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China ETFs Surge Amid Optimism of Further Stimulus to Bolster Post-COVID Recovery
ETF top story for the week of July 24 to 28, 2023.
By Trackinsight
August 1, 2023
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Last week saw notable gains in Chinese equity-focused ETFs. Chinese stocks climbed as the latest Politburo meeting endorsed support for capital markets and hinted at expansive easing policies to stimulate the economy. Indeed, China's July PMIs were mixed with manufacturing steadying at 49.3 but services slowing to a disappointing 51.5.
Hedge funds seized the opportunity, with Chinese equity purchases hitting the highest level since October 2022, according to Goldman Sachs.
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As a result, Hong Kong's Hang Seng Index rose 4.41% for the week (+0.68% year-to-date) while China's CSI 300 Index gained 4.47% (+3.13%). So far this year, both markets have significantly underperformed major global indexes, but are on track for their best month since January.
The global China ETF segment increased by +6.11% over the week, recording significant inflows of $236 million. On a fund level, the CSOP Hang Seng TECH Index ETF, which currently boasts assets of more than $3 billion, gained +3.17% over the week, recording inflows of $218 million.
Group Data
Funds Specific Data : KWEB, 03033, 03067, GXC
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