12th June 2023 (Monday)
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Market Commentary
SCI & SIA Long DLCs Gained Triple Digits

Sembcorp Industries (SCI) and Singapore Airlines (SIA) have rallied +28% and +24% respectively in a short period between end April to 9 June 2023. This brings their 2023 year-to-date price gain to +62% on SCI and +31% on SIA, outperforming the benchmark STI performance of -2% price decline in the same period. 

SCI 5x Long DLC (DWIW) gained +206% while SIA 5x Long DLC (DCGW) gained +166% in the span of 29 trading days between end April and 9 June 2023. Both Long DLCs generated more than 5 times return on the underlying stock performance due to the positive compounding effect on the DLCs over the 29 trading days. Investors should note that the 5x Short DLCs on SCI (DQKW) and SIA (DRBW) suffered losses of similar magnitude due to the strong rally on the underlying stocks. 

Based on SGX funds flow data, SCI saw an insti net buy of +$37M in the 3 weeks ended 29 May while SIA saw an insti net buy of +$16M, putting them in the top 5 STI constituents ranked by Insti net buy. In the same period, SCI saw a retail net sell of -$39M while SIA saw a retail net sell of -$51M. To see a summary of Singapore stock fund flow, visit our DLC website Market Insights page here. 
DCGW
SIA 5xLongSG240424
SIAL.SI 5x Long
Last Price1
1.250 -0.064
(-4.87%)
Last Update: 12/06/2023 11:35
 
DRBW
SIA 5xShortSG240306
SIAL.SI 5x Short
Last Price1
0.083 +0.004
(+5.05%)
Last Update: 12/06/2023 11:35
Last Price1: The DLC price displayed is based on the 'bid price' instead of the 'traded price'. This is to provide a more accurate representation of the DLC value at each particular point in time and a more accurate reflection of DLC price changes. DLCs do not trade as frequently as shares and sometimes may not record a trade for a long period of time though the bid/offer prices quoted by the Designated Market Maker may continue to move, therefore using the bid price is usually the best indicator of a DLC value.
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DLC Funds Flow Chart
DLC funds flow is calculated by change in DLC outstanding units (positive if there is increase in outstanding units, i.e. investors net bought DLCs from Designated Market Makers) multiplying by the last intrinsic close of the corresponding DLCs, aggregated by Underlying Asset and direction for the selected timeframe.
Last Update: 08/06/2023
 
Top Gainers / Losers
Code Name Bid Change1
(%)
DQHW WuxiBio 5xShortSG230803 +0.003
(+17.23%)
DFZW LiNing 5xShortSG240327 +0.216
(+15.44%)
DRCW GanFeng 5xShortSG230803 +0.019
(+13.75%)
DCZW AAC 5xLongSG240327 +0.013
(+13.17%)
DLHW CNOOC 5xShortSG241030 +0.007
(+12.69%)
Code Name Bid Change1
(%)
DEMW WuxiBio 5xLongSG240205 -0.007
(-19.33%)
DFMW WuxiBio 5xLongSG231102 -0.024
(-18.35%)
DYFW GanFeng 5xLongSG240411 -0.13
(-13.76%)
THLW Comfort 5xShortSG231115 -0.094
(-13.75%)
DLVW Bilibili 5xLongSG231220 -0.002
(-13.55%)
Bid Change (%)1: Current Bid Price / Intrinsic Closing Value - 1
Intinsic Closing Value: Last updated on 09/06/2023
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Top 10 traded DLCs
Code Name Underlying1
Chg (%)		 Bid Change2
(%)		 Bid Price Value traded
CWLW HSI 7xLongSG241030 -0.47% -0.028
(-2.03%)		 1.350 3M
CVHW HSTECH 5xLongSG231102 -0.34% -0.01
(-1.20%)		 0.825 3M
CWMW HSTECH 5xShortSG241218 -0.34% +0.033
(+3.78%)		 0.905 2M
CVIW HSI 7xShortSG241218 -0.47% +0.04
(+4.76%)		 0.880 2M
CWQW HSTECH 7xShortSG240416 -0.34% +0.036
(+5.01%)		 0.755 1M
CXKW HSI 5xShortSG241030 -0.47% +0.006
(+3.95%)		 0.158 1M
CYJW HSI 5xLongSG240912 -0.47% -0.013
(-1.74%)		 0.735 950K
CXMW HSTECH 7xLongSG240402 -0.34% -0.006
(-1.33%)		 0.445 932K
DOWW Tencent 5xLongSG231220 +0.48% +0.02
(+2.80%)		 0.735 537K
CVKW HSTECH 7xLongSG240416 -0.34% -0.005
(-2.38%)		 0.205 517K
Underlying Chg (%)1: Data calculated based on the percentage change in underlying asset price between 09/06/2023 and 12/06/2023 11:36.
Bid Change (%)2: Data calculated based on the percentage change in last intrinsic closing value on 09/06/2023 and last bid price on 12/06/2023 11:35.
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