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Morgan Stanley Says Chinese Stocks Could Surge

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advance5 June 30, 2010 (Chinavestsor) Morgan Stanley (NYSE:MS) believes the 27% year-to-date drop for the Shanghai Composite Index (SHA:000001), which has made China's largest bourse the second-worst global performer this year, makes Chinese stocks a buy. Morgan Stanley (NYSE:MS) is among several investment houses that believe Beijing's decision to relax the Yuan/Dollar peg will benefit Chinese equities.

BNP Paribas and Nomura Holdings are also bullish on Chinese stocks,  but Citigroup (NYSE:C) issued a report yesterday that said Chinese equities are likely to remain range-bound for the rest of this year. The Shanghai Composite Index (SHA:000001) rose 62% in 12 months after China last allowed a more flexible exchange rate in July 2005, according to Bloomberg News.

Morgan Stanley (NYSE:MS) thinks the Shanghai Composite Index (SHA:000001) could soar 65% to 4,000 by June 2011. The index fell for a sixth straight day today, falling 1.2% to close at 2,398.37 and now sports a price-to-earnings ratio of 18.

Insider buying at Chinese companies has been rising, jumping by $162 million last month. Similar purchases in October 2008 signaled the end of the Shanghai Composite’s year-long bear market, with the gauge rallying 82% from its low on Oct. 28, 2008, through October 2009, Bloomberg reported.



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