Speaker 1: Bloomberg Audio Studios, podcasts, radio News, The.
Speaker 2: Stock Movers Report, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 1: Let's take a look at some stocks on the move
Speaker 1: today in Asia. I'm Stephen Carroll with Caroline Hepker and
Speaker 1: we're joined Buyer Markets reporter Anthony Stevens. Anthony Memory chip
Speaker 1: maker is getting hit in Asia again, this after SanDisk's
Speaker 1: surname is disappointed in the US.
Speaker 3: Yeah, it's important to mention that sand Disk and Western
Speaker 3: digitalow amongst the top performers this year in the US,
Speaker 3: and they're on the different spectrums of the memory trade.
Speaker 3: They've come in below the most optimistic kind of analysts focused,
Speaker 3: and that's hitting memory stocks across the region. So most
Speaker 3: notably you have Kyoksha down nine point three percent, but
Speaker 3: also Samsung and Henis are down a lot. Samsung's down
Speaker 3: five percent and Heynex is down seven and that's what's
Speaker 3: dragging down the costp. As you mentioned, what's very interesting
Speaker 3: here is that foreigners have turned net sellers again in Korea.
Speaker 3: Remember on the Big Pop that they bought a record
Speaker 3: quantity of Korean shares. Now they've turned net sellers two
Speaker 3: point two billion, So you've seen the amount of conviction
Speaker 3: on this memory trade come down quite drastically as earnings
Speaker 3: come in.
Speaker 4: That's interesting. Financial firms meanwhile in Hong Kong are lower
Speaker 4: as investors passed the announcements about China's new tax on
Speaker 4: offshore insurance gains.
Speaker 3: Yeah, so China is casting its offshore tax net a
Speaker 3: lot more aggressively. They want to collect the taxes people
Speaker 3: make outside China, and that includes some of the hefty
Speaker 3: profits people have been making off offshore insurance products. Remember
Speaker 3: that Hong Kong's interest rates are tagged to the US,
Speaker 3: so interest rates on Hong Kong related kind of insurance
Speaker 3: products or savings products has been higher. Meanwhile, in the mainland,
Speaker 3: interest rates remain quite suppressed due to their low economic growth.
Speaker 3: So that spread has been captured by Chinese money moving offshore,
Speaker 3: and the Chinese want to kind of reduce that torrent
Speaker 3: of money and as a result, this is a very
Speaker 3: easy place to start. The Chinese insurance sellers like AIA
Speaker 3: and Prudential are down quite sharply. AIA, for example, is
Speaker 3: not eight and a half percent, which is a big
Speaker 3: move for a big solid financial like that. And HSBC
Speaker 3: was down in your session yesterday and follows through today
Speaker 3: down another two point three and Prudential is down another
Speaker 3: six after getting sharply hit in the London session yesterday
Speaker 3: as well.
Speaker 1: Well, let's look for some optimism then, a bright spot
Speaker 1: in the Hong Kong market, some AI firms being included
Speaker 1: in the stock connect links for mainland Chinese investors.
Speaker 3: Yeah, on the ironic side, you know, the connect beerment
Speaker 3: is a very important source of Chinese capital into Hong Kong,
Speaker 3: and they don't have some of these tech names to
Speaker 3: invest in on the mainland. So the LM, the po
Speaker 3: LLLM names Minimax and Jubu are quite strong. Mini Max
Speaker 3: is up fifteen percent. This stock has been under a
Speaker 3: lot of pressure because it priced a huge block right
Speaker 3: after IPO outlock and one billion dollars, so some of
Speaker 3: that pressure is being alleviated against some of the southbound
Speaker 3: buying and that's lifting its peer Jupu or z Ai
Speaker 3: as it called now, which is up three percent against
Speaker 3: the market that's down around two percent.
Speaker 4: Really interesting. There's also been another story that we're thinking
Speaker 4: about in terms of Taris US. Taris the US now
Speaker 4: looking at pola silicone, which is the main thing that
Speaker 4: you need in in microchips and in solar panels, and
Speaker 4: that's also affected a lot of stocks in Asia.
Speaker 3: Yeah, that's an interesting one because most of the US
Speaker 3: makers of solar panels still import the raw materials from China,
Speaker 3: so at the moment they're negatively impacted. That space fell
Speaker 3: quite sharply last night. It's following through to the Asian supplies.
Speaker 3: Of course, most of that space is down around two
Speaker 3: to three percent, including names like Tongwei and gclpoly in China.
Speaker 3: What's very interesting is how far can the US go
Speaker 3: down that path? How much capacity is it willing to
Speaker 3: build in this space that is suffering some quite drastic
Speaker 3: global over supply. So bear in mind China has been
Speaker 3: struggling with solo overcapacity for a very long time, to
Speaker 3: the extent at which the exports are flooding relatively poor
Speaker 3: countries like Pakistan, Bangladesh and so on. And actually that's
Speaker 3: one of the reasons the oil impact from the Iran
Speaker 3: crisis has been relatively muted on poor countries. They've been
Speaker 3: able to replace energy demands with sola quite easily. So
Speaker 3: it's very interesting to see how this dynamic plays out
Speaker 3: over the next couple of months.
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