- Strategists lift Kospi target by around 5% to 3,050 points
- Indonesia downgraded to neutral on earnings concerns
HSBC Holdings Plc lifted Korean stocks to overweight from neutral, citing growth opportunities in the memory sector and government initiatives to boost valuations.
Laggards in the memory sector should “catch up with the tech rally and drive performance in the coming quarters,” strategists including Herald van der Linde wrote in a note Wednesday. The Korean government’s Value-up Program, designed to guide companies toward boosting shareholder returns, “should keep Korean equities in the limelight,” they said, raising their target on Kospi by about 5% to 3,050 points.
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