In today’s briefing:
- FTSE TWSE Taiwan 50/ Div+ Index Rebalance: Sinopac Holdings and Elan Micro To Watch For
- S&P/ASX Index Rebalance (Sep 2022): Adds, Deletes, Surprises & Pre-Positioning
- EURO STOXX 50 Sep 22 Rebal: Massive Flows for Nordea Bank, Nokia, Kone, & Philips
- STOXX Europe 600 Sep 2022 Rebal: ADDs Could Outperform DELs for the Next Few Weeks
- Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 September 2022)
- Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 September 2022)
FTSE TWSE Taiwan 50/ Div+ Index Rebalance: Sinopac Holdings and Elan Micro To Watch For
- As expected, SinoPac Holdings (2890 TT) will replace Powerchip Semiconductor Manufacturing Corp (6770 TT) in the FTSE TWSE Taiwan 50 Index at the close on 16 September.
- Elan Microelectronics (2458 TT) will be deleted from the Mid-Cap 100 Index and will consequently be deleted from the Dividend+ Index. The Div+ selling will be spread over 16-22 September.
- Passives need to buy over 6 days ADV on SinoPac Holdings and sell over 12 days ADV on Elan Microelectronics, while there will be net inflows on Powerchip Semiconductor Manufacturing Corp.
S&P/ASX Index Rebalance (Sep 2022): Adds, Deletes, Surprises & Pre-Positioning
- There is one change for the S&P/ASX 100 Index, eight changes to the S&P/ASX 200 (AS51 INDEX), while there are 16 adds and 12 deletes for the S&P/ASX 300 Index.
- Passive trackers need to buy/sell a lot of stock for the ASX100 and ASX200 names. There appears to be large pre-positioning on the deletes.
- Link Administration (LNK AU)‘s privatisation may require an ad hoc inclusion prior to the implementation of the September rebalance – ACCC approval is key.
EURO STOXX 50 Sep 22 Rebal: Massive Flows for Nordea Bank, Nokia, Kone, & Philips
- The annual index changes for the EURO STOXX 50 Index were announced yesterday.
- There will be two ADDs and two DELs. Collectively, the ADDs could see index inflows of ~US$2.15bn while the DELs could experience index outflows of ~US$1.05bn.
- In this insight, we take a closer look at the index flow expectations, historical performance of EURO STOXX 50 Rebal events, and recent performance of the current index change names.
STOXX Europe 600 Sep 2022 Rebal: ADDs Could Outperform DELs for the Next Few Weeks
- The September 2022 index changes for the STOXX Benchmark Indices were announced yesterday.
- There will be 16 ADDs/DELs for the STOXX Europe 600 Index and there will be 5 ADDs and 6 DELs for the EURO STOXX Index.
- In this insight, we take a closer look at the index flow expectations and the historical performance of Rebal events.
Shanghai/Shenzhen Northbound Connect: Weekly Moves (2 September 2022)
- Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry
- Overall, net inflow over the past week was ~US$0.7bn, split between Shanghai (US$0.3bn) and Shenzhen (US$0.4bn).
- The largest inflows were into Gree Electric Appliances (000651 CH) and CATL (300750 CH). The largest outflows were in Industrial Bank (601166 CH) and China Merchants Bank (600036 CH).
Shanghai/Shenzhen Southbound Connect: Weekly Moves (2 September 2022)
- Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
- Overall, the net outflow over the past week was ~US$0.1bn, split (-US$0.4bn) for Shanghai and (+US$0.3bn) for Shenzhen.
- The largest inflows were into CNOOC Ltd (883 HK) and Yankuang Energy Group (1171 HK). The largest outflows were in Meituan (3690 HK) and Kuaishou Technology (1024 HK).
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