As protests in Hong Kong drags on towards its fifth month, nervous institutional investors have begun discarding units of Mapletree North Asia Commercial Trust (MNACT).

The REIT has emerged as the top institutional net sell for the five trading days succeeding 12 August 2019.

This is the same week that saw China amassing its paramilitary forces on the bordering city of Shenzhen, close to Hong Kong.

According to data compiled by the Singapore Exchange (SGX), institutional investors discarded SGD14.9 million worth of MNACT units (in terms of net sell) during the week.

The fund outflow saw the REIT sinking to its one-month low at SGD1.26 on Wednesday, 14 August.

MNACT has a single property in Hong Kong known as Festival Walk.

However, the property contributed about 62% of the REIT’s net property income (NPI) for 1Q FY2019/20.

Amid the spiralling political crisis, Hong Kong’s economy is poised to see its first recession in 10 years.

Top 10 Institution Net Buy (+) Stocks (S$M) Week of 12 Aug Top 10 Institution Net Sell (-) Stocks (S$M) Week of 12 Aug
SGX 42.6 OCBC (70.3)
Singtel 27.5 UOB (24.5)
Thai Beverage 17.6 Yangzijiang Shipbuilding (20.3)
CapitaLand Commercial Trust 17.6 Keppel Corporation (20.2)
CapitaLand Mall Trust 12.3 ComfortDelGro (17.6)
Frasers Logistics & Industrial Trust 6.6 Mapletree North Asia Commercial Trust (14.9)
Mapletree Logistics Trust 6.1 SIA (10.2)
Venture Corporation 5.4 DBS (9.7)
NetLink NBN Trust 5.4 Wilmar International (9.4)
Keppel REIT 5.2 ST Engineering (7.3)

Source: Singapore Exchange

There were no other REITs in the top 10 list of net sell by institutional investors for the week.

On the opposite side of the institutional fund flow, office REIT CapitaLand Commercial Trust (CCT) emerged as the top net buy for the week, with SGD17.6 million.

Other REITs on the top 10 list of net buy are namely CCT's sister REIT, CapitaLand Mall Trust (CMT), Frasers Logistics & Industrial Trust (FLT), Mapletree Logistics Trust (MLT), and Keppel REIT.

Inversely, CMT, Mapletree Commercial Trust (MCT) and FLT made it to the list of top ten net sell by retail investors.

CMT recorded SGD3.4 million worth of net retail sells for the week.

Top 10 Retail Net Buy (+) Stocks (S$M) Week of 12 Aug Top 10 Retail Net Sell (-) Stocks (S$M) Week of 12 Aug
OCBC 94.2 SGX (35.0)
DBS 45.4 Thai Beverage (22.9)
UOB 31.3 Singtel (8.6)
Keppel Corporation 27.3 Venture Corporation (6.1)
Yangzijiang Shipbuilding 23.1 NetLink NBN Trust (5.1)
SIA 15.3 CapitaLand Mall Trust (3.4)
ComfortDelGro 14.4 Frasers Logistics & Industrial Trust (3.1)
ST Engineering 8.7 Mapletree Commercial Trust (2.8)
Jardine Cycle & Carriage 6.3 Sheng Siong Group (2.8)
Hongkong Land 4.3 Mapletree Logistics Trust (2.7)

Source: Singapore Exchange

Retail investors avoided REITs during the week, with not one making it to the top 10 list of net buy for the trading days preceding 12 August.


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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.