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March 29, 2019

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Markets wait and see as March hits a slow end

China’s stock markets closed down yesterday and combined daily turnover shrank as local investors chose to take a “wait and see” approach after foreign institutional investors sold off.

The Shanghai Composite Index fell 0.92 percent or 27.78 points to finish at 2,994.94.

More than 20 shares fell by the daily maximum 10 percent. The Shenzhen Component Index shed 0.65 percent to 9,546.51 points, while the ChiNext dropped 0.67 percent to 1,626.82 points.

Most sectors fell, with textile and clothing manufacturers, property developers and media companies leading the losses.

Langsha Knitting Co Ltd, the world’s largest hosiery enterprise, based in the eastern province of Zhejiang, dived 5.19 percent to close at 17.72 yuan (US$2.63). The combined turnover of the two bourses was 663.6 billion yuan, down from 664.7 billion yuan on Wednesday.

Turnover this low has been rare in March.

Monday saw a net outflow of more than 10 billion yuan of foreign capital, which triggered a risk-aversion sentiment among investors.

And without abundant capital, it would be very difficult for the market to rise, said Kang Chongli, head of strategy at Lianxun Securities.

Premier Li Keqiang said in a speech at the Boao Forum for Asia — Asia’s equivalent of the Davos summit — yesterday that the country would continue to open up its financial sector.

The banking, securities and insurance industries are speeding up their efforts to liberalize market access for foreign investment and the business scope for foreign banks will be expanded.


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