Çin hisseleri bir yılın en düşüklerine yaklaşırken kredi destekleri güveni yeterince güçlendiremedi

Kısaca

Çin CSI 300 sabah yükseldi, 0,2% artış gördü; bu çeyrekte yaklaşık 13% düşüş öngörülüyor. Shanghai Bileşik Endeksi ise öğle saatlerinde 0,3% arttı ve çeyrek düşüşü yaklaşık yüzde 6,2 olarak gösterdi. Beijing’in kredi ve ipotek destek paketleri güveni artırsa da hisse senedi piyasaları üzerinde belirgin etki yaratamadı.

Ana mesele

Çin piyasalarında güven zayıf, kredi destekleri yatırımcı güvenini yeterince güçlendiremedi.

Ne değişti?

Piyasa tepkisi beklenenden zayıf kaldı; politika paketinin güveni artırması sınırlı kaldı.

Beni nasıl etkiler?

Yatırımcılar kısa vadede güven desteğinin güçlenmesini bekleyebilir.

Ne oldu?

Beijing, kredi ve konut destek paketleri açıkladı; PBOC 1,5% olan bir yıllık rehinli kredili mevduat faizi hedefini korudu.

Neden şimdi?

Ekonomiyi canlandırmaya dönük çabalar yoğunlaşırken güvenin toparlanması zaman alıyor.

Neden önemli?

Piyasalar için güvenliğin yeniden tesis edilmesi, yatırım ve tüketici harcamalarını yönlendirecek kilit göstergedir.

Kimler etkileniyor?

• Yatırımcılar
• İnşaat ve teknoloji şirketleri
• Konut piyasası oyuncuları

Sektör ve piyasa etkisi

Emlak ve finansal hizmetler üzerinde baskı artıyor; teknoloji yatırımında da temkinli hareketler öne çıkabilir.

Riskler

• Güvenin zayıf kalması durumunda risk iştahında daha uzun süreli kırılım
• Kredi daralması ve konut talebinde zayıflama

Takip edilmesi gerekenler

• Kredi teşviklerinin geçiş etkileri
• PBOC’nin ek adımları
• Çin dışı piyasalardaki rekabet ve talep gelişmeleri

Haberin tamamı

Chinese blue-chip stocks remained near one-year lows on Wednesday as Beijing's latest measures to support credit, mortgages and investment failed to revive investor confidence, putting the benchmark indexes on track for their sharpest quarterly declines in more than four years, according to a report by Reuters.The CSI 300 index rose 0.2% in morning trading but remained close to a one-year low reached earlier this week.

The index is on course to fall about 13% this quarter, which would be its biggest quarterly decline since the COVID-19 lockdowns in 2022, as per the report.The Shanghai Composite gained 0.3% by the lunch break and was heading for a quarterly decline of about 6.2%, also its steepest fall in four years.Also Read | Global Market: Japan’s Nikkei rises as AI stocks track US chip gainsPolicy Measures Fail to Lift SentimentBeijing announced a series of credit and mortgage support measures on Tuesday, including steps aimed at boosting infrastructure investment, supporting technology companies and small businesses, and helping eligible first-time homebuyers.The People's Bank of China cut its one-year pledged supplementary lending rate by 25 basis points to 1.5%, while authorities also increased relending quotas for technology companies and small businesses.

Mortgage subsidies were introduced for eligible first-time buyers as policymakers sought to counter a prolonged housing downturn.Reuters reported that market participants viewed the measures as capable of helping economic growth move toward the lower end of Beijing's national targets, but insufficient to significantly improve confidence or change investor sentiment.Economy Faces Weak Domestic DemandInvestor concerns have been compounded by the uneven nature of China's recovery.

Strong factory output and exports have contrasted with subdued domestic demand, while weakness in the property sector continues to weigh on the broader economy.The report stated that economists viewed the latest package as the broadest and most powerful set of measures in two years, but noted that it was less forceful than the sweeping stimulus announced in September 2024, which included interest-rate cuts and measures designed to support the stock market.The latest measures also did not include fresh direct support for equities, limiting their immediate impact on market sentiment.Also Read | Global Market: South Korea stocks erase gains as Kospi eyes steepest quarterly fall since 2020Property Stocks Under PressureChina's property sector remained particularly volatile.

The CSI 300 Real Estate Index plunged as much as 9% before recovering most of its losses.The housing market has remained a major drag on China's economy, with weak property demand and subdued household confidence limiting the strength of any broader recovery.

Investors continued to question whether the latest mortgage support measures would be sufficient to generate a meaningful turnaround in housing and consumption.Tech Stocks Lose MomentumTechnology stocks, previously among the strongest performers in the Chinese market, also came under pressure.The CSI Semiconductor Index fell more than 2% and was on course for a decline of about 32% since June.

The CSI AI Index dropped 1.2% and was heading for a quarterly loss of roughly 25%.The retreat in technology shares has removed an important source of support for Chinese equities, adding to broader concerns about the sustainability of the market's earlier rally.Holiday Caution Weighs on TradingTrading activity was subdued ahead of China's week-long National Day holiday, which begins on Thursday.The report by Reuters stated that the combined turnover on the Shanghai and Shenzhen stock exchanges fell to 1.41 trillion yuan on Tuesday, the lowest level since July 2025, highlighting the cautious stance among investors.In Hong Kong, the Hang Seng China Enterprises Index edged up 0.1%, while the benchmark Hang Seng Index was little changed.With domestic demand still weak, property markets under pressure and technology stocks retreating, investors remain focused on whether Beijing will introduce stronger measures to provide a more durable boost to growth and market confidence.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own.

These do not represent the views of The Economic Times)

Kaynaklar

• Economic Times - Markets