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Alternative Market Briefing

The Big Picture: Investors in China should focus on high-quality, consumption-driven, growth-supported sectors

Thursday, July 30, 2015

amb
Tina Byles Williams
Benedicte Gravrand, Opalesque Geneva:

On Monday, Chinese equities suffered their worse daily decline since 2007, falling 8.5% before trading was halted after more than two-thirds of the listed stocks hit their down limits. The fall of Chinese equities over the past months have been stabilised by government intervention, but confidence is dwindling, and speculations are magnifying volatility.

According to Wong Kok Hoi, managing director and CIO of APS Asset Management in Singapore, we should expect more market volatility in China markets and further interest rate cuts.

"The on-shore Chinese equity markets demonstrated classical signs of speculative activity in early 2015: increasingly volatile equity markets coupled with accelerating capital returns to shareholders," commented Fergus Shaw, partner at Cerno Capital, a London-based investment manager. "The subsequent deflation of the market is therefore consistent with the behavior of speculators. The intervention from the authorities to stem equity market declines should be viewed in the context of the deflationary wave breaking within China, initially caused by lower corporate margins and then falling residenti......................

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