August may have marked the darkest hour before dawn for China’s battered equity markets, with some investors pinning hopes that Beijing’s recent efforts to boost confidence will bear fruit in the coming days.
The CSI 300 Index, benchmark of onshore Chinese shares, has lost 5.8% this month to head for its biggest decline October. Down over 7%, an index of the nation’s stocks listed in Hong Kong is among the worst performers in 92 global equity gauges tracked by Bloomberg. Cheaper valuations and bets of more stimulus measures are giving bulls reasons to be optimistic again.
The selloff has finally eased after a package of strong steps from the securities watchdog aimed at lifting market sentiment, including the first reduction in stamp duty since 2008. The CSI 300 has gained 2% since the weekend policy boost, eying its best week in a month.
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