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China will have to do more to convince stock investors about the sustainability of the market rally spurred by recent rescue measures, fund managers Pictet and Saxo say.
Many snowball products tracking the CSI Smallcap 500 Index and the CSI 1000 Index have breached preset levels, triggering forced sales of the futures contracts, amplifying the sell-off on the stock market.
Optimism is building in the onshore market after foreign investors sparked a rally, which was ably assisted by a rising yuan, boosting the market cap by US$228 billion.
Fund managers are still not convinced it’s time to buy Chinese stocks, as China’s economy struggles to regain growth momentum. JD.com and Tencent lead losses.