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There is still room for further upside in China’s stock market and the market has ample opportunities ahead, said Wang Ying, Morgan Stanley’s chief equity strategist for China.
The Chinese government will step up a series of supportive policy measures in the next one to two months to stabilize economic growth, and the consumption-led recovery will expand in the second half of 2023, with China’s stock market expected to stabilize and bottom out while outperforming emerging markets as a whole, Wang said.
The bank still prefers consumer stocks, in particular service consumption, and meanwhile, it recommends selective allocation in raw material, industrial, and technology sector.