Goldman Sachs has upgraded its expectations for Chinese stocks, telling investors that shares could go a further 15 to 20 per cent higher after a historic rally following Beijing’s pledge to do more to stimulate the economy.
Strategists at the US investment bank said the measures announced so far by Chinese authorities “constitute a more substantial policy stimulus that contrasts with the sporadic and modest easing measures over the past few years”.
Foreign investor positioning remained “light” and valuations remained cheap relative to history, they wrote in a note.
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