Technology stocks miss biggest rally since 2012
As China's efforts to boost economic growth pushed stocks in Shanghai to their best month in two years, technology companies traded offshore were left out of the rally as investors see them benefiting least from the stimulus.
The $185 million KraneShares CSI China Internet exchange-traded fund, which tracks stocks listed in the United States and Hong Kong, was little changed last month, as the Shanghai Composite Index surged 11 percent. Property companies rose the most among five industry groups in the benchmark gauge, rising 21 percent. Stocks rallied after the central bank unexpectedly lowered deposit and lending rates to support an economy projected to expand this year at the slowest pace since 1990.
"There probably isn't as big an impact on tech as other sectors of the economy," Walter "Bucky" Hellwig, who helps manage $17 billion at BB&T Wealth Management in Birmingham, Alabama, said on Friday. "In construction and heavy industry, their end markets are impacted by the availability of funds.
