China stock ETFs surge even as mainland markets close for holiday

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China stock ETFs surge even as mainland markets close for holiday

People walk on a pedestrian bridge displaying the Shanghai and Shenzhen stock indexes on January 02, 2024 in Shanghai, China. 

Hugo Hu | Getty Images

That’s because these funds mostly invest in ******** equities that trade on the Hong Kong Stock Exchange or U.S. exchange-listed companies that are headquartered or incorporated in China. Mainland ******** markets, including Shanghai and Shenzhen stock exchanges, will remain closed until Oct. 8.

“I am bullish on ******** equities; this time is different,” Scott Rubner, tactical specialist at Goldman Sachs, said in a note. “I have never seen this much daily demand for ******** equities: I do not even think we have gone back to benchmark index weights yet.”

******** equities turned around last week after Beijing unleashed a flood of stimulus measures to aid a deep economic slump, including rate cuts and reducing the amount of cash banks need to have on hand.

The government vow to provide strong stimulus induced newfound optimism in ******** stocks that were beaten down amid a sluggish economy as well as regulatory crackdowns the past few years. David Tepper, founder of hedge fund Appaloosa Management, told CNBC last week that he’s buying “everything” related to China because of the government support.

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 surged 5% Wednesday, rising for a fifth straight day. Another e-commerce name PDD popped 4.8% after a 8% rally in the day prior.

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#China #stock #ETFs #surge #mainland #markets #close #holiday

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