Chinese stocks ended the month of November with record performance buoyed by expectations on slowing pace of US Fed’s rate hikes and key policy moves from mainland China. During the month, the CSI 300 Index and FTSE China A50 Index gained 9.5% and 12.4% respectively, reversing four consecutive months of decline. Meanwhile, the Hang Seng Index rose 23.2%, its highest monthly gain recorded since the conclusion of Asian financial crisis in 1998. Overseas-listed Chinese stocks paralleled gains, with the Nasdaq Golden Dragon China Index up 37.5% in the month.
Analysts lifted outlook for China’s economic growth in November on the back of key policy moves which included optimised Covid response and a rescue package for the property sector, along with further fiscal and monetary support. Most recently, in a speech given to a central bank conference on Dec 2, PBOC Gov. Yi Gang declared that the central bank’s attention is now centred on economic growth. The Communist Party’s Politburo meeting convened by its top decision-makers on Dec 6 also pledged pro-growth policies for the upcoming year while prioritising stability to “strongly boost market confidence”, according to state media report. This was followed by the announcement of 10 new Covid containment measures which marked sweeping changes, including home quarantine for mild cases, and removal of testing requirements for entering most public facilities and cross-regional travel.
Singapore lists close to 100 stocks which derive at least 50% of their revenue from China. The top 10 most traded stocks within this segment, which accounted for 95% of the segment’s average daily turnover in 11M 2022, averaged 5.0% total returns in November, reversing October’s 6.8% decline. 5 out of the 10 stocks notched double digit gains over the month. On a year-to-date basis, however, average total returns for the 10 stocks remained flat, while the STI returned 9.6%.
Stock |
Code |
Mkt Cap S$M |
YTD Avg. Daily T/O S$M |
YTD Net Insti Flow S$M |
YTD Total Ret. % |
Sector |
Nov Total Ret. % |
Nov Net Insti Flow S$M |
YZJ Shipbuilding |
BS6 |
5,649 |
33.0 |
110.6 |
118.1 |
Industrials |
19.2 |
60.5 |
CapLand China Trust |
AU8U |
1,891 |
4.9 |
-67.1 |
-0.2 |
REITs |
16.5 |
4.0 |
YZJ Financial |
YF8 |
1,273 |
14.3 |
-241.5 |
-44.4* |
Financial Services |
11.3 |
-15.7 |
NIO |
NIO |
24,938 |
5.0 |
-23.8 |
-37.5* |
Consumer Cyclicals |
10.6 |
-2.6 |
HPH Trust |
NS8U |
2,217 |
2.3 |
13.1 |
-9.4 |
Industrials |
10.4 |
-2.3 |
Sasseur REIT |
CRPU |
958 |
1.4 |
-38.5 |
-1.4 |
REITs |
9.9 |
-0.8 |
Wilmar International |
F34 |
25,590 |
29.8 |
64.2 |
2.9 |
Consumer Non-Cyclicals |
5.7 |
-13.6 |
Jiutian Chemical |
C8R |
149 |
2.5 |
19.3 |
7.0 |
Materials & Resources |
-3.8 |
-0.9 |
Geo Energy Res. |
RE4 |
513 |
6.4 |
-16.7 |
31.1 |
Energy / Oil & Gas |
-6.4 |
-6.4 |
Nanofilm Technologies |
MZH |
874 |
4.2 |
-95.1 |
-64.9 |
Technology |
-23.6 |
-17.9 |
Source: SGX, Bloomberg (Data as of 30 Nov 2022)
Note: Returns are in terms of SGD
*YTD total return for YZJ Financial and NIO are as of their respective listing date this year to 30 Nov 2022.
Yangzijiang Shipbuilding
CapitaLand China Trust (CLCT)
Yangzijiang Financial
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