Key News
Asian equity markets were mixed as China, South Korea, and Indonesia outperformed while Hong Kong, Japan, India, and the Philippines were lower.
Shanghai and Shenzhen gained +0.49% and +0.67%, with the former clearing the 3,200 index level last week while Shenzhen closed above 2,100 overnight for the first time since mid-September. The STAR Board gained +1.68% overnight though it lags the Shanghai and Shenzhen. One factor is that most STAR Board stocks aren’t readily available via Northbound Stock Connect. Foreign investors bought $1.386B of Mainland stocks overnight, bringing the year-to-date total to $13.223B, exceeding the total for all of 2022! There are investors out there allocating to China in size!
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