As a swift and broad rally in Asian stock markets after China's reopening from COVID curbs peters out, investors are targeting beaten down stocks in sectors including retail, hospitality and technology to lead a narrower advance from here.
Also, since China accounts for more than 20% of exports from the Association of Southeast Asian Nations, a recovery in China will lift up growth of the entire region, said Value Partners' Chung, who is overweight on markets in the ASEAN bloc.
Value Partners' Chung said the concerns over global recession have been largely priced into the market and the benefits from China reopening have yet to be felt.
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