MMay7,202409:00PMGMTMorganStanleyAsiaLimited+UpdateChinaEquityStrategyAsiaPacificLauraWang+8522848-6853+656834-8172ThoughtsontheRecentRallyEquityStrategistLaura.Wang@morganstanley.com+8522848-7102Weexpecttherallymomentumtoabate–don'tchaseatthe+8522848-8845indexlevel.GlobalgeopoliticalconcernsandrisingUSandMorganStanleyAsia(Singapore)Pte.++8523963-4186Japanesemarketvolatilityhaveeased;near-termoverbought+8522848-7293technicalsignalshaveappeared.Werecommendsingle-stockJonathanFGarnerandthematicopportunitiesgivenimprovedinvestorsentiment.EquityStrategistChina'sequitymarkethasbeenthebestperformergloballyonaone-weekandJonathan.Garner@morganstanley.comone-monthbasis;ithasbeenoutperformingglobalandemergingmarketsYTD.MorganStanleyAsiaLimited+Keydriversoftherecentrallyrangefromdomesticandglobalfactorstopositioningandfundflows,aswellasthelatestpricetechnicals:1)Domestically,GilbertWong,CFAweseesomeearlysignsofmacrostabilization,especiallyinexportsandmanufacturing,togetherwithstepped-upeffortsbypolicymakerstostabilizetheQuantitativeStrategiststockmarket(withafocusonA-shares).2)Globally,thecontextbehindthisrallyGilbert.Wong@morganstanley.comincludesdiversificationawayfromgeopoliticaluncertaintyandrisingvolatilityintheUSandJapanesemarkets.InvestorstookprofitsonkeyUSTech/SemioutperformersJasonNg,CFAandadjustedportfoliosas...
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