Monday, July 28, 2008

HwangDBS to stay in defensive mode

TheEdge

KUALA LUMPUR: HwangDBS Investment Management Bhd will continue to hold a defensive position with respect to domestic equities and will retain a cash buffer to cushion the impact from any weakness.

HwangDBS IM chief executive officer and executive director Teng Chee Wai said Malaysian equities continued to take the cue from regional and global market peers in the second quarter.

He said expectations were that politics would continue to dominate the local front and would weigh negatively on equities until a clearer sign of stability was seen.

“On a broader perspective, however, Asian equities underperformed other equity markets over the (second) quarter as inflation concerns featured more significantly in the region.

“Additionally, concerns over secondary and spill-through effects from the economic slowdown experienced in the US affected confidence over the highly export-driven Asian markets,” Teng said in a statement yesterday.

Meanwhile, HwangDBS IM announced an annual gross income distribution of 10 sen per unit for its flagship fund, the HwangDBS Select Opportunity Fund (SOF), for the financial year ending July 31, 2008.

All SOF unitholders registered as at July 18, 2008 are eligible to receive the income allotment, which represents the equity and growth fund’s seventh distribution since its launch on Sept 7, 2001 and final distribution for the said financial period.

Since its inception, the SOF has outperformed the KLCI by a total of 90.03%, distributed a total of 63 sen in dividends, HwangDBS said.

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