UBS sees earnings growth momentum driving HK

Investors advised to stay bullish, but remain cool.

The economy of Hong Kong is still treading bullish waters, according to UBS, which has earmarked earnings growth momentum as the key driver for the territory's short-term health. Aside from looking bullishly towards Hong Kong's economy, the global firm also advises investors to move cautiously and be selective with banking stocks, warns of the pressures faced by certain industrialexporters and generally predicts a positive scenario for the local residential property market.

Earnings growth momentum rather than liquidity, which has never exerted a significant influence on movement in the Hang Seng Index, is the key driver of the economy in Hong Kong, says Andrew Look, managing director, UBS Investment Research,...

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