HSBC Raises China Stocks Forecast
By Jane Feng |
November 19, 2011, Saturday
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Print Edition
Print Edition
HSBC has lifted its 2012 forecast for the Chinese mainland's stock market, saying yesterday in a report that profits may rebound due to cooling inflation and a "soft-landing" for the property market.
The Shanghai Composite Index will rise up to 2,800 points next year, up from the previous estimate of 2,700 points, while the CSI 300 Index, the underlying assets of the mainland's only stocks futures contract, may rise to 3,200 points. "If inflation continues to abate, we expect gross profit margins to rebound in downstream businesses first in the first quarter of 2011," the report said. "But free cash flows continued to deteriorate in the third quarter of 2011, although selective easing could help alleviate funding pressure."
The Shanghai Composite Index will rise up to 2,800 points next year, up from the previous estimate of 2,700 points, while the CSI 300 Index, the underlying assets of the mainland's only stocks futures contract, may rise to 3,200 points. "If inflation continues to abate, we expect gross profit margins to rebound in downstream businesses first in the first quarter of 2011," the report said. "But free cash flows continued to deteriorate in the third quarter of 2011, although selective easing could help alleviate funding pressure."
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