Chinese blue-chips moved back into bull market territory yesterday, seven weeks after bottoming following their summer crash. Confidence continues to recover, aided by rising liquidity.
Both the Shanghai Composite and the CSI 300, an index comprising the top stocks in Shenzhen as well as Shanghai, have gained 20 per cent from their mid-September trough.
“There is a confluence of factors, including better sentiment as people feel reassured after the plenum that growth remains the top priority,” said Steven Sun, head of China equity strategy at HSBC. “That means the markets are looking for more easing, more stimulus and more financial sector reform.”
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