Steady gains forecast for HK benchmark

Local | 2 Jun 2020 5:28 pm

The Hang Seng Index will hit 26,500 points in the second half, an analyst predicts.

Kenny Ng, securities strategist from Everbright Sun Hung Kai, said the HSI will be steady and less elastic over the next six months.

He said the benchmark had reached its peak and bottom in the first half.

Ng does not expect the index to drop below  the support level of 21,000-22,000 points this year.

Everbright Sun Hung Kai is overweight 5G, new economy, gambling and property management sectors, recommending stocks including ZTE (0763), China Tower (0788), and Poly Property Development (6049).

Wealth management strategist Kenny Wen predicted that markets, in general, maybe more volatile in the second half.

He recommends a diversified strategy by buying stocks in phases during market corrections, while gold may be used to balance risk.

Strategically, investors may focus on four major themes – gold, the environmental, social and corporate governance concept, US large caps and tech stocks, Wen said.

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