Asia Stock Markets
As the stock selloff extended in Asia on Wednesday, one top money manager was anything but concerned.
Alan Richardson, who oversees about $446 million for Samsung Asset Management Ltd. in Hong Kong, says the four-day decline in the region’s equity markets is nothing more than investors locking in profits before they close their books for the year. The manager of the Samsung Asean Equity Fund, which has beaten 97 percent of peers over the past five years, says the broader trend of global economic growth is intact, and he’s using this opportunity to buy more shares.
Japanese stocks tumbled in Wednesday afternoon trading in Tokyo, with the benchmark Topix index heading for its biggest drop since March. The nation’s equities started sliding late last week and have been retreating ever since, with the fallout spreading to other markets. The sudden rout comes after big gains that sent a measure of Asian shares within touching distance of a record close. The region’s benchmark gauge has lost more than 2 percent in four straight days of declines.
Other strategists and fund managers contacted Wednesday had similar views:
Jason Low, (Senior investment strategist at DBS Group Wealth Management in Singapore) said stock investors are probably taking some profits off the table after doing “extremely well” and market participants likely winding down towards year end
Noriyuki Sato (Chief investment officer for Asset Management One SP in Singapore) said Asian stock markets are correcting as they have been “quite overbought”
Jonathan Ravelas (Chief market strategist at BDO Unibank Inc. in Manila) said this is just a pause that is healthy for the market considering the sharp rally it’s gone through in the past two weeks.
Narongsak Plodmechai (Chief investment officer at SCB Asset Management Co. in Bangkok) thinks Correction is “understandable” after a sharp rally and some investors may want to “lock up their profits before going for holiday in next few weeks.
Alan Richardson, who oversees about $446 million for Samsung Asset Management Ltd. in Hong Kong, says the four-day decline in the region’s equity markets is nothing more than investors locking in profits before they close their books for the year. The manager of the Samsung Asean Equity Fund, which has beaten 97 percent of peers over the past five years, says the broader trend of global economic growth is intact, and he’s using this opportunity to buy more shares.
Japanese stocks tumbled in Wednesday afternoon trading in Tokyo, with the benchmark Topix index heading for its biggest drop since March. The nation’s equities started sliding late last week and have been retreating ever since, with the fallout spreading to other markets. The sudden rout comes after big gains that sent a measure of Asian shares within touching distance of a record close. The region’s benchmark gauge has lost more than 2 percent in four straight days of declines.
Other strategists and fund managers contacted Wednesday had similar views:
Jason Low, (Senior investment strategist at DBS Group Wealth Management in Singapore) said stock investors are probably taking some profits off the table after doing “extremely well” and market participants likely winding down towards year end
Noriyuki Sato (Chief investment officer for Asset Management One SP in Singapore) said Asian stock markets are correcting as they have been “quite overbought”
Jonathan Ravelas (Chief market strategist at BDO Unibank Inc. in Manila) said this is just a pause that is healthy for the market considering the sharp rally it’s gone through in the past two weeks.
Narongsak Plodmechai (Chief investment officer at SCB Asset Management Co. in Bangkok) thinks Correction is “understandable” after a sharp rally and some investors may want to “lock up their profits before going for holiday in next few weeks.
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