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China Large-Cap Stocks ‘Stuck in Range,’ JPMorgan’s Mowat Says

Sept. 13 (Bloomberg) -- China’s large-capitalization stocks are “stuck in a range,” while small- and mid-caps offer “lots of opportunities,” Adrian Mowat, JPMorgan Chase & Co.’s chief Asian and emerging-market strategist, said in a Bloomberg Television interview.

“The problem for us in the equity market is that the consumer is only 11 percent of market cap, so consumer stocks in China are doing well, tend to trade at twice the market multiple. So, we’re happy to participate in that,” Mowat said. “We found that most of the market, in terms of the large-cap stocks, is less interesting. Remember what China is trying to do is boost household income as a share of GDP. The problem with that is that you have to take it from somewhere else. And where they’re taking it from is profits as a share of GDP, which particularly hits the 80 percent of the market that is state-owned enterprises.”

The Shanghai Composite Index rose 0.3 percent to 2,671 at 10:50 a.m. local time, while the Shenzhen Se Composite index climbed 0.8 percent.

To contact the editor responsible for this story: Allen Wan at

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