(Bloomberg) -- China’s stocks will extend gains in the first quarter, driven by increased earnings and economic growth, and improvements in the “liquidity situation” early next year, JPMorgan Chase & Co. said today. Faster appreciation of the yuan and a delay in “serious tightening” by the government will also help fuel a rally in the first three months of next year, JPMorgan analysts led by Frank Li wrote in a report today. The brokerage raised its forecast for the MSCI China Index of mostly Hong Kong-traded Chinese stocks, estimating it will reach 78 by the end of 2010.
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