Global hedge funds 'aggressively' sold Chinese stocks amid heightened concerns over the country's property sector and a weak batch of economic data, a Goldman Sachs report on Tuesday showed.
FILE PHOTO-A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. REUTERS/Tingshu Wang/File PhotoNEW YORK, Aug 15 - Global hedge funds "aggressively" sold Chinese stocks amid heightened concerns over the country's property sector and a weak batch of economic data, a Goldman Sachs report on Tuesday showed.
All types of stocks were sold in early August, but A-shares, those listed in the domestic stock market, led the sell-off, comprising 60% of it, the bank said. "Hedge funds have net sold Chinese stocks in eight of the last 10 sessions on the prime book through 8/14," it said, adding its clients divested both their long and short positions.
This is the largest net selling in Chinese equities over any 10-day period since Oct 2022 and one of the steepest moves in the past five years.in the first 5 days post the July 24 Politburo meeting on stimulus hopes, Goldman Sachs estimates. New York listed - KraneShares CSI China Internet ETF , which offers exposure to China's largest internet companies such as Tencent
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