The bounceback in Chinese stocks from their multi-year lows risks running out of steam unless the nation’s tech giants can deliver on their earnings next week.
Tencent is forecast to report a 6% increase in revenue for the quarter through March, while Alibaba’s sales are predicted to rise by 5.6%, according to average analyst estimate compiled by Bloomberg. MSCI China Index members that have already announced first-quarter numbers have recorded an average 3% decline in earnings per share from a year earlier, with real estate, utilities and materials firms the worst performers, JPMorgan Chase & Co. also said last week.There’s still room for optimism though as tech companies were some of the best performers last year in boosting profits.
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