Despite the Chinese stock market plunging more than 30% off its mid-June peak value, overseas investors decreased their holding by much less, said China’s central bank.

The People’s Bank of China reported that 67.38 billion yuan of Chinese stocks were sold off by foreign investors in June, bringing total yuan-denominated stock holdings by overseas investors down less than 10% from May, said  Chinese news agency Xinhua.

Meanwhile, on Wednesday, the market posted its fifth straight day of gains, although the volatility of the past month seems to have dissipated. The Shanghai Stock Exchange Composite Index inched up 0.2% to 4,026 and the Shenzhen Stock Exchange Composite Index gained 1% to 2,287. The small-cap ChiNext Price Index added 0.5% to 2,897. Hong Kong’s Hang Seng Index slid 1% to 25,283.

Aviation, military and online education shares led the winners, while the biggest losers were in the railway construction, insurance and securities sectors.

Total combined turnover on the Shanghai and Shenzhen bourses came in around 1.28 trillion yuan (209.8 billion US dollars), slightly higher than the previous day’s 1.2 trillion yuan

Market confidence will be further boosted by more institutional investors entering the market and investing more rationally, Wen Hua, analyst with National University of Singapore told Xinhua. He was referring to pension funds being allowed to get involved in the country’s stock market.

In June, the government allowed and encouraged pension funds to invest up to 30% of their net assets in the stock market.

On Tuesday, east China’s Shandong Province entrusted the National Council for Social Security Fund, a social security strategic reserve, with around 100 billion yuan ($16.34 billion) of pension funds to invest.

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