Fuente: Bloomberg.com
When it comes to timing the Chinese equity market, Huang Weimin is hard to beat.
The self-taught hedge fund manager gained more than 6,200 percent by riding the boom and bust in Chinese stock-index futures last year, then returned another 60 percent in the first two months of 2016 by turning bearish before the market tumbled. As Chinese shares meandered over the past four months, he played it safe in cash.
Now, Huang says, the time is right to buy.
The Shanghai Composite Index may rally 18 percent next quarter as a delayed rule change for initial public offerings restricts the supply of shares and authorities keep the yuan stable before its official entry into a global basket of reserve currencies in October, Huang said in an interview. He expects Britain to vote against leaving the European Union on Thursday, removing the biggest international risk to asset prices. Even the unlikely event of a Brexit won’t derail the ascent of Chinese stocks, he said before polls opened.
The Shanghai Composite is unlikely to surpass 3,430, or 30 percent above this year’s intraday low of 2,638.30, for the next two to three years, Huang said, citing comparisons with a similar period of range-bound stock movements before a 2005 reform that removed restrictions on previously untradable state-owned shares.
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