Bank of America Securities raised the HKEx's average daily turnover forecast for the 2024 fiscal year from $100 billion to $115 billion.
The Zhitong Finance App learned that Bank of America Securities released a research report stating that it reaffirmed the “buy” rating of the Hong Kong Stock Exchange (00388) and raised the target price by 7% from HK$290 to HK$310.
The report said that since the increase in transaction volume in the secondary market may come from short-term capital flows, and there are doubts about the sustainability of the improvement in sentiment, the bank will focus on IPO performance to measure the long-term sentiment of the market, but the recovery of related IPO activities is still slow.
The bank said it raised the Hong Kong Stock Exchange's average daily turnover forecast for the 2024 fiscal year from 100 billion yuan to 115 billion yuan, while the average daily turnover from the beginning of the year to date was 109 billion yuan. The strong market rebound in the past month gave the bank some confidence in this year's turnover growth and raised its net profit forecast for 2024 to 2026 by 1% to 4%.