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Saxo Capital Markets says its clients are still holding a large chunk of assets in cash because they are unsure about the market trajectory and China’s recovery and policy outlook.
Stocks surrender an early rally as concerns about China’s recovery outlook overshadow hopes for a rebound in holiday spending. HSBC advances before its first-quarter report card later today.
Weak confidence and fears of policy tightening among local investors could undermine bullish bets by their offshore peers, who have ploughed US$28 billion of fresh funds into yuan-denominated stocks this year.
Stocks struggle to extend Wednesday’s rebound as more companies prepare to report their first-quarter earnings. Some onshore fund managers lack confidence and worry about policy tightening, Goldman says.
Local stocks recover from a three-day sell-off, lifting the benchmark index from a four-week low.Tencent leads winners on buy-back speculation, while BYD and HKEX gain on brighter business outlook.