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Energy stocks fell last week as Tropical Storm Beryl battered
the Caribbean. Chevron Corp, Exxon Mobil and Shell all declined
between about 0.5% and just over 1.5% over the course of last
week.
Still, energy and materials stocks were among the most net
bought sectors on the bank's prime brokerage desk last week,
which tracks the trades of hedge funds.
Oil and gas companies drew hedge fund interest as well as
containers and packaging companies, and metals and mining firms,
said the bank.
Hedge funds were not so keen on the stocks of paper, forest
products and chemicals, which were modestly more sold than
bought, the note added.
Collectively, commodity sensitive sectors were net bought for
the third straight week, driven almost entirely by hedge funds
piling into trades that bet on rising asset prices, said the
bank.
Generally, hedge funds crept back into global stocks last week,
which were more bought than sold for the first time in three
weeks, according to the note.
All regions except for North America were net bought, led by
Europe and Asia, it said, adding that Chinese equities were net
sold for the fourth straight week.
Industrials, financials, and energy were the most net bought
global sectors, while communication services, tech, and
utilities were the most sold, said the bank.
(Reporting by Nell Mackenzie; editing by Dhara Ranasinghe and
David Evans)
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