The Business Times Podcasts S2E26: Asia’s stocks jump early, and investors are asking if it will last
Jan 9, 2026
Herald van der Linde, Head of Asia equity strategy at HSBC, dives deep into the Asian market trends. He discusses the driving forces behind the early-year equity rally, highlighting AI's dominance and a wave of Chinese tech IPOs. Will the AI rally hold, or is it overcrowded? He suggests diversifying into China, India, and ASEAN for better prospects. Surprisingly, he explains why geopolitical tensions, like the situation in Venezuela, haven't rattled markets, emphasizing the resilience of regional stocks, especially in Singapore.
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AI Build-Out Powering Asian Exports
- AI-driven data center build-outs are a major spillover driving Asian export strength this year.
- Asia benefits because many AI components and infrastructure are manufactured there.
Crowded AI Trade Creates Concentration Risk
- The market divides into believers who see AI as transformative and a minority who compare the rally to dot-com excesses.
- The crowding in similar stocks creates concentration risk if sentiment shifts.
Broaden Exposure Beyond Core AI Hubs
- Diversify beyond Taiwan/Korea tech exposure by exploring China, India, and ASEAN opportunities.
- Look for non-AI growth stories like China's aging-related sectors and India's domestic consumption.