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The foreign funds’ increased buying interests Monday gave further impetus to the Qatar Stock Exchange (QSE), which saw its key index gain as much as 74 points and capitalisation add in excess of QR3bn.The transport and telecom counters witnessed higher than average demand as the 20-stock Qatar Index gain 0.67% to 11,162.54 points, recovering from an intraday low of 11,078 points.The Gulf institutions’ increased net buying had its influence on the main market, whose year-to-date gains improved further to 3.72%.More than 49% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR3.55bn or 0.53% to QR667.9bn, mainly on small cap segments.The foreign retail investors’ increased bullish grip also had its impact on the main market, which saw as many as 0.01mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.13mn trade across 16 deals.The Arab individuals were seen net buyers, albeit at lower levels, in the main bourse, whose trade turnover grew amidst lower volumes.The Islamic index was seen gaining faster than the other indices of the main market, which saw no trading of treasury bills.However, the local retail investors were increasingly net sellers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 0.67%, the All Share Index by 0.54% and the All Islamic Index by 0.7% in the main market.The transport sector index rose 1.35%, telecom (1.07%), banks and financial services (0.6%), industrials (0.37%) and consumer goods and services (0.11%); while insurance and real estate declined 0.84% and 0.23% respectively.As many as 26 stocks gained, while 21 declined and six were unchanged.Major movers in the main market included Mannai Corporation, Nakilat, Estithmar Holding, Milaha, AlRayan Bank, Qatar Islamic Bank, Dukhan Bank, Salam International Investment and Ooredoo.Nevertheless, QLM, Widam Food, Doha Bank, Qatar Insurance and Qatar National Cement were among the shakers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.The foreign institutions’ net buying strengthened significantly to QR61.36mn compared to QR28.44mn the previous day.The Gulf institutions’ net buying expanded markedly to QR19.1mn against QR10.41mn on January 11.The foreign retail investors’ net buying increased marginally to QR2.46mn compared to QR1.6mn on Monday.The Arab individuals turned net buyers to the tune of QR0.27mn against net sellers of QR0.05mn the previous day.However, the local individuals’ net selling increased significantly to QR45.78mn compared to QR35.67mn on January 11.The domestic institutions’ net profit booking grew drastically to QR35.55mn against QR5.16mn on Monday.The Gulf retail investors were net sellers to the extent of QR1.87mn compared with net buyers of QR0.41mn the previous day.The Arab institutions continued to have no major net exposure.The main market saw 2% decline in trade volumes to 110.31n shares but on 35% surge in value to QR397.84mn and 20% in deals to 43,654.In the venture market, a total of 0.01mn equities valued at QR0.02mn changed hands across six transactions. 

French far-right leader Marine Le Pen begins a crucial appeal ‌in Paris this week that will determine ‍whether she can run in the 2027 presidential election, after being barred from public office over a conviction for misusing EU funds.Le Pen, ⁠the long-time leader of the far-right National Rally (RN), ⁠was seen as a likely frontrunner in the 2027 race until she was found guilty last year ‍of misappropriating more than 4mn euros ($4.7mn) of EU funds and given a five-year ban from running for public office, effective immediately.Le Pen appealed, as did the RN and 10 others found guilty of diverting European Parliament funds. The hearing begins on today and should end on February 12.A ruling is expected before the summer, meaning her hopes of running in 2027 remain alive if her five-year ban is revoked or drastically curtailed.If she cannot run, Le Pen has said her protege, 30-year-old RN ‌party president Jordan Bardella, will do so in her stead.US President Donald Trump and senior members of his team voiced support for Le Pen after her conviction, and any move to stop her from running would likely be seized ‍on by them in their campaign to ⁠portray European courts and ‌officials as seeking to unfairly block far-right politicians from power.Trump officials last year held internal discussions about sanctioning French prosecutors and judges involved in barring Le Pen, four sources told Reuters, although those talks no longer appear to be active.The news, first reported by German magazine Der Spiegel, was denied by Under Secretary of State Sarah B Rogers on X on Thursday, describing it as a "fake story".A State Department spokesperson said: "We do not preview potential actions."French government spokeswoman Maud Bregeon said on Thursday the government would remain vigilant to potential US meddling after Peimane Ghaleh-Marzban, the president of the Paris judicial court, said any move against a French judge would "constitute an unacceptable and intolerable interference in the internal affairs of our country". Over the past year, the US has imposed sanctions against 11 International Criminal Court judges ​involved in cases against Israel.Le Pen's lawyers, Rodolphe Bosselut and Sandra Chirac Kollarik, declined to comment ahead of the trial.Following her conviction, Le Pen accused the judiciary ⁠of politically motivated targeting, echoing rhetoric used in ‍the US."In the country of human rights, judges have implemented practices that we thought were reserved for authoritarian regimes," Le Pen told French TV channel TF1 at the time.The judges explained in their ruling that they had decided to make the ban effective immediately "to avoid irreparable harm to democratic public order".Opinion polls indicated that most French people supported the ruling.The European Parliament's lawyer Patrick Maisonneuve said he hoped Le Pen and her co-defendants' convictions would be upheld, including ​more than 3mn euro awarded in damages to the European Parliament. The RN was also ordered to pay a 2mn euro fine, with half the amount suspended.Judges said in last March's ruling that, between 2004 and 2016, Le Pen and others had used funds destined for work at the European Parliament to pay staff who were actually working for the party.Le Pen said the way she and her co-defendants used the money was legitimate.Le Pen's legal woes appear to have benefited Bardella. A poll last autumn found Bardella would win the presidency, no matter who his opponent was in the second round. 

Ken Griffin’s Citadel is establishing an office in Dubai, becoming one of the last major hedge fund holdouts to set up shop in the United Arab Emirates and marking a significant win for the city’s attempts to become a hub for the industry.The $72bn firm plans to open an outpost in the emirate’s financial centre next year. The move will extend Citadel’s presence to an 18th city and comes as the world’s largest hedge funds increasingly migrate to Dubai and Abu Dhabi, amid a growing talent pool and expanding regional capital markets.“Building high-performing teams in cities with exceptional talent has been a cornerstone of our success for 35 years,” Citadel Chief Operating Officer Gerald Beeson said in a statement. The office will “offer the strong talent pool in the region compelling opportunities to grow their careers with us”, he said.The Dubai office is expected to help Citadel strengthen its around-the-clock trading capabilities and deepen relationships with companies that already have a significant presence in the Gulf.Members of its Fixed Income and Macro business, which is led by Edwin Lin, will be the first to establish a presence in the city.Griffin, the firm’s chief executive officer, has previously said any expansion decision would hinge on access to talent, not just tax perks. “Having a portfolio manager located in a low-tax jurisdiction on Zoom intermittently with a team back in London — that’s not a winning formula,” he said at an event in Doha last year.Still, the likes of Brevan Howard Asset Management and Millennium Management have set up local offices in the UAE in recent years. The influx of firms has brought in hundreds of traders and associated staff to the country, helping build a foundation for a hedge fund ecosystem.Meanwhile, both Dubai and Abu Dhabi have stepped up efforts to attract global investment firms, touting their zero personal income tax, business-friendly regulation and a timezone that connects traders in Asia, Europe and the US. Some firms are now using Gulf offices as perks to recruit and retain global talent.In all, Dubai now hosts more than 100 hedge funds. Neighboring Abu Dhabi is also expanding rapidly, with Hudson Bay Capital Management, Marshall Wace and Arini all setting up in the city over the past year.With Citadel, one of the world’s largest hedge fund employers, now entering the UAE, one prominent holdout remains: D.E. Shaw, which opened in Dubai in 2009 but later pulled out. 

The Qatar Stock Exchange (QSE) Monday settled marginally higher despite losers outnumbering gainers by wide margin.The real estate, banking and transport counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.06% to 10,621.19 points.The foreign funds turned net buyers in the main market, whose year-to-date gains improved to 0.47%.The local retail investors were seen bullish in the main bourse, whose capitalisation added QR0.61bn or 0.1% to QR635.47bn, mainly on microcap segments.The Gulf individuals were increasingly net buyers in the main market, which saw as many as 7,315 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.03mn trade across 10 deals.The foreign individuals continued to be net buyers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the rise.The Islamic index was seen declining vis-à-vis gains in the other indices of the main market, which saw no trading of treasury bills.The domestic institutions turned net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index was up 0.06% and the All Share Index by 0.15%, while the All Islamic Index shed 0.22% in the main market.The real estate sector index shot up 1.08%, banks and financial services (0.73%) and transport (0.21%); while insurance declined 1.74%, industrials (1.04%), consumer goods and services (0.34%) and telecom (0.27%).As many as 11 stocks gained, while 37 declined and three were unchanged.Major movers in the main market include Beema, Barwa, QNB, Nakilat and Dukhan Bank.Nevertheless, about 73% of the traded constituents were in the red with major shakers being Qatar General Insurance and Reinsurance, Baladna, QLM, Aamal Company, Estithmar Holding, Dlala, Qatar German Medical Devices, Mannai Corporation, Qatar National Cement, Industries Qatar, Gulf International Services, Mesaieed Petrochemical Holding and Vodafone Qatar. In the junior bourse, Techno Q saw its shares depreciate in value.The foreign funds turned net buyers to the tune of QR5.57mn compared with net sellers of QR16.26mn the previous day.The local retail investors were net buyers to the extent of QR2.22mn against net sellers of QR4.8mn on November 30.The Gulf individuals’ net buying increased marginally to QR0.83mn compared to QR0.54mn on Sunday.However, the Arab individual investors turned net sellers to the tune of QR5.86mn against net buyers of QR0.16mn the previous day.The domestic funds were net profit takers to the extent of QR4.97mn compared with net buyers of QR15.63mn on November 30.The foreign individual investors’ net buying declined perceptibly to QR1.69mn against QR2.75mn on Sunday.The Gulf institutions’ net buying weakened markedly to QR0.49mn compared to QR1.92mn the previous day.The Arab institutions’ net buying shrank marginally to QR0.02mn against QR0.04mn on November 30.The main market saw a 16% jump in trade volumes to 110.6mn shares, 64% in value to QR344.03mn and 55% in deals to 16,428.In the venture market, a total of 0.28mn equities valued at QR0.61mn changed hands across 71 transactions. 

Market EyeThe Qatar Stock Exchange (QSE) Sunday opened the week weak with its key index losing as much as 30 points and capitalisation eroding about QR2bn, dragged mainly down by realty, consumer goods and transport sectors.The foreign funds were increasingly net sellers as the 20-stock Qatar Index shed 0.28% to 10,615.07 points, although it touched an intraday high of 10,668 points.The Arab individuals’ weakened net buying had its influence on the main market, whose year-to-date gains truncated to 0.42%.About 56% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR1.87bn or 0.29% to QR634.86bn, mainly on small cap segments.The Arab institutions’ lower net buying had its marginal impact on the main market, which saw as many as 0.03mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.07mn trade across 12 deals.The local retail investors continued to be net sellers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills.The domestic institutions were increasingly bullish in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.28%, the All Share Index by 0.25% and the All Islamic Index by 0.12% in the main market.The real estate sector index tanked 2%, consumer goods and services (0.77%), transport (0.77%) and banks and financial services (0.41%); while insurance shot up 2.31%, telecom (0.54%) and industrials (0.24%).As many as 17 stocks gained, while 29 declined and six were unchanged.Major shakers in the main market included Barwa, Baladna, Medicare Group, Al Mahhar Holding, Gulf Warehousing, QNB, Widam Food, Gulf International Services, Ezdan and Nakilat.Nevertheless, Qatar General Insurance and Reinsurance, Qatar National Cement, Meeza, Aamal Company, Qatar Insurance, Estithmar Holding, QLM and Ooredoo were among the movers in the main bourse. In the venture market, Techno Q saw its shares appreciate in value.The foreign funds’ net selling increased substantially to QR16.26mn compared to QR6.16mn the previous trading day.The Arab individual investors’ net buying declined noticeably to QR0.16mn against QR2.12mn on November 27.The Arab institutions’ net buying weakened marginally to QR0.04mn compared to QR0.05mn last Thursday.However, the domestic funds’ net buying rose considerably to QR15.63mn against QR9.38mn the previous trading day.The foreign individuals turned net buyers to the tune of QR2.75mn compared with net sellers of QR0.06mn on November 27.The Gulf institutions’ net buying strengthened marginally to QR1.92mn against QR1.62mn last Thursday.The Gulf individuals’ net buying grew perceptibly to QR0.54mn compared to QR0.04mn the previous trading day.The local retail investors’ net profit booking eased markedly to QR4.8mn against QR6.98mn on November 27.The main market saw a 44% contraction in trade volumes to 95.55mn shares, 48% in value to QR209.33mn and 43% in deals to 10,613.In the venture market, a total of 0.17mn equities valued at QR0.37mn changed hands across 61 transactions. 

The Qatar Financial Centre Regulatory Authority (QFCRA), in partnership with the QFC Authority (QFCA), recently held a workshop to support the QFC fund managers and service providers in understanding the QFC fund registration framework.The workshops covered the regulatory landscape, COLL (collective investment schemes) vs. PROF (professional investor funds) regimes, the registration process, governance requirements, and post-registration obligations. Experts from both the QFCRA and QFCA addressed questions from the audience during the interactive sessions, and the workshop concluded with a practical case study led by the QFCRA.

Weak oil and the US Fed rate uncertainty continued to have influence on the Qatar Stock Exchange (QSE) with its key index losing as much as 46 points.The foreign funds were seen increasingly net profit takers as the 20-stock Qatar Index shed 0.43% to 10,800.54 points, although it touched an intraday high of 10,867 points.The industrials, insurance, banks and real estate counters witnessed higher than average selling pressure in the main market, whose year-to-date gains truncated to 2.17%.About 59% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.81bn or 0.59% to QR646.15bn, mainly on midcap segments.The foreign retail investors turned bearish in the main market, which saw as many as 0.04mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.11mn trade across 17 deals.Weakened net buying of domestic funds Gulf retail investors had its influence on the main bourse, whose trade turnover and volumes were on the rise.The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills.However, the local individuals were increasingly net buyers in the main bourse, which saw a total of 0.17mn sovereign bonds valued at QR1.74bn trade across one deal.The Total Return Index shed 0.43%, the All Share Index by 0.49% and the All Islamic Index by 0.29% in the main market.The industrials sector index shrank 0.94%, insurance (0.79%), banks and financial services (0.64%) and realty (0.63%); while telecom gained 0.84%, transport (0.32%) and consumer goods and services (0.18%).As many as 31 stocks declined, while 18 gained and four were unchanged.Major shakers in the main market include Widam Food, Ezdan, Qatar Insurance, Qatar Electricity and Water, Qatar Oman Investment, QNB, Qatar Islamic Bank, Industries Qatar, Gulf International Services, Qatar National Cement and Gulf Warehousing. Techno Q saw its shares depreciate in value.Nevertheless, Vodafone Qatar, Doha Bank, Medicare Group, Qamco, Qatar General Insurance and Reinsurance and Nakilat were among the gainers in the main bourse.The foreign institutions’ net profit booking increased significantly to QR54.44mn compared to QR38.31mn on Sunday.The foreign retail investors turned net sellers to the tune of QR2.75mn against net buyers of QR1.36mn the previous day.The domestic institutions’ net buying declined noticeably to QR7.76mn compared to QR12.64mn on November 16.The Gulf individual investors’ net buying weakened markedly to QR2.29mn against QR4.39mn on Sunday.However, the local retail investors’ net buying expanded substantially to QR36.66mn compared to QR20.98mn the previous day.The Gulf institutions were net buyers to the extent of QR7.62mn against net sellers of QR4.25mn on November 16.The Arab individual investors’ net buying strengthened marginally to QR2.86mn compared to QR2.38mn on Sunday.The Arab funds had no major net exposure against net buyers to the tune of QR0.83mn the previous day.The main market saw 44% jump in trade volumes to 119.5mn shares and 71% in value to QR373.03mn on more than doubled deals to 33,531.In the venture market, a total of 0.03mn equities valued at QR0.07mn changed hands across 13 transactions.

The Muscat Stock Exchange (MSX) posted record-breaking figures in 2025, with trading value reaching OMR 2.4 billion in the first nine months of the year, the highest level in 15 years. This surge was driven by aggressive buying from local investment funds and institutions, which fostered positive market sentiment. Their activity encouraged individual investors, as well as Gulf and foreign institutions, to increase their participation, resulting in higher stock prices, trading volumes, and overall market value. The benchmark index also saw notable gains. Trading in the first two quarters remained relatively calm, echoing previous years. Q1 recorded OMR 434 million in trades, rising to OMR 483.1 million in Q2. Activity then doubled in Q3, surpassing OMR 1.5 billion, including OMR 467.8 million in July, OMR 524.8 million in August, and OMR 511 million in September. By the end of September, MSX's market capitalization climbed to OMR 30.534 billion, gaining OMR 2.9 billion. This was supported by rising stock prices, capital increases by public shareholding companies, and growth in the bonds, sukuk, and closed market segments. The exchange also saw a sharp rise in the total number of traded securities, reaching 13.2 billion compared to 4.7 billion in the same period last year and 2.2 billion in 2023. Executed transactions exceeded 327,000 in the first nine months, up from 159,000 last year and 109,000 in 2023. The MSX benchmark index closed September at 5,181 points, its highest in over seven years, gaining 605 points. Sectoral indices rose collectively, led by the industrial sector index, which jumped over 1,760 points to close at 7,031.

Market EyeTracking weaker oil prices, the Qatar Stock Exchange Wednesday fell more than 41 points and its key barometer retreated below 11,200 levels as foreign funds hurriedly squared off their position.The telecom, industrials and real estate counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.37% to 11,142.37 points, although it touched an intraday high of 11,212 points.The foreign individuals were seen increasingly net sellers in the main market, whose year-to-date gains truncated to 5.4%.About 61% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR3.49bn or 0.52% to QR664.85bn, mainly on small and microcap segments.However, the Gulf institutions were seen net buyers in the main market, which saw as many as 3,122 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR7,490 trade across seven deals.The local retail investors were increasingly bullish in the main bourse, whose trade turnover and volumes were on the rise.The Islamic index was seen declining slower than the other indices of the main market, which saw no trading of treasury bills.The Arab individuals were increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.37%, the All Share Index by 0.4% and the All Islamic Index by 0.27% in the main market.The telecom sector declined 0.71%, industrials (0.64%), realty (0.48%), banks and financial services (0.37%), insurance (0.36%) and transport (0.26%); while consumer goods and services was up 0.05%.Major shakers in the main market included Estithmar Holding, Commercial Bank, Al Mahhar Holding, Meeza, Mazaya Qatar, QNB, Baladna, Industries Qatar, Ezdan, Ooredoo, Vodafone Qatar and Milaha.In the junior bourse, Techno Q saw its shares depreciate in value.Nevertheless, Mannai Corporation, Qatar Islamic Bank, QIIB, Inma Holding and Widam Food were among the gainers in the main market.The foreign institutions turned net sellers to the tune of QR43.06mn compared with net buyers of QR10.76mn the previous day.The foreign retail investors’ net profit booking increased marginally to QR0.66mn against QR0.41mn on September 2.However, the Gulf institutions were net buyers to the extent of QR11.81mn compared with net sellers of QR6.07mn on Tuesday.The local retail investors’ net buying strengthened significantly to QR11.65mn against QR2.15mn the previous day.The Arab individual investors’ net buying expanded substantially to QR10.86mn compared to QR3.91mn on September 2.The domestic funds turned net buyers to the tune of QR8.63mn against net profit takers of QR10.75mn on Tuesday.The Gulf individual investors’ net buying increased marginally to QR0.77mn compared to QR0.4mn the previous day.The Arab institutions had no major net exposure for the third straight session.The main market saw a 57% jump in trade volumes to 134.27mn shares and 54% in value to QR401.92mn on more than doubled deals to 30,365.In the venture market, a total of 0.69mn equities valued at QR1.87mn changed hands across 107 transactions.

Market Eye The Qatar Stock Exchange (QSE) Tuesday gained eight points as the telecom, real estate and banking counters witnessed higher than average demand. The foreign funds were seen increasingly net buyers as the 20-stock Qatar Index was up 0.07% to 11,183.57 points, although it touched an intraday high of 11,204 points. The Arab individuals were seen bullish in the main market, whose year-to-date gains improved to 5.79%. The local retail investors turned net buyers in the main bourse, whose capitalisation added QR1bn or 0.15 to QR668.34bn, mainly on microcap segments. The Gulf individuals continued to be net buyers but with lesser intensity in the main market, which saw as many as 0.01mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.05mn trade across 12 deals. The domestic institutions turned net sellers in the main bourse, whose trade turnover and volumes were on the decline. The Islamic index was seen declining vis-à-vis gains in the other indices of the main market, which saw no trading of treasury bills. The Gulf institutions were increasingly into net profit booking in the main bourse, which saw no trading of sovereign bonds. The Total Return Index was up 0.07% and the All Share Index by 0.09%; while the All Islamic Index fell 0.02% in the main market. The telecom sector index gained 0.26%, realty (0.24%), banks and financial services (0.2%) and insurance (0.05%); while consumer goods and services declined 0.63%, transport (0.02%) and industrials (0.01%). Major movers in the main bourse included Qatar Cinema and Film Distribution, Gulf International Services, Qamco, Ezdan, Qatar Insurance, Estithmar Holding and Nakilat. Nevertheless, Qatar General Insurance and Reinsurance, QLM, Ahlibank Qatar, Woqod, Doha Bank, Meeza and Industries Qatar were among the shakers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value. The foreign institutions’ net buying increased noticeably to QR10.76mn compared to QR2.07mn the previous day. The Arab individual investors turned net buyers to the tune of QR3.91mn against net sellers of QR1.76mn on Monday. The local retail investors were net buyers to the extent of QR2.15mn compared with net sellers of QR3.2mn on September 1. However, the domestic funds turned net sellers to the tune of QR10.75mn against net buyers of QR1.21mn the previous day. The Gulf institutions’ net profit booking strengthened markedly to QR6.07mn compared to QR1.26mn on Monday. The foreign retail investors were net sellers to the extent of QR0.41mn against net buyers of QR5.64mn on September 1. The Gulf individual investors’ net buying weakened perceptibly to QR0.4mn compared QR1.45mn the previous day. The Arab institutions had no major net exposure for the second straight session. The main market saw a 19% slump in trade volumes to 85.68mn shares and 6% in value to QR260.95mn but on 1% jump in deals to 14,534. In the venture market, a total of 0.21mn equities valued at QR0.56mn changed hands across 41 transactions.

China’s stock rally is set to get a boost from small investors, stoking hopes that their massive savings will fuel the next leg of the market’s blistering advance.The benchmark CSI 300 Index has been on a tear, rising 10% in August to be one of the world’s best performing equity gauges amid a liquidity driven surge. While hedge funds have been active in the market, analysts say the nation’s mom and pop investors are still in the early stages of what could be a major rotation into stocks and equity funds.China’s household deposits fell 0.7% from a record high in June to 160.9tn yuan ($23tn) in July, suggesting investors are putting their money to work. JPMorgan Chase & Co predicts around $350bn of additional savings could flow into the equity market between July 2025 and the end of next year, propelling share prices more than 20% higher.“Cash makes bull markets, and deposits shifting to stocks is going to be an important driver of this rally,” said Xu Dawei, a fund manager at Jintong Private Fund Management in Beijing. “It’s already begun and there’s no turning back.” The glut of savings is one factor pushing Wall Street banks to hike price targets for China’s major stock gauges and fuelling hopes that China’s rally which has so far defied lacklustre earnings and persistent questions about the health of the economy has further to go.Goldman Sachs Group Inc strategists pointed to excess household savings when upgrading their target for the CSI 300, with the bank now predicting a roughly 10% rise over the next 12 months. HSBC Holdings Plc cited the savings pool as potentially a “very positive catalyst” when lifting its targets for the country’s two biggest indexes.Darwin Mao, a 28-year-old tech employee in Beijing, has been eyeing a shift to the stock market since last September.Back then, a stimulus blitz by China’s central bank sent stocks zooming higher, bringing an end to a years-long selloff fuelled by fears about the economy. The CSI 300 jumped around 25% in a week, leading to a feeding frenzy among local investors. It wasn’t until this August that the index beat the highs set back then.“Stocks rallied so fast that I didn’t have time to get in,” said Mao, adding that this time he was keen not to miss out. “I took the opportunity to invest some of my spare money at the end of July and I’ve been increasing my holdings. I believe the rally will extend until the end of this year.”The CSI 300 has risen in nine of the past 10 weeks, taking its gain from this year’s low in early April to 25%. Investors have expressed confidence that authorities will keep sentiment supported before a September 3 military parade, which is set to mark the 80th anniversary of the end of World War II. China has a history of propping up its stock market ahead of major political events to project an image of stability.Some strategists, including those at Morgan Stanley, have flagged signs the market is overheating, with some technical indicators flashing overbought signals. In one example, shares of Cambricon Technologies Corp more than doubled in August, prompting the AI chip designer to warn investors that its stock price may no longer reflect fundamentals. That sent the stock tumbling on Friday.So far, the shift from savings to stocks is a trickle: The roughly 2.1tn yuan jump in non-financial deposits a proxy for liquidity in stocks, funds and trust accounts in July was just the highest since February, and not much above the seasonal average over the past decade.But analysts see the shift to equities getting a boost from a “TINA” environment for stocks, shorthand for “there is no alternative.”Bond yields are around historic lows, while real estate once the go to investment for Chinese citizens wanting to get rich hasn’t recovered from its yearslong slump. One-year fixed deposits at China’s largest banks now pay just 0.95% per year, the lowest on record.“There is a shortage of investable assets in China,” said Winnie Wu, chief China strategist at BofA Securities. “If the stock market has a clear money making effect, people will be willing to allocate more funds.”A key question is how well Chinese officials can manage market swings. Regulators and local investors have been scarred by previous periods of boom and bust, most dramatically a bubble a decade ago that wiped out more than $2tn of market value when it burst.Local broker Sinolink Securities Co has hiked margin requirements for stock traders, while some onshore mutual funds have limited the size of new orders. It is unclear whether these moves were triggered by regulatory guidance, but it’s common for Chinese officials to issue behind the scenes instructions to brokers and funds during periods of wild stock swings.Chinese media has also cautioned investors against speculation.Local investors clearly have plenty of cash to put to work, but fund managers and analysts say it will be steady rises rather than wild swings that will encourage them to stick around this time.“It’s important this time to have a slow bull market,” said Wu Xianfeng, a fund manager at Shenzhen Longteng Assets Management Co “That is the only way a shift from deposits to stocks can be sustainable.”