Last week, LCU (+0.59% in USD) and SQQ (+0.20% in SGD) and $CSOP DIV ETF S$(SHD.SI)$ (+0.19% in SGD) gained, while SRT (-0.42% in SGD) and $CSOP Star&Chinext50 S$(SCY.SI)$ (-4.35% in SGD) fell.
$CSOP LOW CARBON US$(LCU.SI)$ gains can be attributable to financials, industrials and healthcare by sectors. By geography, gains were led by Japan, South Korea and Singapore. In terms of individual firms, gains were mainly driven by Toyota Motor Corp, Samsung Electronics and Mitsubishi UFJ Financial. $Toyota Motor Corp.(TOYOF)$ rose after being raised to outperform from neutral by Macquarie analyst. Samsung Electronics rose following BI analyst saying that South Korea's DRAM and NAND shipments could continue robust recovery through 2H24, propelled by healthy demand for HBM chips used in AI training. Samsung’s operating margins for chip business could potentially increase to 20% in 2Q. Additionally, possible strong recovery in smartphones and PCs could further drive memory chip recovery. Mitsubishi UFJ Financial gained following reports that it will invest $195m in Ascend Money, a smartphone payment firm in Thailand affiliated with Charoen Pokphand Group.
$CSOP SEA TECH ETF S$(SQQ.SI)$ gains are predominantly due to Wipro and Infosys. Wipro gained as it traded higher along with other tech stocks in a sectoral action. Notably, top US banks had passed the US Fed's annual stress tests, reflecting their solid position to deal with a severe recession. Infosys trended up after being ranked second most valuable brand in India in a report published by brand valuation consultancy Brand Finance.
$CSOP S-REITs INDEX ETF(SRT.SI)$ fell slightly due to industrial, multi asset and hotel REITs. By individual REITs, losses were because of and MINT, CLINT and FLT. FLT’s dividend yield has risen to above historical average, possibly over concerns about weakness in offices and business parks, offsetting resilient logistics assets and optimism surrounding planned foray into data centers.
Source: Bloomberg, as of 20240628. Past performance is not indicative of future performance.
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