Anthony Bolton may yet regain his reputation for timing. Since the veteran Fidelity stockpicker announced his retirement from the company’s China fund last week, the Shanghai market has plunged more than 9 per cent, falling into bear market territory.
The main Chinese index saw more wild swings yesterday, falling as much as 5.8 per cent before bouncing back in late trading. That compounded investor jitters caused by a 5.3 per cent loss the previous day.
The speed of the selling may be new, but the negativity surrounding the market is not. Chinese stocks are comfortably the worst performers in Asia this year to date, and on an annual basis things look even worse.
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