The Chinese market set a new anti-record – the series of stock sales became the longest.
Foreign investors sold Chinese stocks for a record 4th month in a row. Bloomberg reported this on Friday, December 1.
So, foreigners sold shares worth 1.8 billion yuan ($252 million) in net terms as China’s index continued to decline.
“Specifically, the CSI 300 fell 2.1% in November, the worst performance of any major global index. As of Thursday, November 30, the CSI 300 was trading near its 2023 low, reached a month before October.
At the close of December 1, the CSI 300 stood at 3,482.88 points, losing 0.38%. “Investors were disappointed by China’s economic recovery and were surprised by third-quarter earnings and guidance,” said Saxo Hong Kong strategist Redmond Wong.
He added that the CSI 300’s performance was in stark contrast to the MSCI All-Country World Index’s nearly 9% rise in November, boosted by investor confidence that the Federal Reserve had ended a series of rate hikes.
In this regard, the agency said that the outflow of investor money from the Chinese market in November was comparable to the average monthly outflow of 60 billion yuan from August to October.
“Investors were disappointed by the pace of China’s economic recovery and were surprised by third-quarter earnings and forecasts,” added Redmond Wong.
Chinese shares fell to their lowest level since the coronavirus pandemic as Beijing’s latest efforts to prop up the stock market failed to stem the sell-off.
Let’s remember that Chinese companies top the list of war sponsors.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.