In a surprising turn of events, UBS Group AG has made a rare upgrade call, lifting its recommendation on a key Chinese stock index to Overweight.
As of 2 p.m. ET, Chinese equity tracking ETFs such as the iShares China Large-Cap ETF (NYSE:FXI) was trading up 1.52%, KraneShares CSI China Internet ETF (NYSE:KWEB) was up 2.86%, and iShares MSCI China ETF (NASDAQ:MCHI) was up 1.26%.
Stocks of Chinese companies also shared in the optimism with Alibaba Group Holding (NYSE:BABA) (OTC:BABAF) was up 2.65%, PDD Holdings (NASDAQ:PDD) up 2.87%, Tencent Holdings ADR (OTC:TCEHY) up 3.51%, Li Auto Inc (NASDAQ:LI) up 0.24%, XPeng (NYSE:XPEV) up 2.29%, NIO – ADR (NYSE:NIO) up 2.50%, and JD.com (NASDAQ:JD) up 2.06%.
UBS Analyst Upgrades China To Overweight
This move comes amidst a backdrop of lingering concerns over China’s property sector and broader macroeconomic worries. However, Sunil Tirumalai, UBS' institutional research Global Emerging Markets equity strategist, pointed to resilient earnings as a beacon of hope ...Full story available on Benzinga.com
Related tickers: FXI, PDD, TCEHY, MCHI, BABA, KWEB, JD, LI, NIO, BABAF, XPEV.
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