This article first appeared on GuruFocus .
Emerging Asian equities have entered the new year on a firmer note, with technology shares helping extend momentum built late last year. The MSCI emerging markets index climbed as much as 1.1% on Friday, marking its highest level since late October and adding to gains of more than 30% recorded in the prior year, a move linked to sustained optimism around artificial intelligence. Currency markets were more restrained, with an emerging-market currency index little changed as the dollar eased, while overall trading activity was lighter due to market holidays across Japan, New Zealand, China and Thailand.
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Investor focus sharpened on Hong Kong, where Shanghai Biren Technology Co., an artificial-intelligence chip designer, surged 82% in its trading debut after raising $717 million in its initial public offering. The move was seen as another signal of growing enthusiasm for China's push to build a domestic semiconductor ecosystem. Elsewhere in the region, shares of Samsung Electronics ( SSNLF ) and Taiwan Semiconductor Manufacturing ( NYSE:TSM ) also traded higher, reinforcing the technology-led tone even as several major Asian exchanges remained closed.
In South Korea, currency moves contrasted with strength in equities. The won traded about 0.2% weaker at 1,442.14 per dollar on Friday, ranking among the region's weaker performers despite the local stock market reaching a record high. Central bank Governor Rhee Chang Yong said the recent depreciation does not reflect the economy's underlying strength and suggested the currency's move into the upper 1,400s could be misaligned with fundamentals, following volatility that pushed the won toward levels last seen during the global financial crisis.
