Citi Private Bank says it has maintained an 'overweight' stance on stocks in China, Hong Kong, Taiwan and South Korea.
since tensions between the world's top two economies escalated last month — a point acknowledged by Ken Peng, head of Asia investment strategy at Citi Private Bank. But he said there are reasons to remain optimistic about those markets for now..
He added that friction between the U.S. and China in technology could end up benefiting companies in South Korea and Taiwan.doing business with U.S. companies, and that could potentially allow South Korean or Taiwanese players to fill the void and gain market share globally, he explained. More generally, much of the global economic growth will center in Asia given the region's rising middle class that will drive consumption demand, said Peng. That's set to benefit sectors such as health care, autos and insurance, he said.
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