Seohak ants (domestic investors who invest directly in overseas stocks) bought Apple in large numbers. Technology stocks have strengthened as uncertainty has eased after the US Federal Open Market Committee (FOMC) meeting in March. Also, funds flowed into exchange-traded funds (ETFs) that bet on the Nasdaq’s downtrend.
According to the Korea Securities Depository on the 29th, last week (March 21-27), the number 1 stock in net buying by domestic investors was Apple, which received a net buying of 67.9 million dollars.
JP Morgan and Morgan Stanley, the major Wall Street investment banks in the US, recently announced their investment opinion of ‘overweight’ on Apple. Despite supply disruptions due to the re-spread of the novel coronavirus infection (COVID-19) in China and the lockdown, Apple’s subscription service is promising. In fact, Apple’s stock has risen nearly 8% in the past month.
Changes in Apple’s stock price and trading volume over the past month. /Yahoo Finance
On the 24th (local time), CNBC reported that Apple was preparing to launch a subscription service for hardware devices such as iPhones and iPads by the end of this year. Like the iCloud subscription service, you pay a monthly subscription fee and use the device you want. Apple, meanwhile, has not made an official statement on this.
Apple TV+ (Plus), which is considered a latecomer in video streaming (OTT) services, is also considered as a new growth engine for Apple. Even though it entered the market relatively late, Apple TV+’s original movie ‘Coda’ was the first OTT film to win an Oscar for Best Picture. In September of last year, at the Emmy Awards ceremony, Apple TV+’s original drama ‘Ted Lasso’ swept the awards for Best Comedy Series and Best Leading Actor in a Comedy Series.
The second largest net buyer is the ProShares Ultra Pro Short QQQ ETF (SQQQ, PROSHARES ULTRAPRO SHORT QQQ ETF). $61.59 million was raised.
SQQQ tracks the reverse triple of the Nasdaq 100 Index. In other words, it is an inverse product that triples the profit when the Nasdaq 100 index falls. This is in contrast to buying TQQQ and betting on the Nasdaq bull market.
Inflation concerns continue due to geopolitical concerns from Russia, and it is interpreted that the bet on the stock market declines as market uncertainty continues, such as US Federal Reserve Chairman Jerome Powell’s hawkish remarks. However, the stock price of SQQQ has fallen 11.81% over the past week, showing a negative return.
The DIREXION DAILY CSI CHINA INTERNET INDEX BULL 2X SHS ETF (CWEB), composed of Chinese Internet companies, ranked third in net buying. During the same period, $23.4 million in funds flowed in.
CWEB doubles the KraneShares CSI China Internet ETF (KWEB), an index of US-listed Chinese Internet companies. Major portfolio stocks include Tencent, Alibaba, JD.com, and Baidu.
It is interpreted that investors’ interest has increased as the Chinese government’s restrictions on big tech companies have eased.
In addition, ▲ Alphabet A ($ 16.94 million) ▲ DIREXION DAILY SEMICONDUCTORS BEAR 3X SHS ETF (SOXS, $ 15.7 million) ▲ SPDR S&P 500 ETF TRUST (SPY, $ 14.83 million) ▲ Nike ($ 11.96 million) ▲ ISHARES SEMICONDUCTOR ETF ( SOXX, $11.69 million) ▲INVESCO QQQ TRUST SRS 1 ETF (QQQ, $11.53 million) ▲Microsoft ($11.07 million) appeared in the top net buying list.
