Chinese Stocks: A Market for Stock Pickers
Quarterly Reports Highlight Importance of Stock Selection
The latest quarterly reports from major Chinese companies reinforce the notion that the local market is one for stock pickers. Earnings estimates for an MSCI Index of 100 Chinese tech firms climbed about 20% in 2023, even as forecasts declined for other regions.
Strong Fundamentals Support Stock Rebound
China's stock market rebound may have room to run based on several underlying positives. These include favorable technicals, strong fund flows, and an optimistic outlook.
Alibaba's Strong Earnings Beat Expectations
Alibaba's fiscal third-quarter earnings exceeded analyst expectations, sending its shares soaring 6%. The company reported strong growth in its core e-commerce business, as well as its cloud computing and digital media operations.
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