The return of equity

Private banking


Back in April last year, it was difficult to see why anyone would invest in Asian equities. Hong Kong’s stock market, ravaged by the spread of the Severe Acute Respiratory Syndrome virus, fell to its lowest level since October 1998; Japan’s Nikkei 225 stock index fell to 20-year lows; and South Korea’s benchmark composite index hit its lowest level since October 2001. Difficult to believe, then, that these stock indexes finished the year with gains of 35%, 24.5% and 29% respectively.

For Asia’s

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