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Chinese stocks listed in Hong Kong are tracked by The Hang Seng China Enterprises Index. Bloomberg News reported that it rose 0.2 percent yesterday to 10,098.28, reducing its decline this year to 6.6 percent.
A director of market strategy at Newedge Group SA in New York, Robbert Van Batenburg, reported by phone that according to Bloomberg News, “Foreign investors are still skittish about what’s going on there in China.” He said that “There’s uncertainty about bond defaults. That causes people to keep their powder dry.”
The chairman of the Marketfield Asset Management, LLC, Michael Shaoul, whose firm oversees more than $20 billion, said in an e-mail that “The danger remains that the authorities will sacrifice corporate profitability in the state-owned sector to the greater good of economic stability.”
Chris Palmer, a portfolio manager at Henderson Global Investors Ltd., who oversees about $2.5 billion in assets, said by telephone from London that “There are still opportunities to make money in China,” but according to Bloomberg News, “Investors are more selective.”
“Markets are waiting for a catalyst to take them higher or lower, as things are once again quiet overseas, earnings season has not started yet and valuations are not too low or too high,” Brad Sorensen, director of market and sector research at the Schwab Center for Financial Research reported according to a report by Market Watch.
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Image Credit: www.bloomberg.com
