近兩個月的升市,並未有改變港股預期估值不斷被扣減的大趨勢。(亞新社)

估值壓縮趨勢有待突破

幾大催化之下,市場走勢仍然是暫時易升難跌。可是,樂觀的走勢其實是建基於市場之前過分悲觀,兩者交替造成鐘擺效應,當估值回升至市場認為回復一個合理值後,屆時才會有真正考驗。

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