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Business

Samsung and Tencent grab the spotlight in tech

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Business

Samsung and Tencent grab the spotlight in tech

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00:00:01
>> 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 Reuter's Tara Joseph in Honk Kong.
00:00:22
Tencent and Samsung are now the world's top two performing large cap tech stocks making waves in a crowded sector where rivals like Apple and Alibaba are currently having a very hard time. They've also added about $30 billion worth of market value in the past week alone, and both companies are these are firmly in the race to be crowned Asia's most valuable company.
00:00:48
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 outstripping supply. One analyst saying sales could hit the 15 million mark this year, nearly double the number of the previous model in 2015.
00:01:11
Tencent, meanwhile, is rapidly closing in on the world's top ten biggest companies. Its popular messaging apps, WeChat and Weixin have driven monthly user numbers up more than 30%, 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.
00:01:35
Samsung and Tencent had both been more volatile than the Asia tech sector as a whole. Prompting the good old fashioned warning that the higher they climb, the harder they fall.