Singapore Bank: Hang Seng Index target of 28,800 points in the next 12 months, with international gold price expected to rise to $4,800 within the year.

Singapore Bank's China stock strategist Huo Huimin said that she gives an "overweight" rating to the Hong Kong and mainland stock markets. The basic target for the next 12 months is 28,800 points, while she holds a "neutral" view on US stocks, with a target of 7,000 points for the S&P 500 index in the next 12 months. Huo said that the Hong Kong stock market was mainly driven by valuation normalization last year, and she expects profit improvement to provide momentum this year. In addition to being optimistic about the AI sector, she will also adopt a barbell strategy to balance market uncertainties and volatility, including high-yield stock allocation. Singapore Bank expects that the new Federal Reserve chairman appointed in 2026 may adopt a more dovish stance, which may soften the US dollar due to US tariff policies and geopolitical tensions, while keeping demand strong for safe-haven assets such as gold, with international gold prices expected to rise to $4,800 within the year.