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Asian stocks may rise 18% more, JPMorgan says
Written by Bloomberg
Tuesday, 05 May 2009 11:00
BALI (Indonesia): Asian stocks outside Japan may rally a further 18%, helped by low interest rates, stimulus spending by governments and increased demand for riskier assets, JPMorgan Chase & Co. said on May 5, according to a Bloomberg report.
The MSCI Asia-Pacific excluding Japan Index may rise to 350, analysts led by Adrian Mowat said in a report, without stating their previous target. Investors should be “overweight” in South Korea, Taiwan, Thailand and China, they added.
JPMorgan’s forecast is 18% higher than May 4’s close. The MSCI regional index, which slumped a record 53 percent in 2008, has rebounded 20% this year, outpacing the 0.4 percent increase in the MSCI World Index.
Chinese stocks are the region’s best performers this year, as its economy benefited from a 4 trillion yuan (US$586 billion) government stimulus package. The CLSA China Purchasing Managers’ Index rose to a seasonally adjusted 50.1 in April, signaling that the nation’s manufacturing grew for the first time in nine months, a report yesterday showed.
“China has led the recovery in both markets and economies,” the analysts wrote. “As China discounts its economic recovery we are reallocating capital to other North Asian economies that are later in the recovery phase." - Bloomberg
