What Worked Asia - 24 Jun 2016 - In Asia Size and Value benefited from all the turmoil

What Worked – Obviously all the markets were negatively affected by today’s news out of England. In China, there was a strong move into large-cap and low PBR names. Yanzhou Coal Mining was up 6% and China Shenhua Energy was up 6%. Low PBR names also did well in Hong Kong this week. Far East Consortium was up 9% and K Wah International Holdings was up 9%. In South Korea, value and large-cap names dominated. All the value factors were very strong.

However, that just means that Value and Large-cap names did not go down as much as the others. Poongsan Corp was up 2% and GS Engineering & Construction was up 3%. In India there was a good selloff in high Beta names and a slight move into Size. State Bank of Bikarner was down 12% and Indiabulls Real Estate was down 15%. In Singapore there was a very strong week over week reversal in momentum. City Developments was down 7% and Singapore Post was down 7%.

Who Moved – 139 names moved on volume this week. Volume spikes were well distributed across the region. However, a good portion of the volume spikes came in the Financial Sector. On the positive side, Thai Airways International was up 26%, Berjaya Philippines was up 18% and PT Matahari Putra was up 12%. On the other side, Millennium Pacific Group was down 33%, China Modern Dairy was down 13% and Stella International was down 12%.


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