久久视频一区在线看,91婷婷综合

Slides
Photos

UBS sees mainland stocks attractive, likes defensive plays

(Agencies)
Updated: 2009-03-05 19:46

Chinese mainland stocks are among the most attractive in Asia, with price to book ratios low and the prospect of an early recovery in the local economy good, UBS, the world's biggest wealth manager, said on Thursday.

The benchmark Shanghai Composite Index has been among the best performing major indexes so far this year, boosted most recently by hopes a new stimulus package from the government will help it ride out of the global economic downturn.

Premier Wen Jiabao said in his annual work report to the National People's Congress that China would ramp up its budget deficit to hit the government's coveted 8 percent growth target this year.

The target - above expectations by some analysts - comes as many regional economies are expected to post a sharp contraction as their exports have been hit by weak demand from US and European markets.

"We believe China's economy would be among the first to ride out of the global storm," Yonghao Pu, chief investment strategist of UBS's wealth management in Asia Pacific.

"China equities will be very cheap and attractive if they trade below 1.2 times price to book," he said.

Shares of Chinese mainland companies now trade at an average of 1.5 times book value, sharply lower than the 4-5 times seen in 2007, but not yet at the 0.8 times seen during the 1997-1998 Asia financial crisis, according to UBS.

Pu sees investment opportunities in defensive plays including Chinese mainland's telecom and pharmaceutical shares.

Other Asian markets favored by the Swiss bank are Singapore, India and Hong Kong, he said.

The Shanghai Composite Index has risen about 22 percent so far this year, while MSCI's All Country World Index has fallen more than 20 percent.

(For more biz stories, please visit Industries)

综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费