MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
The correction in Indian bourses started quite late compared to others in Asia. However, the very brisk and sharp fall has knocked valuations down several levels.
January saw the highest ever monthly outflow of foreign institutional investor money ù more than $3 billion ù from Indian stocks since foreign institutions started investing in the country. Domestic funds, however, supported the markets ù pumping more than Rs77 billion ($8.5 billion) into stocks last month.
The US seems to be headed towards a recession, with its economy almost stalling in fourth quarter 2007 when it registered a dismal growth of 0.6%. The Fed is proactively trying to bail out the troubled US economy, but many feel it may already be too late for that. In India too, growth seems to be moderating a bit lately, with industrial growth slowing to single-digit figures from robust double-digit growth rates a few months back.
According to advance estimates released by the government, gross domestic product growth is also expected to slow to 8.7% for fiscal 2007-2008.
Average January performance of fund groups registered for sale in India, by asset types:
Equity India -16.50%
Mixed Asset Other Flexible -11.84%
Equity Global -10.58%
Mixed Asset Other Aggressive -8.75%
Mixed Asset INR Balanced -5.63%
Mixed Asset Other Conservative -2.22%
Bond INR General +0.81%
Money Market INR +0.63%
Bond INR Government +0.81%
Bond USD +0.94%
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.