Citi adds Singapore shares on ‘new business cycle’

SINGAPORE: More traditional companies in Hong Kong and Singapore are set to benefit from a “new business cycle” globally, as their economies recover from the pandemic, according to Citigroup Inc’s private-banking arm.

Cyclical and undervalued stocks will outperform in both jurisdictions supported by fiscal stimulus, with Hong Kong probably coming out of a yearlong recession this quarter, Ken Peng, head of Asia investment strategy, said in an interview. “Hong Kong is coming back in a rush,” while “Singapore is among our top markets,” he said.