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<Research>CLSA Strategically Rotates towards More Defensive Stance, Overweighting China, Australia, Singapore, Malaysia Markets
Owing to the political damage wrought by the surge in US gasoline prices and the depletion of missile and cruise missile inventories, US President Donald Trump is seeking to quickl...
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<Research>CLSA Strategically Rotates towards More Defensive Stance, Overweighting China, Australia, Singapore, Malaysia Markets
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Owing to the political damage wrought by the surge in US gasoline prices and the depletion of missile and cruise missile inventories, US President Donald Trump is seeking to quickly end the US attack on Iran, CLSA noted in a report. However, Iran may not yet be considering a ceasefire.

Therefore, the broker strategically rotated towards a more defensive stance by underweighting South Korea and overweighting China, Australia, Singapore, and Malaysia. It also included India's state-owned oil and gas company ONGC in its focus investment portfolio, replacing XIAOMI-W (01810.HK)  -1.140 (-3.560%)    Short selling $2.65B; Ratio 81.394%   .

ONGC's stock price has already reflected a Brent oil price below USD65/ bbl, a 35% discount to the spot price. As crude oil prices hike, the absence of windfall tax news in the coming weeks will serve as a catalyst for the stock. More importantly, ONGC has two key new gas fields that will come online in the next three to four months, which could trigger a re-rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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