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在线翻译:
szdaily -> Business_Markets -> 
Stocks near bottom, Shanghai Chongyang says
    2018-07-06  08:53    Shenzhen Daily

THE rout in Chinese stocks may be nearing an end as the central bank turns to more accommodative monetary tools, according to Shanghai Chongyang Investment Management Co., whose flagship hedge fund has returned 356 percent since its launch in September 2008.

“While asset prices will face a ceiling given China’s tough regulation, risk prevention and deleveraging, a more flexible policy stance will put a floor under risk asset prices,” president Wang Qing said. “The market clearly is in its bottom range after earlier corrections.”

Shanghai Chongyang is adding shares of thermal power and electrical equipment firms, consumer and financial companies as well as stocks with high dividend yields and strong cash flows, according to Wang.

The central bank cut banks’ reserve requirement ratio last month as stocks tumbled amid concern over a trade dispute with the United States, a weakening economy and a depreciating yuan. The Shanghai Composite Index, down 22 percent from its January high, is one of the worst performing gauges worldwide.

Shanghai Chongyang manages 20 billion yuan (US$3 billion) in mostly long-only A-share funds.

Foreign investors are likely to add shares as valuations are near a historical trough, while further downside in risk assets is normally limited when there’s adequate money supply, according to Wang. (SD-Agencies)

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