Chinese Stocks Clear Important Resistance

The China 50 index was higher after clearing a critical resistance level and will seek further gains.

CHI50, Daily Chart

chi50 daily chart-Dec-01-2022-01-02-02-9155-AM

The CHI50 index was lifted from 12,000 over the last few days to trade at the 12,778 level on Wednesday. Chinese stocks rallied with the lifting of COVID lockdown restrictions in parts of critical districts in the country. Sentiment toward the country’s investments has improved this month as Beijing has loosened some of its hardline approaches and offered further support to the property sector. That has traders speculating that China will soon exit its COVID Zero policy. Traders ignored rising case numbers and a growing number of protests across the country. Local governments in Panyu, Liwan, Tianhe, and Baiyun have lifted lockdown restrictions in parts of the four districts. US-listed China stocks are also set for their best month ever, with the Nasdaq Golden Dragon Index up 30%. Investors were also boosted by China’s National Health Commission (NHC) comments. The governmental agency said it would make a more tremendous effort to provide COVID-19 vaccinations for its elderly population, aiming to protect the over-80s. It would also make booster shots available soon after. However, there was weak data for the Chinese economy on Wednesday, with the country’s factory output and services industry worsening in November, according to a report released by China’s National Bureau of Statistics (NBS). Growing frustration with the strict “zero-CO2” policy has sparked protests, with blank pieces of white A4 paper becoming a symbol of the movement.

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