SINGAPORE, Oct 14 — Asian stocks swung between gain and loss today as investors struggled to reach a consensus view on China’s economic stimulus promises made over the weekend...
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“Most onshore investors believe Beijing’s decision to restructure local government and housing debt using central government funds is more significant than many foreign investors believe,” said analysts at Morgan Stanley in a client note. Property stocks onshore and offshore, however, eked out solid gain as investors bet the latest stimulus measures could aid China’s beleaguered property sector.
Reflecting the lingering concerns over the Chinese economy, the onshore yuan slipped 0.11 per cent to 7.0743 per US dollar, while its offshore counterpart fell by a greater extent of 0.2 per cent to 7.0828 per dollar. Still, the latest raft of stimulus pledges prompted analysts at Goldman Sachs to raise their real gross domestic product forecast for China this year to 4.9 per cent from 4.7 per cent.
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