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Samsung & Tencent grab tech spotlight

Thursday, August 25, 2016 - 01:50

South Korea's Samsung and China's Tencent are pushing forward into the global tech limelight with stock prices sitting around record highs. As Tara Joseph reports, both firms have launched successful products in a crowded and competitive sector.

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A South Korean giant bounces back - As a powerhouse from China shrugs off the country's slowest growth in 25 years. Step forward Samsung and Internet colossus Tencent... Two Asian tech names launching themselves into the limelight with strong earnings and share prices at record highs. "I'm Reuters Tara Joseph in Hong Kong. Samsung and Tencent are now the world's top 2 performing large cap tech stocks, making waves in a crowded sector where big rivals like Apple and Alibaba have recently been having a very tough time. The companies have added around 30 billion dollars in market value in the past week alone... They are also both firmly in the race to be crowned Asia's most valuable company. For Samsung, it's all about nailing the smartphone market - and that's exactly what it's doing, after years of struggle that left investors crying out for higher returns. Now, demand for the new Galaxy S7 is out-stripping supply... One analyst saying sales could hit the 15-million mark this year - nearly double the number of the previous model in 2015. Tencent, meanwhile, is rapidly closing in on the world's top 10 biggest companies. It's popular messaging apps We Chat and Weixin have driven monthly user numbers up more than 30 percent... And major bets on mobile gaming - now the most valuable games market in the world - are paying off big time. Investors being largely upbeat, although some analysts have their red flags ready... Samsung and Tencent have both been more volatile that the Asia tech sector as a whole... Prompting the good old fashioned warning that "the higher they climb, the harder they fall".

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Samsung & Tencent grab tech spotlight

Thursday, August 25, 2016 - 01:50