Investors seem to be giving up on China’s stock market: Over 40% of investors surveyed at a Goldman Sachs conference in Hong Kong last week think that Chinese equities are “uninvestable,” despite authorities vowing “forceful” measures to stabilize its falling stock market, the Financial Times reported yesterday.

The measures: The country’s Securities Regulatory Commission said on Sunday that it would introduce more medium- and long-term funds and would crack the whip on short selling and insider trading. This came two days after the benchmark CSI 300 fell 3.4%, Bloomberg wrote.

Triggering the sell off: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

ALSO- Turkey has a new central bank governor: Turkish President Recep Tayyip Erdogan appointed Fatih Karahan (bio) as the new head of the country’s central bank after its former governor Hafize Gaye Erkan stepped down, claiming to be facing a smear campaign from local media, Bloomberg wrote.

AND- Leading Asian benchmarks are in the red in early trading this morning as traders digest worries about Chinese stocks and Jay Powell’s remarks that the Fed will be “cautious” when it comes to rate cuts. They’re also looking forward to the Luna New Year holiday, which runs 10-17 February — and which often sees retail investors sell down positions to have more cash available for the break. Futures suggest stocks on Wall Street and in Europe will follow suit at the opening bell later today.

ADX

9,456

-0.1% (YTD: -1.3%)

DFM

4,228

+0.2% (YTD: +4.2%)

Nasdaq Dubai UAE20

3,787

-0.2% (YTD: -1.4%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.0% 1 yr

TASI

11,962

+0.4% (YTD: -4.7%)

EGX30

27,573

-3.0% (YTD: +10.8%)

S&P 500

4,958

+1.1% (YTD: +4.0%)

FTSE 100

7,615

-0.1% (YTD: -1.5%)

Euro Stoxx 50

4,654

+0.3% (YTD: +2.9%)

Brent crude

USD 77.98

+0.8%

Natural gas (Nymex)

USD 2.08

+1.4%

Gold

USD 2,054

-0.8%

BTC

USD 42,793

-0.5% (YTD: +1.4%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 895.5 mn. The index is down 1.3% YTD.

In the green: E7 Group (+6.0%), Gulf Cement (+5.0%) and RAK Properties (+4.6%).

In the red: Union Ins. (-10.0%), Julphar Gulf Pharmaceutical Industries (-4.3%) and Sudatel Telecommunications Group (-2.4%).

Over on the DFM, the index rose 0.2% on turnover of AED 263 mn. Meanwhile Nasdaq Dubai closed down 0.2%.

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