Global hedge funds added more Chinese stocks to portfolios than they sold for first time in seven weeks – research
DATA STOCKS
Global hedge funds added more Chinese stocks to portfolios than they sold for first time in seven weeks – research
DATA STOCKS

Global hedge funds added more Chinese stocks to portfolios than they sold for first time in seven weeks – research

 

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Global hedge funds added more Chinese stocks to their portfolios than they sold in recent days for the first time in seven weeks, Goldman Sachs Group said in a report.

The move seen in onshore and offshore shares was mainly driven by short covers, according to the bank, which means that investors betting against Chinese shares were forced to unwind their bearish positions by buying back borrowed shares.

Out of 11 sectors tracked by Goldman Sachs during the period of June 30 – July 6, only healthcare, financials, communication services and real estate were net sold. Last week, China ADRs in sectors from e-commerce to online education and ETFs gained on hopes of more governmental economic support, forcing bearish investors to close short positions, it said.