What Worked – In China there was a clear move into large cap names and a slight move into quality. China Maple Leaf Educational System was up 14% and Biostime International was up 14%. Hong Kong also saw the same move in the large cap space but without the positive boast in quality names. China Minsheng Financial was up 15% and Man Wah Holdings was up 14%. In South Korea, Dividend Yield was the strongest factor this week. Mando Corp was up 15% and Innovation Corp was up 9%.
In Singapore, PE was really the only factor that stood out this week. Olam International was up 7% and China Aviation Oil was up 6%. Taiwan saw a huge move in high beta and to a lesser degree value names. High beta names that did well this week were HTC Corp was up 30% and Advanced Semiconductor Engineering was up 25%. In India, large-cap names and Value outperformed this week. Bharat Heavy Electricals was up 8% and Union Bank of India was up 7%.
Who Moved – Only 83 names moved on volume in Asia this week. Half of the volume spikes came in China/HK and India. On the positive side, CMG Pharma was up 34%, Advanced Semiconductor Engineering was up 25% and Jeil Pharma was up 21%. On the other side, REX Global Entertainment Holdings was down 26%, Beijing Enterprises Clean Energy Group was down 13% Cummins India was down 9%.
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