Singapore and Hong Kong are small and open economies that are highly exposed to swings in the global environment, said HSBC.
HSBC said it downgraded stocks in Singapore and Hong Kong as the two major financial centers in Asia face the risk of slower economic growth this year.
But the small and open nature of both economies mean the two countries are highly exposed to swings in the global environment, HSBC said. "Growth is unexciting," the bank's analysts wrote."Overall, we find other markets offer a more attractive proposition than Singapore, so we move our stance to neutral."
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