China's jittery retail investors need a rally - a big one.
love that last quote.
When Frank Chen sees China’s stocks rise, he thinks of how he can reduce his investments.
"I’ve already given up on this market,” said Chen, a 38-year-old accountant in Shanghai who’s liquidated more than half his 100,000 yuan ($15,050) of shareholdings in the past six months as shares rebounded. “If my stocks rise to levels that erase all my paper losses, I won’t be hesitate to choose to cash out immediately.”
Overseas traders have also turned more bullish on the nation’s shares traded in Hong Kong. The Hang Seng China Enterprises Index has rallied 22 percent from a February low to reduce its loss this year to 5.5 percent, while the premium of mainland shares over their Hong Kong peers has narrowed to near the least in 10 months. The Shanghai Composite is still down 16 percent, one of the world’s worst declines.
“The economic environment isn’t good and sound. I haven’t seen any chance that stocks will have a major comeback in the near future," he said.