Chinese Brokerages Talk Up Local Stocks After Global Meltdown
- Turnaround near for Chinese shares, says Industrial Securities
- CSI 300 remains one of world’s worst performers this year
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Chinese securities firms seized on the latest global market turmoil to drum up support for the country’s battered stocks, saying a turning point is near as the US economy loses steam and Beijing ramps up growth stimulus.
A string of bullish research reports have emerged since the weekend from local brokerages, arguing that growing risks and volatility in foreign markets are making Chinese equities a safer bet. Among them, Cinda Securities Co. and Industrial Securities Co. both predicted an inflection point for local stocks as soon as this month.