Five Best-Performing Stocks in FTSE ST China Index Averaged 44% Total Returns YTD
Five best-performing constituent stocks in the FTSE Straits Times China Index – SIIC Environment, Tianjin ZhongXin, Midas, China New Town and Biosensors – have a combined market capitalisation of S$7.9 billion and averaged dividend-adjusted total returns of 44% in the year thus far.
The Chinese economy expanded at its slowest pace in more than six years in the first quarter, with weaker-than-expected March output and exports data stoking speculation the government would boost stimulus measures to shore up growth.
The FTSE Straits Times China Index consists of 29 stocks with a market capitalisation of over S$94 billion, which derive more than half their revenues from China.
Five of the best performers in the Index – SIIC Environment Holdings (+52.2%), Tianjin ZhongXin Pharmaceutical Group Corporation (+46.8%), Midas Holdings (+52.0%), China New Town Development Company (+30.2%) and Biosensors International Group (+39.3%) – have averaged total returns of 44.1% YTD.
The slew of weaker-than expected economic data from China has buoyed hopes the government will step up stimulus efforts to bolster growth. The country’s gross domestic product rose 7% in 1Q from a year earlier, while March industrial production rose 5.6% on-year, the lowest since Nov. 2008. Exports last month also unexpectedly shrank 15% from the year-ago period.
The government has already rolled out measures to support the domestic property market, cut interest rates twice and reduced banks’ required reserve ratios, but more may be needed to meet its official growth target of “around 7%” this year.
The Shanghai Composite Index tumbled as much as 1.6% on 15 April after the data was released, before closing 1.24% lower at 4,084.163. The index has doubled its gains over the past 12 months and risen about 26% since the start of the year.
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