STOCKS | Staff Reporter, Singapore

Hong Leong, Sunpower and Yangzijiang lead SG China Index

Singapore firms with huge investments in China have remained resilient over the last year.

Investing in China has helped stocks in the FTSE ST China Index soar, the Singpaore Exchange (SGX) has reported.

In a market update, SGX noted that FTSE ST China Index stocks have seen a net institutional and net proprietary inflows of $181m from the beginning of 2021 through to April 23.

This was led by Hong Leong Asia, Sunpower Group and Yangzijiang Shipbuilding, whose industries span engine manufacturing and building materials, green investments and shipbuilding.

"Despite China leading the Asian economic recovery, the performance of the onshore stock market has lagged most global benchmarks, possibly attributed to [People's Bank of China's (PBOC's)] balance sheet and Monetary Policy support not rising anywhere near those levels seen in the West. Nevertheless, regional supply chains, which China plays a key role in, have remained resilience over the past 12 months," the SGX said.

The FTSE ST China Index has generated 18.8% total return from the beginning of the year to April 23, with all 15 stocks listed pposting similar median and average total returns.

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