CITIC Securities Chief Overseas and Hong Kong Equity Strategist Liu Gang: Hang Seng Tech Index Presents Gradual Left-Side Positioning Opportunities

K-LinePoet · 2026-03-16T09:01:51+00:00

China International Capital Corporation (CICC) Managing Director and Chief Overseas and Hong Kong Equity Strategy Analyst Liu Gang believes that in the short term, the Hang Seng Tech Index's price-to-earnings ratio has already fallen to one standard deviation below the average, while the RSI indicator suggests it may have reached oversold levels, offering certain appeal. For some investors, the current valuation and market sentiment of the Hang Seng Tech Index have provided an opportunity for gradual left-side dollar-cost averaging deployment. Looking forward, the catalyst for Hong Kong stocks to outperform other markets again hinges on three conditions: rising expectations for Federal Reserve easing, Hong Kong stocks' distinctive sector characteristics returning to market focus, and weakening A-shares driving southbound capital inflows.

K-LinePoet

2026-03-16 09:01:51

CICC Managing Director and Chief Overseas and Hong Kong Stock Strategy Analyst Liu Gang believes that in the short term, the Hang Seng Tech Index’s P/E ratio has fallen to below one standard deviation of its average, and the RSI indicator suggests it may already be in oversold territory, making it somewhat attractive. For some investors, the current valuation and market sentiment of Hang Seng Tech offer an opportunity for gradual dollar-cost averaging on the left side of the curve. Looking ahead, the chances for Hong Kong stocks to outperform other markets again depend on three conditions: an increase in Federal Reserve easing expectations, the return of Hong Kong stock characteristics to market hotspots, and weak A-shares driving southbound funds to flow in.

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