Investors should take short-term corrections in Chinese markets as buying opportunities, a strategist from Bank of America Securities said.
Shanghai is conducting Covid testing in several districts this week after detecting new Covid cases, a statement on the city's WeChat account said.
Wu also pointed to Bank of America Securities' so-called "wax-and-wane indicator" which measures sentiment based on factors such as investment flows to predict the outlook for China's markets. We advise investors to ride on the rally and to take these short-term corrections as buying opportunities.That indicator is currently in the very bullish zone.a 100% chance that the CSI 300 index will rise in the near term, with median returns in the following two to six months in the high teens, she said.
"So we stay positive. We advise investors to ride on the rally and to take these short-term corrections as buying opportunities," she said. Mainland China markets have outperformed major global indexes in the past month, but traded lower on Wednesday.
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