For the week, most markets were off -1% to -2% though South Korea was off an especially deep -3.54%, India was lower by -3.85%, Malaysia was off by -2.88%, and Taiwan was down -3.16%.
Remember that Hong Kong’s uptrend and India’s downtrend may be causing active manager pain due to their being underweight China internet and overweight India. If this early trend can stick, it could “force” big funds back into the space. Another catalyst is the simple reality that the US dollar may strengthen on Fed rate hikes, posing a significant headwind for EM currencies.
The Hang Seng was up +2.36% for the week while Shanghai was up +0.26% thanks to its value skew and Shenzhen was down -1.74% thanks to its growth skew. Overnight, the Hang Seng gained +0.05% on volume that was down -13.57% from yesterday, which is 95% of the 1-year average. That’s not a bad volume day for Hong Kong as the Hang Seng is right at the 25,000 level. Hong Kong-listed internet stocks were mixed overnight as the highest volume stocks by value traded were Tencent, which gained +0.
Tencent’s WeChat and Bytedance’s TikTok are being included in the US technology anti-trust bill though the bill might have trouble passing. TikTok has already moved its US customer servers to American soil while Tencent has very few US users .
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