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Chinese Stocks Selloff as Stimulus Press Conference Disappoints

Written By: ChartChamp

October 8, 2024

Yesterday China discussed the upcoming economic outlook and stimulus plans with the goal of strengthening China’s economy. The press conference was underwhelming and the Hang Seng Index sold off by about 10% in one of the worst performing days in history. While Hong Kong stocks sold off the Chinese stocks from the Shanghai composite actually rallied by about 5% for the day. Investors want more confidence that China will provide a large stimulus plan. If this news gets announced then Chinese stocks could continue their rally. For now there is a selloff near a resistance zone, which we have discussed before the news was announced.

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