Morgan Stanley is betting on a few Chinese stocks — such as technology and materials companies — to ride out what's expected to be a period of high market volatility. The investment firm prefers mainland China stocks to those listed offshore, equity strategist Laura Wang said in an Aug. 15 report about the bank's positioning in Chinese equities in the third quarter.
China stock index by 20 percentage points since mid-November, she said. China's top holdings are Chinese stocks listed mostly in Hong Kong, such as Tencent and Alibaba . Wang noted how the China index is most sensitive to sectors affected by regulatory uncertainty, and is experiencing its longest bear market in its 20-year history. She expects the property market slump , downward earnings revisions, potential Covid outbreaks and uncertainty around U.S.-China tensions to likely keep market volatility elevated. In the interim, she said the firm recommends remaining overweight on materials companies.
China Index since Morgan Stanley added them to their focus list, according to the bank's report. Utilities: Kunlun Energy Potential upside: 47.3% Kunlun Energy focuses on natural gas processing and transport. The company is controlled by state-owned China National Petroleum Corporation. Kunlun said its profit attributable to shareholders surged by nearly 280% to 23.02 billion yuan last year. The company's Hong Kong-traded shares are down by about 12% over the last three months.
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