China's Bargain Bank Stocks Miss Out on Rally
- Tech, consumer shares favored as deleveraging hits lenders
- While GAM avoids banks, Citi says credit angst is overplayed
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Not even the cheapest shares in 13 years can lure investors to China’s banks.
On a price versus book value basis, Chinese financial firms are trading at the biggest discount since 2004 to both the MSCI China Index and their Asian peers. The stocks have underperformed all but two other industry groups this year.