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Citigroup Downgrades South Korea Equities, Upgrades China on Valuation; KOSPI Falls 28% in One Month

GateNews
IndicesStocks
According to Citigroup, on July 21, the global investment bank downgraded its rating on South Korean equities from 'overweight' to 'neutral' and upgraded Chinese equities from 'neutral' to 'overweight' in its emerging markets asset allocation report. Citigroup strategist David Grohman cited low global investor positioning in Chinese stocks and attractive valuations with significant upside potential, while noting that South Korea's 51% year-to-date rally has led to increased volatility. Data shows KOSPI fell 28% over the past month, compared with a 7% decline for the Shanghai Composite, signaling potential capital rotation from South Korea to China.
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