The Wall Street giant bought shares on behalf of clients in both markets in May to expand existing overweight positions. Hong Kong will be supported by easing social distancing measures, improving business activity, signs of a rebound in retail sales and a strong Hong Kong dollar amid robust capital flows, Peng said. Citi favors retail, real estate and local banks in the jurisdiction.
(June 11): More traditional companies in Hong Kong and Singapore are set to benefit from a “new business cycle” globally as their economies recover from the pandemic, according to Citigroup Inc.’s private-banking arm.
Cyclical and undervalued stocks will outperform in both jurisdictions supported by fiscal stimulus, with Hong Kong probably coming out of a yearlong recession this quarter, Ken Peng, head of Asia investment strategy, said in an interview. “Hong Kong is coming back in a rush,” while “Singapore is among our top markets,” he said.
