Publications

- June 1, 2019: Vol. 11, Number 6

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Property stocks pause in April after record start to the year

by Christopher Hartung

Both Asia Pacific and global property stocks took a pause in April as investors shifted more toward growth orientation on strong US economic data, views that trade tensions were easing and indications China’s stimulus measures were having a positive impact. In addition, some element of profit taking was likely after property stocks posted strong price gains during the first quarter. As a result, property stocks lagged broader equities across the globe in April, with the Asia Pacific region declining 1.8 percent while global property stocks were down 1.1 percent. This performance was in comparison to broader global equity returns of 3.8 percent during the month. For the year through April, Asia Pacific property stocks are still performing quite well on an absolute basis, up 13.8 percent, which is ahead of global property stock returns of 12.5 percent. On a relative basis, however, these returns are lagging broader global equities (MSCI World Index), which are up 17.1 percent (with

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