Last week, $CSOP LOW CARBON US$(LCU.SI)$ (+0.59% in USD) and $CSOP SEA TECH ETF US$(SQU.SI)$ (+2.18% in USD) gained, while $CSOP S-REITs INDEX ETF(SRT.SI)$ (-0.28% in SGD), $CSOP DIV ETF S$(SHD.SI)$ (-1.49% in SGD) and $CSOP Star&Chinext50 S$(SCY.SI)$ (-0.97% in SGD) fell.
LCU’s gains can be attributable to IT, financials, and communication services. By geography, gains were led by Taiwan, China and South Korea. In terms of individual firms, gains were mainly driven by TSMC, Hon Hai Precision Industry and MediaTek. TSMC rose after Morgan Stanley and Citigroup rose its target price in expectation of upside from Apple Silicon and Edge AI iPhone processors, as well as stronger utilization rate recovery and improved advanced node demand. Hon Hai Precision Industry increased because of rumors of it possibly receiving orders from Apple Inc for mixed-reality headsets.
SQU’s gains are predominantly due to Delta Electronics, Wipro and Infosys. Delta Electronics rose following Kasikorn Securities’ upgrade from neutral to outperform. Wipro increased after Investec upgraded its rating from 'sell' to 'hold'. Infosys was up alongside other IT services firms after Accenture reported better-than-anticipated new bookings for fiscal Q3.
SRT fell slightly due to industrial, office and hotel REITs. By individual REITs, losses were because of CLAR, MPACT and CLAS.
Source: Bloomberg, as of 20240621. Past performance is not indicative of future performance.
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