Asia's tech stocks have taken a hit from the recent tech sell-off, but UBS sees promise in the sector, naming its most — and least — preferred stocks in it. "Bottom up, we do not believe the Tech outlook has dramatically changed," the investment bank's analysts led by Nicolas Gaudois wrote in an Aug. 6 research note. "The 2Q24 results season showed some delay in the recovery for auto / industrial semis & PCs more in line.
Their comments follow the 17% average decline in Asia-Pacific tech stocks in the four weeks up till the date of the note, underperforming the MSCI APAC Equity index by 13%, the analysts noted. Year-to-date, the sector was also down 13% on average relative to the broader index, as at Aug. 6, the analysts added. UBS' analysts expects AI to remain the "overarching driver" in the tech sector.
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »