• Last week, LCU (+0.21% in USD), SCY (+11.82% in SGD) and SHD (+30.27% in SGD) gained, while SQQ (-0.72% in SGD) and SRT (-0.36% in SGD) fell.
• SCY and SHD rallied in the past week due to the China government’s larger-than-anticipated policy package to stimulate the economy and equity markets that was announced during its September Politburo meeting.
• LCU gained due to consumer discretionary and communication services by sectors and Mainland China and Hong Kong by geographies. By individual firms, gains were due to Meituan, Tencent and Alibaba Group. These firms gained alongside the China equity market rally.
• SQU fell because of Delta Electronics and Grab.
• SRT’s fall was largely attributable to retail and data center by subsectors and CICT and FLT by individual REITs. CICT fell following news that Singapore retail sales excluding vehicles dropped 1.5% y/y in August, which could hurt 3Q revenue.
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