People wearing protective masks order food in a restaurant in Taipei, Taiwan, on Thursday, May 27, 2021.
Billy H. C. Kwok | Bloomberg via Getty Images
Goldman Sachs has raised its recommendation on Taiwan stocks, saying it “looks great under the hood”.
The benchmark Taiex has beaten in the past few weeks and, according to calculations by CNBC, leads the losses among the major Asia-Pacific markets in May.
Taiwanese stock market is under pressure after the island was hit by a resurgence of Covid-19 infections. Prior to the latest wave, Taiwan was widely recognized internationally for its success in containing the coronavirus without a full lockdown.
But Timothy Moe, chief strategist for stocks in Asia Pacific, isn’t worried.