Goldman Sachs Raises South Korean Market Target, Keeps Overweight Rating on Chinese A-Shares

Deep News06-03

Goldman Sachs stated in a report on Wednesday that the rally in artificial intelligence (AI) chipmaker stocks may continue, but the risk of a pullback is increasing.

Analysts including Timothy Moe, Goldman's chief Asia-Pacific equity strategist and co-head of macro research, wrote, "We are more positive on North Asia, which has the strongest earnings growth."

Goldman Sachs has raised its target for the South Korean stock market, increasing it from 9,000 points to 12,000 points.

The firm maintains its "overweight" rating for mainland China's A-shares.

Goldman Sachs noted that the MSCI Asia Pacific ex-Japan index has risen 27% year-to-date, but excluding South Korea and Taiwan, the index would have fallen 4%.

Goldman Sachs has raised its 12-month target for the MSCI Asia Pacific ex-Japan index from 990 points to 1,080 points.

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