China stocks struggle on weak sentiment after state fund’s support
时间:2024-06-29 00:19:31 阅读(143)
China stocks edged up in early trade on Tuesday while Hong Kong shares slipped, as markets struggled to rebound amid a lingering weak sentiment after state fund Central Huijin bought exchange-traded funds (ETFs) to bolster the market.
China’s blue-chip CSI 300 Index added 0.3% and Hong Kong’s Hang Seng Index lost 0.3%, both hovering around the lowest levels in the year.
“This round of decline is mainly dominated by the pessimism in the market, coupled with a surge in U.S. bond yields and potential impact of geopolitical risks,” said analysts at Nanjing Securities in a note.
“But there has been some irrational over-correction, as investors shrugged off China’s better-than-expected growth data.”
Central Huijin, which makes equity investments on behalf of China’s central government, said it bought ETFs on Monday, and “will continue to increase holdings in future,” without giving ETF details.
“There should be a rebound after the move,” said Pang Xichun, research director at Nanjing RiskHunt Investment Management, pointing out that investors still had to monitor the outflows of foreign investors in the near future.
Overseas investors have been offloading Chinese shares at record speed in a declining market in recent months. A Chinese state newspaper said the country may consider reducing disclosure of trading data for the Stock Connect mechanism, which allows investment in China-listed shares.
Nanjing Securities expected the market will still experience some correction amid lingering risks. “It may be a better choice to maintain a wait-and-see approach.”
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The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)