China Market Update: Buyers Remain Sidelined As CATL Powers Net Income [Forbes]
CHINA MRCHNTS BK UNSP/ADR (CIHKY)
NASDAQ:AMEX Investor Relations:
english.cmbchina.com/cmbir/home.aspx
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Source: Forbes
All of the gains from last week's rally, which were driven by the Bloomberg News article that a market stabilization fund would be rolled out, have been given back due to the lack of follow-through and confirmation. The Bloomberg article noted that Mainland stocks would be bought through Northbound Stock Connect, which over the last week has seen net inflows, including today's $242 million worth of net buying and $1.845 billion since last Monday. Maybe they are doing it without promoting it? It is hard to say, though the lack of a policy catalyst continues to weigh on investor sentiment who remain on the sidelines until impactful policy arrives. The government would argue that the economy is rebounding, though slowly. The lack of buyers is problematic as it means there is little to prevent downdrafts such as today as warrants, snowballs, and Callable Bull/Bear Contracts (CBBCs) hit forced liquidation levels. The breadth in Mainland China stocks was as bad as I've ever seen, with on
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