China's 'Big Four' banks rally after state wealth fund boosts stake

Shares of Bank Of China, Agricultural Bank of China, Industrial and Commercial Bank of China and China Construction Bank rose in early trading.

China's sovereign wealth fund Central Huijin Investment expects to continue increasing holdings over the next six months.Bank of China is one of the major state-owned banks in China. Pictured here is a branch in Shanghai on March 27, 2023.China's sovereign wealth fund, Central Huijin Investment, increased its stake in four of the country's biggest banks late Wednesday in what is seen as a move to renew confidence in its stock market.

"Huijin's buying sends strong signal of the topdown view, and tends to help to shore up market confidence," said Investor confidence in China's stock markets has been shaken by turmoil in its real estate sector as property giants such as Evergrande and Country Garden struggled to repay debt. So far this year, the CSI 300 is down nearly 5%.

Source: News Formal (newsformal.com)

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