Citigroup upgrades Hong Kong stocks

Upward trend: A woman walks past a Hong Kong Stock Exchange sign. Citigroup is upbeat on Chinese stocks and has upgraded Hong Kong to overweight in Asia, saying Beijing’s pivots on zero-Covid and property will most likely lift earnings. — AFP

HONG KONG: Citigroup Inc is turning more bullish on Chinese stocks, upgrading Hong Kong to overweight in Asia and saying Beijing’s pivots on zero-Covid and property should lift earnings.

“Reopening, along with support for the property sector, should help stabilise the current China earnings per share (EPS) downturn and support investor sentiment,” strategists, including Robert Buckland, wrote in a note on Sunday.