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Real-time News
On September 11th, UBS published a report stating that Pop Mart (09992.HK)s share price has fallen approximately 19% from its recent high. The bank attributes this primarily to three factors: profit-taking following its inclusion in the Hang Seng Index, weakening secondary market prices for some products, and a decline in global Google search trends. Its worth noting that the bank has observed similar trends before, but these developments havent altered its positive outlook on Pop Marts fundamentals. UBS believes that Pop Marts current share price correction is creating buying opportunities ahead of anticipated short-term catalysts, including the launch of new Halloween products and its 15th anniversary collection, as well as the crucial Christmas sales season. The bank reiterated its Buy rating on the stock with a target price of HK$432.On September 11th, South Korean President Lee Jae-myung stated that he saw no need to persist with a previously proposed plan to expand the scope of capital gains tax. At a press conference on Thursday, Lee mentioned that the formal proposal, presented at the end of July, would have lowered the capital gains tax threshold from 5 billion won (approximately $720,000) to 1 billion won, raising questions about the governments commitment to reviving the stock market. "Some seem to see this as a litmus test of whether we are truly committed to policies to revive the stock market," Lee said. "If thats the case, I dont think its necessary to persist to the end. I will submit this issue to the National Assembly for review." The original proposal had caused a sharp drop in South Korean stocks and faced strong opposition from retail investors. Following Lees remarks, the Kospi index rose as much as 0.9% during intraday trading on Thursday before retreating. The index had reached a record closing high the previous day, partly due to market expectations that the government would abandon the tax increase proposal.South Korean President Lee Jae-myung: A trade agreement with the United States will be signed when there are reasonable results.South Korean President Lee Jae-myung: The final conclusion of trade negotiations with the United States will be rational.South Korean President Lee Jae-myung: The US immigration raids on South Korean workers could directly affect South Korean investment in the United States.
