China Market Update: Chinese Investors Buy Stocks While Foreigners Flee [Forbes]
CHINA MOBILE (CHL)
US:NYSE Investor Relations:
chinamobileltd.com/en/ir/reports.php
Company Research
Source: Forbes
Key News Asian equity markets opened lower, down by nearly -10% in most cases, but managed to rise off the lows. In a scenario that played out across most of the region, Hong Kong opened down by -7% but managed to “only” lose -1%. Japan was still off -6%, making it the region’s worst performer. Meanwhile, Korea lost -3% and Malaysia -5%. India opened down -10%, but managed a nice gain of 4% while Thailand and Indonesia ended in the green up 1% and +0.24% Brokers noted that margin calls may have been a factor in the extremely volatile trading. There was an interesting divergence between China and Hong Kong last night that is relevant for all investors. New economic sectors outperformed old economic sectors, which has been a strong trend in both markets. We are in a growth-oriented market that COVID-19 is likely to exacerbate. Alibaba’s Hong Kong listing gained +1.54% and Tencent +0.39% though food delivery Meituan Dianping was down -1.98%. My thesis isn’t perfect, but, in the context o
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