Hang Seng expects the HSI still has room to rise

Market worries about Sino-US trade talks and the US economy falling into recession have eased risk appetite and capital has flowed into the stock market

Xue Yonghui, the investment director of Hang Seng Investment Management, said that he believes that the HSI still has room to rise in the first half of the year. It is expected that the HSI will fluctuate within a range, and in the second half of the year, we must pay attention to the progress of the US election.

Funds return to the stock market

Xue Yonghui believes that the valuation of China and Hong Kong stock markets is still low, and that China will maintain reasonable and sufficient market liquidity and support the economy through fiscal policies. It is cautiously optimistic about the long-term outlook of Chinese stocks, but has a neutral view on Hong Kong local stocks. He also reminded that geopolitical risks such as tensions in US-Iran relations, US elections, and continued trade talks will continue.

Hang Seng Investment Management Chief Executive Officer Pei Shan added that the global bond market recorded a large net inflow last year, and the stock market experienced a net outflow. However, funds began to return to the stock market in November, with US $ 27.6 billion and US $ 20.4 billion in November and December respectively. Net inflows into the stock market continued in the first two weeks of the year.

In terms of sectors, Xue Yonghui is optimistic about non-essential consumer goods, health care, property management, and consumer-oriented financial stocks. He also proposes to reduce his holdings in communications, traditional state-owned enterprise financial stocks, raw materials and energy stocks.

A shares rose more than 30% last year

Xue Yonghui believes that A shares will still record gains this year, but it is difficult to replicate the rise of last year, but they can still outperform some mature markets.

As for bond investment, Xue Yonghui pointed out that this year, he prefers short-term and high-quality high-yield corporate bonds, and is optimistic about high-transparency high-yield real estate bonds and investment-grade local bonds.


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