Session at a Glance

KOSPI extends historic rout while ASX 200 hits record highs on gold and Hormuz deal optimism.

Asia-Pacific markets split sharply this week. Australia’s ASX 200 surged 3.2% to fresh all-time highs as gold miners rallied on firm bullion prices near $4,350/oz and easing Middle East tensions — hopes for an Iran-Oman deal to reopen the Strait of Hormuz sent oil below $79 and lifted broad risk appetite. Shanghai gained 2.8% on rotation into tech and power names, while Taiwan’s TAIEX added 2.6% on chipmaker strength outside of TSMC.

South Korea was the outlier, with the KOSPI plunging 5.1% as the semiconductor-heavy index extended a historic selloff — SK Hynix suffered another flash crash on the Nextrade exchange and concerns over AI chip demand sustainability deepened. The KOSPI has now fallen over 40% from its peak, erasing ₩2.5 quadrillion in market value. Hong Kong underperformed modestly as insurance and financials dragged, while the Nikkei gained 1.9% on yen weakness and industrial strength.

The week’s through-line: markets rewarded commodity exposure and AI software plays (Alibaba, MediaTek) while punishing hardware capex names (SK Hynix, TSMC) and rate-sensitive financials across the region.

Here are the biggest movers across Asia-Pacific’s major exchanges for the week ending Saturday, August 8, grouped by market — each figure is the stock’s move over the full trading week.

Australia (ASX)

↑ NST +14.07%

Mid-cap · 22.7 (local)

Why: Northern Star surged as gold prices held near $4,350/oz and easing Hormuz tensions boosted ASX gold miners broadly — NST was named among the top ASX 200 gold picks by analysts this week.

Pattern: Momentum continuation on a macro tailwind — gold miners have been trending higher for months and NST’s breakout above $20 extends the sector’s leadership within the ASX 200 this week.

↓ FMG -2.65%

Large-cap · 18.02 (local)

Why: Fortescue drifted lower as iron ore fell to $94.45/t, down nearly 5% over the past month — weaker China steel demand expectations continued to weigh on pure-play iron ore producers.

Pattern: Mean-reversion pressure within a broader downtrend — FMG underperformed the ASX 200’s record-setting week as capital rotated from iron ore into gold miners, a classic commodity sector rotation.

Hong Kong (HKEX)

↑ 9988 +5.81%

Mega-cap · 123.8 (local)

Why: Alibaba rallied on its Qwen3.8-Max revenue-sharing announcement, signalling it can monetise open-source AI — the stock jumped 7% in Hong Kong on the news, ahead of August 17 earnings.

Pattern: Catalyst-driven breakout within a broader China tech re-rating — Alibaba’s AI monetisation narrative separates it from the hardware capex selloff hitting Korean chipmakers this week.

↓ 1299 -6.44%

Large-cap · 74.15 (local)

Why: AIA Group sold off ahead of its August 20 earnings as insurance stocks faced headwinds from lower bond yields and rotation out of Hong Kong financials into mainland tech names.

Pattern: Sector rotation drag — AIA’s 6.4% weekly decline reflects capital leaving rate-sensitive large-cap financials for AI and tech plays, a pattern visible across multiple Asia-Pacific exchanges this week.

China — Shanghai (SSE)

↓ 601398 -5.76%

Mega-cap · 7.53 (local)

Why: ICBC fell as China’s A-share bank sector extended its 2026 selloff — all 42 listed banks now trade below book value amid net interest margin pressure from credit-easing policies.

Pattern: Continued style rotation out of banks into tech and power names — 78% of A-share banks are down year-to-date as capital tilts toward AI and energy sectors despite record bank dividends.

China — Shenzhen (SZSE)

↓ 002594 -5.98%

Large-cap · 90.04 (local)

Why: BYD pulled back from elevated levels with no single catalyst — the stock trades 23% below its 52-week high as EV competition intensifies and investors await August 29 earnings for margin clarity.

Pattern: Consolidation within a broader range — BYD’s 6% weekly decline looks like profit-taking near the lower end of its 2026 trading band rather than a trend reversal, with analyst targets still 30% above current price.

Japan (TSE)

↑ 6501 +6.70%

Large-cap · 5620 (local)

Why: Hitachi gained nearly 7% as the industrial conglomerate benefited from infrastructure and AI-adjacent spending — the stock has rallied almost 10% over the past four weeks on continued data-centre and grid demand.

Pattern: Momentum continuation in Japan’s industrial-tech complex — Hitachi’s steady uptrend contrasts with the semiconductor hardware selloff, reflecting investor preference for infrastructure plays over chip capex names.

↓ 7203 -2.84%

Mega-cap · 2980 (local)

Why: Toyota slipped as US tariff headwinds persisted — the company disclosed that US tariffs erased all North American profits in FY2026, and the stock is down 18% year-to-date on ongoing margin pressure.

Pattern: Continued downtrend driven by structural tariff drag — Toyota’s weekly decline is part of a broader auto sector underperformance across Asia as US trade policy uncertainty weighs on export-oriented manufacturers.

Singapore (SGX)

↑ O39 +4.02%

Large-cap · 30.3 (local)

Why: OCBC Bank rallied 4% to fresh highs above S$30 as Singapore banks benefited from strong wealth management inflows and a 3.5% dividend yield attracting income-seeking capital in a lower-rate environment.

Pattern: Breakout to 52-week highs — OCBC’s steady grind higher contrasts with the China bank selloff, reflecting Singapore banks’ premium positioning as a safe-haven financial play within Asia-Pacific.

↓ Z74 -3.15%

Large-cap · 4.3 (local)

Why: SingTel declined modestly post-ex-dividend (S$0.103 on July 31) as shares adjusted lower — the telco’s 3.2% weekly drop largely reflects the mechanical ex-date adjustment plus mild sector rotation.

Pattern: Post-dividend mean-reversion — the drop is largely technical rather than fundamental, with SingTel trading within its 2026 range and analyst targets still 20% above current levels.

South Korea (KOSPI)

↑ 006400 +15.62%

Mid-cap · 4.59e+05 (local)

Why: Samsung SDI surged 15.6% as traders rotated into battery names and away from memory chipmakers — the EV battery maker drew net buying from institutional investors as SK Hynix and Samsung Electronics sold off.

Pattern: Counter-trend rotation trade within the KOSPI rout — Samsung SDI’s rally is a defensive sector rotation, with battery and EV names absorbing capital fleeing the AI chip capex unwind hitting memory stocks.

↓ 000660 -17.23%

Large-cap · 1.422e+06 (local)

Why: SK Hynix plunged 17% as the KOSPI’s historic selloff deepened — a second Nextrade flash crash, weakening AI memory chip demand concerns, and geopolitical risk-off trading drove heavy institutional selling.

Pattern: Capitulation-phase selling within a 40%-from-peak drawdown — SK Hynix’s collapse is the epicentre of Korea’s broader AI capex repricing, with circuit breakers triggered multiple times this month.

Taiwan (TWSE)

↑ 2454 +9.70%

Large-cap · 3900 (local)

Why: MediaTek rallied 9.7% after announcing an automotive AI partnership with Infineon to integrate its 3nm Dimensity C-X1 cockpit platform — the deal opens a new auto-chipmaker revenue stream.

Pattern: Catalyst-driven breakout as MediaTek diversifies beyond mobile — the Infineon partnership is a concrete revenue catalyst that differentiates MediaTek from the broader semiconductor hardware selloff this week.

↓ 2330 -2.27%

Mega-cap · 2370 (local)

Why: TSMC slipped 2.3% as the global semiconductor hardware repricing spilled over from Korea — analyst notes suggesting investors rotate into equipment names over foundries added mild selling pressure.

Pattern: Mild sympathy selling from the SK Hynix-led chip unwind — TSMC’s decline is modest compared to Korean peers, reflecting its foundry monopoly moat, but the stock couldn’t escape sector-wide headwinds.

India (NSE)

↑ SBIN +6.79%

Large-cap · 1097 (local)

Why: SBI surged 6.8% after reporting Q1 FY27 net profit of ₹24,113 crore, up 12% year-over-year, beating analyst estimates on healthy loan growth and continued digital banking expansion.

Pattern: Earnings-driven breakout — SBI’s beat-and-raise quarter triggered institutional buying, and the stock’s momentum contrasts with the broader Asia-Pacific financials weakness seen in China and Hong Kong banks.

↓ BAJFINANCE -5.54%

Mid-cap · 1078 (local)

Why: Bajaj Finance fell 5.5% after the RBI proposed restrictions on revolving credit for NBFCs — the regulatory overhang weighed on the entire Indian non-bank financial sector this week.

Pattern: Regulatory-driven selloff in India’s NBFC sector — Bajaj Finance’s decline is part of a broader financials drag as Jefferies reshuffled its India portfolio and the RBI tightened its stance on consumer credit.

New Zealand (NZX)

↑ FPH +2.48%

Large-cap · 41.7 (local)

Why: Fisher & Paykel Healthcare gained 2.5% on steady defensive demand — no single catalyst, but the medical devices maker benefited from risk-off rotation into healthcare quality names amid global volatility.

Pattern: Defensive drift higher in a risk-off week — FPH’s modest gain reflects New Zealand’s low-beta market acting as a haven, with healthcare names attracting capital as tech and financials sold off regionally.

↓ MEL -1.58%

Mid-cap · 5.61 (local)

Why: Meridian Energy dipped 1.6% with no single catalyst — the utility faced mild profit-taking after a strong run, and falling oil prices on Hormuz deal hopes weighed on energy names broadly.

Pattern: Minor mean-reversion in a low-volatility name — Meridian’s small decline is noise within its 2026 trading range, consistent with the NZX’s muted overall weekly movement compared to the wider region.

Reading the Week

The exchange-by-exchange breakdown above surfaces both market-specific catalysts and cross-border themes. When multiple exchanges move together, look for a macro driver (USD move, commodity price, risk-on/off shift). Isolated single-exchange moves tend to reflect local earnings, regulatory news, or sector rotation.

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