Goldman Sachs downgrades HSI 12-month target from 18000 to 16000

Goldman Sachs brought down the 12-month target of Hong Kong stocks from 18000 pts to 16000 pts to reflect the worsening global investment environment and the downgrade of corporate earnings and target price by analysts. The fund house pointed out that Hong Kong enterprises continued the business globalization and 49% of profit of HSI composite stocks in 2000 came from overseas markets. However, the fund house suggested that investors increase shareholding of China-related stocks, for the ongoing reform and China¡¦s pending WTO entry would stir the local investment sentiment. HSCEI 12-month target is set at 640 pts.

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