CSOP ETFs Weekly Performance Recap-20240906

•Last week, SRT (+2.56% in SGD) and SHD (+0.10% in SGD) gained, while the rest LCU (-4.25% in USD), SQU (-1.47% in USD) and SCY (-4.23% in SGD) fell.

•In LCU, losses were led by IT, consumer discretionary and industrials by sector. By geography, losses are attributable to Japan, Taiwan and South Korea. By individual firms, losses were led by TSMC, Samsung Electronics and Tokyo Electron Ltd. TSMC, Samsung Electronics and Tokyo Electron are amongst the Asian semiconductor-related equities that fell due to concerns about overheating AI rally resurfacing.

•SQU’s losses were driven by Wipro, Inari Amertron and Infosys. Wipro and Infosys fell along with other tech equities, following US peers due to weaker-than-forecasted US manufacturing data sparked fears of economic contraction.

•SRT’s gains were led by industrial, office and retail by subsectors and CICT, FLT, and CLAR by individual REITs. CICT gained as it acquired a 50% stake in Ion Orchard from its sponsor for S$1.85bn, a move that is expected to immediately increase the H124 DPU by 0.9% and is viewed by UBS as a good fit for its portfolio.

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