Profit-taking saw Chinese equities snap a ten-day winning streak on Wednesday, but analysts say it’s just a small hiccup in what could be another stellar year for mainland stocks.
The benchmark Shanghai Composite closed down 0.8 percent on Wednesday after ten straight sessions of gains. Year-to-date, the benchmark index is up 12 percent, adding to last year’s over 50 percent rise.
“China must be one of the most speculative markets in the region now, so I wouldn’t read too much into it. It could be spiraling up one day and spiraling down the next,” said Hugh Young, MD & global head of equities at Aberdeen Asset Management.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015