Manulife US Reit blames price fall on fund sell-off, private bank margin calls
Singapore
THE manager for Manulife US Real Estate Investment Trust blames the Reit's "horrific" price drop, which "wiped out four years of work", on mass selling by index funds and exchange traded funds, margin calls from private banks, and funds redemption and switching to other counters amid rising volatility due to the US Covid-19 situation.
Year to date, Manulife US Reit units are down 30 per cent, in line with the FTSE ST Reit Index but steeper than the 27 per cent retreat by the Straits Times Index. In the US, Reits are down about 40 per cent.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-pop agency Hybe’s internal strife wipes out 1.2 trillion won
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
Hong Kong bourse regains favour on hopes of a market revival
Chinese sellers go to TikTok school to reach buyers abroad