Citi Strategists Reduce Long Positions in Kospi, Downgrade Asia Emerging Markets to Neutral

According to Citi research strategists including Adam Pickett, the firm has reduced its remaining long positions in South Korea's Kospi index and downgraded Asia emerging markets from overweight to neutral in its global asset allocation on Friday.

The move follows Citi's U.S. strategists' recent downgrade of the semiconductors sector, with the firm noting that when semiconductor sector peaks, the overall market may top simultaneously.