Mainland stock markets are handing back post-pandemic gains
The last great hope for China’s faltering post-pandemic rally is fading as the nation’s legion of small-time investors turns bearish on equities to double down instead on safer assets amid a stuttering economic recovery.
“I am quite disappointed,” said Eric Yu, a programmer in his 30s in Shanghai who’s been investing for around three years. China’s securities margin trading balance, a measure of risk appetite, is hovering around one-month lows. Turnover in the A-share market is at the lowest level since early March. All of which has domestic investors saying they are too nervous to move much beyond deposits, which central bank data shows are swelling even faster than at the height of the pandemic a year ago.
“Some market players estimate that 10% of these excessive savings could go into investment in the asset market. That would be around 800 billion yuan,” said Chi Lo, senior investment strategist at BNP Paribas Asset Management in Hong Kong.
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