(Bloomberg) Investors who bought into the idea two years ago that China’s consumer and green energy stocks stand to win big from President Xi Jinping’s renewed economic agenda would have seen their holdings pummeled in 2023.Most Read from BloombergApple to Fight Watch Ban in Court After White House Declines to ActS&P 500 Trades Within a Whisker of All-Time High: Markets WrapHow Were So Many Economists So Wrong About the Recession?Goldman’s Painful 2023 Lesson on China Forces Rethink of Emergi
Overseas funds sold $768.4 million of local shares last Thursday alone, the biggest single-day outflow since June 2022 on a net basis, according to the latest data compiled by Bloomberg. Overall, they have withdrawn $1.2 billion in the week through Oct. 26, with Fridays data yet to be released. Thats already the largest withdrawal in any week since early February.
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“Brilliant step in our view as it addresses questions on professionalization at the top. HULs systems and processes are Gold standard for the sector and it will be a very positive development for GCPL,” brokerage firm Edelweiss Securities said on Sitapatis appointment.
A 2020 winner in Asia’s stock market is now the biggest loser
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A 2020 winner in Asia’s stock market is now the biggest loserBy Moxy Ying and Youkyung Lee, Bloomberg
Last Updated: Feb 21, 2021, 10:52 AM IST
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Synopsis
Essentially flat year-to-date, a gauge of the sector is the worst-performing in Asia, lagging the region’s benchmark by eight percentage points.
Energy shares have staged a comeback on the rebound in crude prices, while financials have strengthened thanks to the rise in bond yields.
Related
While technology stocks continue to front Asia’s equity rally, one hot sector from 2020 has fallen to the bottom of the leaderboard: health care.