HK financial analysts the least upbeat, survey finds

PUBLISHED : Monday, 19 December, 2011, 12:00am
UPDATED : Monday, 19 December, 2011, 12:00am


Hong Kong-based holders of the chartered financial analyst (CFA) qualification are the least optimistic about the global economy next year, according to a global survey of 2,726 CFA holders last month.

Indeed, 55 per cent of Hong Kong-based respondents expected an economic contraction next year, compared to 29 per cent globally.

The city's CFA holders were also the least optimistic about Hong Kong's economy, with 33 per cent expecting a contraction. About 17 per cent of the overall survey group were expecting a local contraction.

Respondents in Asia-Pacific were generally the gloomiest about next year's economic outlook. Singapore-based respondents showed the second highest level of pessimism, with 52 per cent expecting a contraction. This was followed by 40 per cent in India, and 39 per cent in China.

'IPOs have performed poorly in Hong Kong in recent months including other markets in the region,' Lee Kha Loon from the CFA Institute said.

'Investors are concerned with [Europe's] sovereign debt crisis, the integrity of markets and the state of the global economy.' More than 75 per cent of respondents also saw no prospects of improved 'integrity' in the markets next year, despite major efforts to reform regulations around the world.

Loon said: 'Slow starts at the national policy level and lack of progress in global co-ordination of systemic risk oversight are being outpaced by investor concerns about the potential for future systemic disruptions.'

In Hong Kong, about 36 per cent of respondents believed that improved regulation and oversight of systemic risk were needed next year, up from 28 per cent for this year.

Thirty-eight per cent of global respondents agreed with this view.


The annual dues, in US dollars, that CFA holders have to pay for their membership