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Goldman's top picks in MSCI China Index face rocky path amid Covid-19 surge: Report

Goldman's selection of 30 primarily consumer-related stocks saw a decline of 4 percent since the US bank revised its list on November 6, according to South China Morning Post's calculations.

November 28, 2022 / 11:20 AM IST
The Hang Seng Index dropped 2.3 percent for its first weekly loss since November, while the MSCI China Index plummeted 3.0 percent this week.

The Hang Seng Index dropped 2.3 percent for its first weekly loss since November, while the MSCI China Index plummeted 3.0 percent this week.

Goldman Sachs believes that stocks represented in the MSCI China Index will produce a 22 percent gain for investors over a 12-month horizon, South China Morning Post reported on November 28. Several events in the past week reflect that the future is brimming with challenges for China, it added.

Market fatigue last week was brought on by record Covid-19 cases, expanding lockdowns in Beijing and elsewhere, and labour strife in Foxconn's "iPhone City" in Zhengzhou. They served as a reminder that China’s economic reopening targets remain "guesswork" for now, the report said.

Moneycontrol could not independently verify the report.

Also read | Clashes in Shanghai as COVID protests flare across China