China's recovery is taking longer than expected, so Citi is pushing back its stock rebound forecasts
Publishing timestamp: 2023-04-06 23:24:44
Summary
Citi analysts have pushed back their forecasts for a stock market rebound in China by three months, now expecting the Hang Seng Index to reach 24,000 by the end of September instead of June. The slower-than-expected post-COVID recovery has led to more misses than beats in the analysis of 2022 results of 316 Chinese companies. Falling exports from slower growth in the US and Europe, along with a slump in the massive real estate sector, are weighing on China's economy. However, the quarterly People's Bank of China survey released this week indicated more people in China want to buy houses again, along with greater expectations that home prices will rise.
Sentiment: NEUTRAL
Tickers: 8156-HK, 753-HK, 9618-HK, 1928-HK, BABA, 1111-SZ, JD, 1929-HK, .HSI, 700-HK,
Keywords: asia economy, hang seng index, sands china ltd, jd.com inc, markets, sinopharm tech holdings ltd, market insider, air china ltd, tencent holdings ltd, alibaba group holding ltd, stock markets, business news, chow tai fook jewellery group ltd,