Stability he wanted and stability he got. “If there is no stability, then nothing can be achieved, and what achievements we have made will be lost,” said Hu Jintao at an event to mark the thirtieth year of reform and opening (and to launch a new rash of slogans). The news cycle seemed happy to oblige, and in this case no news was good news for the SCI and our fund.
Anhui Conch Cement (600585.SH) had a good week overall after a small drop on Monday thanks to generally positive sentiment around the government’s stimulus package. It didn’t seem much affected by news that fixed-asset investment growth numbers in November moderated, but it was hardly the first time that A-share investors valued market sentiment over actual data. Industrial and Commercial Bank of China (601398.SH) was flat over the week.
The SCI is down 41.2% since June 3, while the Capitalist Roader Fund has lost 37.7%.