HK Market Strategy Bi-weekly:Downside risks heightened.Sell on rallyafter results
类型:投资策略 机构:招商证券(香港)有限公司 研究员:招商证券(香港)研究所 日期:2017-03-30
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Recommendations
As the US-HK interest rate spread widened, CMS HK Liquidity Indicator continued to fall, and HK equities can hardly surge further, in our view.Sector rotations and laggards chasingwill continuein the markets. Investors should focus on forecast-beating earnings and high dividend stories. For the energy and raw materials sectors, momentum could weaken as earnings growth decelerates.Moreover, stockswith moderate A/H premium and good fundamentals also deserve attention.
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