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Hong Kong Favoured By International Fund Managers

by Carla Johnson, Investors Offshore.com

21 December 2004


Hong Kong has now become the location of choice for international equity fund managers.

This is according to the findings of Dow Jones’s monthly survey of fund managers’ portfolio weighting recommendations for the next twelve months.

Sentiment towards the Hong Kong market turned positive in mid-2004, when the territory emerged from a period of deflation lasting over five years, and has remained positive in the intervening months.

However, fund managers believe that returns from Hong Kong shares will be relatively minor in the short term, with many predicting that the Hang Seng will post small gains in the coming weeks after crossing above the psychologically important 14,000 point barrier.

"Hong Kong's economic recovery should carry into 2005 with greater inflationary pressure, as a result of the plunging US dollar and the picking up of residential rents," noted Leon Goldfeld, investment director at HSBC Asset Management.

Fund managers are also optimistic over the prospects of other markets in the Asia Pacific region, including Japan, Thailand, Taiwan, India and Indonesia, retaining an overweight recommendation for all of these markets.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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