SINGAPORE : As a swift and broad rally in Asian stock markets after China's reopening from COVID curbs peters out, investors are targeting beaten down stocks in sectors including retail, hospitality and technology to lead a narrower advance from here.The initial wave of optimism over the lifting of lockdo
SINGAPORE : As a swift and broad rally in Asian stock markets after China's reopening from COVID curbs peters out, investors are targeting beaten down stocks in sectors including retail, hospitality and technology to lead a narrower advance from here.
"I think in the remainder of 2023 it is all about how the recovery in China filters through to consumer companies and banks outside of China," he said. Man Wing Chung, lead manager for Value Partners' Asia ex-Japan Fund is adding to technology hardware and semiconductor stocks in Taiwan, saying their"valuation has already priced in a lot of the negative sentiment on the downward tech cycle."
China's market has naturally benefited most, with the MSCI China index up nearly 50 per cent since start of November, far outperforming the 13 per cent rise in the MSCI Southeast Asia index and 26 per cent gain in MSCI's broad Asia-Pacific index.
Value Partners' Chung said the concerns over global recession have been largely priced into the market and the benefits from China reopening have yet to be felt.
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