Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up





The STI has seen its 30-day volatility return to Dec 2020 levels. Within the Index, the past 12 sessions have seen the average volatility of STI stocks increase by as much as a third, with the three Banks seeing the greatest pick-up in volatility, while the seven REITs saw the lowest increase in volatility.  
	 
	
The seven STI REITs booked $42 million of net institutional inflow in the 12 sessions since 23 Feb, while averaging a 1.9% total return. Five of the seven REITs booked net institutional inflows, led by CapitaLand Commercial Trust with S$36 million of net inflow, while Frasers L&amp;C Trust led the returns of the seven REITs with a 3.5% total return.  
	 
	Within the STI, Singtel, ST Engineering, Wilmar Int, Sembcorp Ind and Keppel Corp also led net institutional inflows over the 12 sessions, while averaging 3.2% total returns. Outside of the STI, Keppel REIT, SPH, Geo Energy Resources, Suntec REIT booked the most net institutional inflows, while averaging 5.7% gains. 

 Since Russian President Vladimir Putin authorised special military operations in Ukraine on 24 Feb, the global stock market has seen heightened volatility, with measured reactions across the stock sectors. This has seen the oil &amp; gas sector lead global stocks, while fuel and travel dependent airlines have been the least performing stocks over the 12 trading sessions. With expectations for the pending US FOMC rate hike (2am 17 Mar SGT) declining from 50 bps to 25 bps, banks have also been among the least performing sectors, while the REIT Sector has ranked among the most defensive sectors alongside the energy and utility sectors.  
Between 23 Feb and 11 Mar, the STI declined 4.2%, weighed by both global bank stocks declining 6.8% and the FTSE Asia Pacific Index declining 5.7%. Like the recent global sector moves, the past 12 sessions saw Sembcorp Industries lead the STI, with five of the seven STI REITs among the STI’s top 10 performers, while banks ranked among the least performing stocks for the period.    
During the 12 sessions, the STI booked S$740 million of net institutional outflow, however more STI stocks booked net inflows (16), than net outflows (14) over the period. Oversea-Chinese Banking Corporation, DBS Group Holdings and United Overseas Bank led the net outflows, while averaging 7.5% declines. However, with the Hang Seng Index declining 12.1% since 23 Feb, Dairy Farm International, Hongkong Land have been the least performing STI constituents over the 12 sessions.  
Within the STI, Singapore Telecommunications, Singapore Technologies Engineering, Wilmar International, CapitaLand Integrated Commercial Trust, and Sembcorp Industries led net institutional inflows of the 16 stocks that booked net inflows over the past 12 sessions. Together these 16 stocks, averaged 2.0% gains, with the 12-session annualised volatility at 23.6%, compared to 19.5% annualised volatility for the past 12 months. This compared to the 14 STI stocks that booked net institutional outflows over the 12 sessions, that averaged 5.6% declines, and 12-session annualised volatility at 28.5%, compared to 19.4% annualised volatility for the past 12 months. As discussed above, sector and country exposures within the highly diversified index were key drivers for the flows and performances, while more than handful of the 16 stocks that attracted net inflows have also embarked on strategic restructure initiatives in recent years.  The 30 STI stocks ranked by highest net institutional inflow over the past 12 sessions are tabled below.




			STI Stocks
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Flows 24 Feb – 11 Mar S$M 
			
			
			 Net Retail Flows 24 Feb – 11 Mar S$M 
			
			
			 Total Return 23 Feb – 11 Mar 
			
			
			Annualised Volatility 23 Feb – 11 Mar 
			
			
			 12M Historical Volatility  
			
			
			Sector
			
		


			Singtel
			
			
			Z74
			
			
			42,590
			
			
			113.5
			
			
			-100.5
			
			
			0.8%
			
			
			24%
			
			
			17%
			
			
			Telecommunications
			
		


			ST Engineering
			
			
			S63
			
			
			12,542
			
			
			70.2
			
			
			-60.3
			
			
			4.7%
			
			
			23%
			
			
			14%
			
			
			Industrials
			
		


			Wilmar Intl
			
			
			F34
			
			
			28,901
			
			
			45.2
			
			
			-43.4
			
			
			0.7%
			
			
			29%
			
			
			20%
			
			
			Consumer Non-Cyclicals
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			14,302
			
			
			35.7
			
			
			-36.8
			
			
			0.9%
			
			
			12%
			
			
			18%
			
			
			REITs
			
		


			Sembcorp Ind
			
			
			U96
			
			
			4,736
			
			
			35.3
			
			
			-30.7
			
			
			8.1%
			
			
			43%
			
			
			28%
			
			
			Utilities
			
		


			Keppel Corp
			
			
			BN4
			
			
			11,068
			
			
			22.5
			
			
			-28.5
			
			
			1.8%
			
			
			21%
			
			
			20%
			
			
			Consumer Non-Cyclicals
			
		


			CityDev
			
			
			C09
			
			
			6,611
			
			
			17.9
			
			
			-14.0
			
			
			0.7%
			
			
			25%
			
			
			19%
			
			
			Real Estate (excl. REITs)
			
		


			CapitaLand Invest
			
			
			9CI
			
			
			19,566
			
			
			17.6
			
			
			-14.6
			
			
			1.1%
			
			
			27%
			
			
			26%
			
			
			Financial Services
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			9,035
			
			
			15.2
			
			
			-17.2
			
			
			1.3%
			
			
			34%
			
			
			20%
			
			
			Consumer Cyclicals
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,518
			
			
			14.9
			
			
			-24.8
			
			
			1.4%
			
			
			39%
			
			
			29%
			
			
			Industrials
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			8,705
			
			
			11.2
			
			
			-10.4
			
			
			2.8%
			
			
			19%
			
			
			17%
			
			
			REITs
			
		


			SGX
			
			
			S68
			
			
			10,189
			
			
			8.5
			
			
			-9.6
			
			
			0.3%
			
			
			14%
			
			
			17%
			
			
			Financial Services
			
		


			Keppel DC Reit
			
			
			AJBU
			
			
			3,847
			
			
			7.2
			
			
			-7.8
			
			
			2.3%
			
			
			15%
			
			
			15%
			
			
			REITs
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,999
			
			
			6.1
			
			
			-8.3
			
			
			2.7%
			
			
			12%
			
			
			14%
			
			
			REITs
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			5,389
			
			
			4.4
			
			
			-5.6
			
			
			3.5%
			
			
			20%
			
			
			19%
			
			
			REITs
			
		


			Genting Sing
			
			
			G13
			
			
			9,295
			
			
			2.9
			
			
			-6.3
			
			
			-1.3%
			
			
			21%
			
			
			20%
			
			
			Consumer Cyclicals
			
		


			ThaiBev
			
			
			Y92
			
			
			16,831
			
			
			-1.5
			
			
			6.9
			
			
			-3.6%
			
			
			21%
			
			
			19%
			
			
			Consumer Non-Cyclicals
			
		


			JMH USD
			
			
			J36
			
			
			53,975
			
			
			-7.7
			
			
			3.6
			
			
			-7.6%
			
			
			19%
			
			
			22%
			
			
			Consumer Non-Cyclicals
			
		


			HongkongLand USD
			
			
			H78
			
			
			16,259
			
			
			-7.9
			
			
			6.1
			
			
			-9.1%
			
			
			24%
			
			
			24%
			
			
			Real Estate (excl. REITs)
			
		


			Ascendas Reit
			
			
			A17U
			
			
			12,048
			
			
			-8.7
			
			
			-1.3
			
			
			1.4%
			
			
			18%
			
			
			14%
			
			
			REITs
			
		


			DairyFarm USD
			
			
			D01
			
			
			4,465
			
			
			-9.1
			
			
			11.0
			
			
			-11.6%
			
			
			45%
			
			
			23%
			
			
			Consumer Non-Cyclicals
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			6,115
			
			
			-14.0
			
			
			0.3
			
			
			-0.5%
			
			
			21%
			
			
			18%
			
			
			REITs
			
		


			SATS
			
			
			S58
			
			
			4,399
			
			
			-18.1
			
			
			24.5
			
			
			-6.2%
			
			
			32%
			
			
			20%
			
			
			Industrials
			
		


			UOL
			
			
			U14
			
			
			5,775
			
			
			-27.9
			
			
			31.0
			
			
			-5.5%
			
			
			20%
			
			
			16%
			
			
			Real Estate (excl. REITs)
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,012
			
			
			-30.1
			
			
			27.6
			
			
			-6.1%
			
			
			27%
			
			
			21%
			
			
			Industrials
			
		


			Venture
			
			
			V03
			
			
			4,832
			
			
			-76.6
			
			
			71.8
			
			
			-7.4%
			
			
			33%
			
			
			18%
			
			
			Technology
			
		


			SIA
			
			
			C6L
			
			
			14,986
			
			
			-82.1
			
			
			98.1
			
			
			-4.2%
			
			
			39%
			
			
			26%
			
			
			Industrials
			
		


			UOB
			
			
			U11
			
			
			50,360
			
			
			-168.3
			
			
			135.8
			
			
			-7.0%
			
			
			39%
			
			
			17%
			
			
			Financial Services
			
		


			DBS
			
			
			D05
			
			
			85,588
			
			
			-330.4
			
			
			281.1
			
			
			-8.9%
			
			
			41%
			
			
			18%
			
			
			Financial Services
			
		


			OCBC Bank
			
			
			O39
			
			
			52,651
			
			
			-385.7
			
			
			395.9
			
			
			-6.7%
			
			
			28%
			
			
			17%
			
			
			Financial Services
			
		


			Total
			
			
			 
			
			
			530,591
			
			
			-740
			
			
			673
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			-1.7%
			
			
			26%
			
			
			19%
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)

 
Non-STI stocks that booked the highest net institutional inflows over the 12 sessions are tabled below.




			STI Stocks
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Net Insti Flows 24 Feb – 11 Mar S$M 
			
			
			 Net Retail Flows 24 Feb – 11 Mar S$M 
			
			
			 Total Return 23 Feb – 11 Mar 
			
			
			Annualised Volatility 23 Feb – 11 Mar 
			
			
			 12M Historical Volatility  
			
			
			Sector
			
		


			Keppel Reit
			
			
			K71U
			
			
			4,456
			
			
			22.9
			
			
			-20.3
			
			
			4.3%
			
			
			25%
			
			
			20%
			
			
			REITs
			
		


			SPH
			
			
			T39
			
			
			3,784
			
			
			21.1
			
			
			-28.0
			
			
			0.4%
			
			
			5%
			
			
			29%
			
			
			Consumer Cyclicals
			
		


			Geo Energy Resources
			
			
			RE4
			
			
			697
			
			
			17.0
			
			
			-23.0
			
			
			20.7%
			
			
			81%
			
			
			53%
			
			
			Energy/ Oil &amp; Gas
			
		


			Suntec Reit
			
			
			T82U
			
			
			4,846
			
			
			15.8
			
			
			-20.3
			
			
			2.4%
			
			
			18%
			
			
			18%
			
			
			REITs
			
		


			AEM SGD
			
			
			AWX
			
			
			1,308
			
			
			10.0
			
			
			-4.7
			
			
			0.7%
			
			
			42%
			
			
			28%
			
			
			Technology
			
		


			Ascott Trust
			
			
			HMN
			
			
			3,415
			
			
			8.1
			
			
			-9.0
			
			
			-1.0%
			
			
			20%
			
			
			21%
			
			
			REITs
			
		


			HPH Trust USD
			
			
			NS8U
			
			
			2,910
			
			
			7.6
			
			
			-6.0
			
			
			-0.8%
			
			
			34%
			
			
			38%
			
			
			Industrials
			
		


			First Resources
			
			
			EB5
			
			
			3,138
			
			
			6.7
			
			
			-5.4
			
			
			13.1%
			
			
			53%
			
			
			32%
			
			
			Consumer Non-Cyclicals
			
		


			Bumitama Agri
			
			
			P8Z
			
			
			1,292
			
			
			5.9
			
			
			-6.8
			
			
			9.6%
			
			
			48%
			
			
			29%
			
			
			Consumer Non-Cyclicals
			
		


			Samudera Shipping
			
			
			S56
			
			
			410
			
			
			5.7
			
			
			-6.5
			
			
			32.2%
			
			
			116%
			
			
			50%
			
			
			Industrials
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			3,845
			
			
			5.6
			
			
			-5.1
			
			
			0.9%
			
			
			31%
			
			
			22%
			
			
			REITs
			
		


			Riverstone
			
			
			AP4
			
			
			1,297
			
			
			4.2
			
			
			-4.6
			
			
			6.1%
			
			
			42%
			
			
			42%
			
			
			Healthcare
			
		


			Golden Energy
			
			
			AUE
			
			
			1,042
			
			
			3.6
			
			
			-3.8
			
			
			19.7%
			
			
			119%
			
			
			72%
			
			
			Energy/ Oil &amp; Gas
			
		


			Chip Eng Seng
			
			
			C29
			
			
			353
			
			
			3.5
			
			
			-3.5
			
			
			-4.3%
			
			
			25%
			
			
			23%
			
			
			Real Estate (excl. REITs)
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2,856
			
			
			2.9
			
			
			-2.3
			
			
			5.8%
			
			
			67%
			
			
			52%
			
			
			Industrials
			
		


			Sabana Reit
			
			
			M1GU
			
			
			498
			
			
			2.7
			
			
			-2.5
			
			
			2.2%
			
			
			21%
			
			
			20%
			
			
			REITs
			
		


			Singapore O&amp;G
			
			
			1D8
			
			
			141
			
			
			2.7
			
			
			-2.8
			
			
			5.4%
			
			
			109%
			
			
			35%
			
			
			Healthcare
			
		


			Ascendas-iTrust
			
			
			CY6U
			
			
			1,389
			
			
			2.4
			
			
			-1.7
			
			
			2.6%
			
			
			26%
			
			
			22%
			
			
			REITs
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			167
			
			
			2.0
			
			
			-1.9
			
			
			-1.2%
			
			
			48%
			
			
			41%
			
			
			Materials &amp; Resources
			
		


			The Hour Glass
			
			
			AGS
			
			
			1,366
			
			
			1.4
			
			
			-1.4
			
			
			-2.0%
			
			
			32%
			
			
			35%
			
			
			Consumer Cyclicals
			
		


			Total
			
			
			 
			
			
			39,209
			
			
			152
			
			
			-160
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			 
			
			
			5.8%
			
			
			48%
			
			
			34%
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)



Capitaland Integrated Commercial Trust (CICT SP)

16 STI Stocks Attracted Net Insti Inflows Amid Recent Market Swings