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- Renewed Covid outbreak in Asia is not a big worry - Citi strategist
Renewed Covid outbreak in Asia is not a big worry - Citi strategist
CNBC reports that an investment strategist from Citi Private Bank said that the renewed rise in Covid-19 cases across Asia is not a big worry and the region’s economy will get back on track when the outbreak eases.
Against such a backdrop, investors could go after “Covid-impaired” stocks such as airlines and other companies in the travel and leisure sector, said Ken Peng, the bank’s head of Asia investment strategy.
Peng told that Asia is not experiencing a resurgence in Covid for the first time.
“That’s a movie we’ve seen before. It happened in the winter (that) just passed and it also happened last third quarter when we had these waves, and then once the cases come down, you see the economic recovery back on track. So I think that’s not something we need to worry about too extensively,” he added.
In addition to sectors that have been hit hard in the pandemic, Peng said he sees opportunities to buy Chinese tech stocks on the dip. He added that the share prices of some of those stocks have declined as a result of regulatory scrutiny.
The strategist also said he’s “very positive” on the commodities space, with demand from China, the U.S. and Europe likely staying resilient.
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