Arab Today, arab today china\s investors increase share holdings defying overall swoon
Last Updated : GMT 11:26:36
Arab Today, arab today
Arab Today, arab today

China\'s investors increase share holdings, defying overall swoon

Arab Today, arab today

Arab Today, arab today China\'s investors increase share holdings, defying overall swoon

Beijing - XINHUA

As China\'s bourses saw sharp revisions recently, some investors have swooped to buy stocks in quality companies at low price points. Chinese shares fell to a six-month low last week over concerns of a liquidity drain in the world\'s second-largest economy. Investors have so far pulled 834 million U.S. dollars from stock funds focused on China, according to data from EPFR Global, a global fund flow tracker. Bucking the trend, some investors increased holdings in quality enterprises, citing a constructive macroeconomic and earnings outlook, according to survey results released by the Shanghai Securities Journal on Saturday. The controlling shareholder of Shanxi Coal International Energy Group Co., Ltd. on Thursday built a stake of 1.13 million shares in the company through its wholly owned subsidiary. Earlier this month, the senior management of Zoomlion Heavy Industry Science And Technology Co., Ltd. bought 19.38 million shares in the company, a move interpreted by insiders as a \"positive signal worthy of attention.\" Amid downturns in the construction machinery industry and weak market demand, Zoomlion witnessed a 70-percent drop in performance in the first quarter of this year. Its shares have seen continued declines since February. The company\'s executive team said in a statement on June 6 that the decision to increase holdings was individual behavior based on confidence in the company\'s a sustainable and steady growth in future. Similarly, the executive team of Xuzhou Handler Special Vehicle Co., Ltd. has loaded up with the company\'s shares based on a positive outlook for their business. The manufacturer of special-purpose vehicles reported a 540-percent slide in its first-half performance. About 30 companies have reported overweight stocks so far in June, according to the Shanghai Securities Journal survey. Analysts said the overweight position in equities helped stabilize share prices and showed investors\' confidence in the Chinese economy. In its biannual Global Economic Prospects Report released on Thursday, the World Bank cut its global economic growth outlook to 2.2 percent for 2013, citing slower-than-expected expansion in emerging markets such as China, India and Brazil. It also slashed its forecast on China\'s growth to 7.7 percent from 8.4 percent, warning of a potential slowdown caused by a drop in investment. The Chinese economy grew 7.8 percent in 2012, marking the lowest growth in 13 years. The growth target set by the government this year stands unchanged at 7.5 percent, a sign that authorities are willing to tolerate slower growth in the process of achieving quality growth driven less by exports and investment and more by consumption.

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