that we could give up February's rally as well,” said Xin-Yao Ng, director of investment at abrdn Plc. “I was cautious amid the February rally as that was partly drawing on the good tourism numbers during Chinese New Year,” and I didn't feel that was enough to draw any broader conclusions
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