The CSI 300 Index may extend its 19-percent rise from an October low when traders return after a week-long Lunar New Year break, with travel and box office data signaling that consumer spending is on the mend. Hotel operators and restaurant chains will benefit, as well as travel firms and entertainment-related names.
The gains are likely to “sustain as the economic recovery will continue throughout 2023 and investor positioning has yet to be replenished after the capitulation sale last fall,” said Redmond Wong, strategist at Saxo Capital Markets HK Ltd. The rally in the first half will be underpinned by easing US inflation, a potential pause in Federal Reserve tightening and a better-than-expected European economy, he added.
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