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The rally in Hong Kong stocks since end-October may unwind soon based on market history, potentially entrapping latecomers to the China reopening playbook, according to MegaTrust Investment.
The Year of the Rabbit kicked off in style as traders pushed the Hang Seng Index towards an 11-month high, buoyed by reports showing a rebound in consumer spending in mainland China.
Investors are unabashedly bullish on Chinese stocks, according to a survey by Bank of America. Some, however, would welcome a 5 to 10 per cent retreat before the Lunar New Year.
JPMorgan Private Bank sees revaluation upside on China reopening momentum, while property bonds get upgraded amid state policy support and potential market rebound later this year.
Global funds ploughed US$9 billion into Chinese onshore stocks in the first two weeks of this year, the most since at least 2018. The asset remains under-owned, US money manager KraneShares says.