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

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<li>
The STI added 2.1% in January, taking its three price return to 19.8%, with dividend distributions boosting the total return to 20.2%. Similarly, the highly correlated FTSE ASEAN All Share Index was comparatively level for January, bringing its 3M total return to 16.8%. 
	 </li>
	<li>
The strongest of the 30 STI stocks in January included Wilmar Int, HongkongLand and Thai Beverage. Two of these three stocks, Thai Beverage and Wilmar Int were also the STI’s best performers over the past three months, with respective returns of 42% and 30%. 
	 </li>
	<li>DBS, OCBC and UOB continued to outpace the top quartile of global banks by market value. The trio averaged 2.2% gains in January, following 3.9% declines in 2020. Combined the three banks also led the net institutional inflows of Singapore-listed stocks in January, with S$214 million of inflows.</li>
</ul>
 The Straits Times Index (“STI”) ended January at 2902.52, 478.68 points or 19.8% higher, than the 2423.84 close at the end of October. The three months of gains, which saw the onset of retracements on 25 November and then again on 21 January, saw the STI close twice above the key 3000 level. The STI gains coincided with a 16.4% price gain in the regional FTSE ASEAN All-Share Index and a 15.5% price gain for the FTSE Asia Pacific Index. The less correlated, sector-driven S&amp;P 500 Index gained 10.5%.  
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 <img src='https://api2.sgx.com/sites/default/files/2021-02/Capture.PNG' alt='3M price Return' />
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 <div class='content-caption'>3M price Return</div>
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STI’s Biggest Driver in Early 2021 
The global campaign to overcome the Coronavirus continues to be the biggest driver for the STI. While the STI has declined 3.8% from the 21 January close, Singapore’s most traded medical supply stocks – Medtecs International Corp, Top Glove Corp Bhd, Riverstone Holdings and UG Healthcare averaged 0.2% gains, bringing their average three month decline to 18.1%. The recent to three-month consolidation of the medical supply stocks (note the quartet averaged 600%+ gains for the six months ended 31 October) reflects concern on the pace of the vaccine rollouts relative to the prevalence of the contagious strains of the coronavirus. 
Two of the global economic powerhouses, the United States and Eurozone currently account for 78% of the global infections recorded by the WHO. Together the United States and the Eurozone account for more than a third of global trade and two-fifths of the global GDP. While the Federal Reserve Balance Sheet has grown 80% since January 2020, with the European Central Bank Balance Sheet up more than 40%, the latter part of January saw global risk markets take on the aforementioned concerns, and price in less optimism in an imminent return to a new normal. 
While January saw the price of Gold decline 3.3% in SGD terms, the safe-haven gauge did rebound 5.5% during the final two sessions of the month. With Brent Crude Oil gaining 3.9% during the month, Sembcorp Marine was the Singapore’s most traded non-STI stock in January with 1.4% gains on the month on S$28 million of net institutional inflow. STI’s Biggest Sector Outpaced Global Peers 
The current top quartile of global banks by market value saw a median 0.6% gain in the month of January following median decline of 9.5% in total return over 2020. In Singapore, DBS Group Holdings (“DBS”), Oversea-Chinese Banking Corp (“OCBC”) and United Overseas Bank (“UOB”) generated an average gain of 2.2% in January, following average decline of 3.9% in total returns in 2020. Combined the three banks have also led the net institutional inflows of Singapore-listed stocks in January, with S$214 million of inflows recorded (inflows were as high at S$283 million on 21 January).   
DBS reports its full year results before the open on Wednesday 10 Feb, OCBC will report before the open on Wednesday 24 Feb and UOB will report before the open on Thursday 25 February. Key industry drivers going into this year include the ability to expand non-interest income, potential for lower provisions, degree of net interest margin stabilisation, with the broader focus on the potential for an earnings and economic recovery in Singapore. STI Highlights in January 2021 
The STI ended January with a market capitalisation of S$525 billion, representing close to 60% of the combined market capitalisation of all stocks listed on Singapore Exchange. The strongest of the 30 STI stocks in January included regional plays Wilmar International, HongkongLand and Thai Beverage PCL. Two of these three stocks, Thai Beverage PCL and Wilmar International were also the STI’s best performers over the past three months, with respective returns of 42% and 30%. 
The least performing STI stocks in January included City Developments, Keppel Corporation and ComfortDelGro Corp. This brought the average total returns of these three stocks over the past three months to 15%. 
Over the month, STI stocks saw combined net institutional inflows of S$18 million (compared to approximate inflows of S$300 million in January 2020) and combined net retail outflows of S$245 million (compared to approximate outflows of S$130 million in January 2020). Meanwhile, the combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended January at S$2.16 billion compared to S$2.07 billion at the end of 2020, with the unit creations and no redemptions generating S$47 million of net inflows into the two ETFs. 
The recent momentum of the 30 STI stocks is tabled below, with the STI stocks sort by the highest total returns for the past three months.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stock
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap S$M
			</td>
			<td>
			January Net Insti Inflow S$M 
			</td>
			<td>
			January Total Return 

			%
			</td>
			<td>
			Three Month Total Return 

			%
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			ThaiBev
			</td>
			<td>
			Y92
			</td>
			<td>
			20,720
			</td>
			<td>
			7
			</td>
			<td>
			12.2
			</td>
			<td>
			42
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Genting Sing
			</td>
			<td>
			G13
			</td>
			<td>
			10,315
			</td>
			<td>
			-6
			</td>
			<td>
			0.6
			</td>
			<td>
			33
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			Wilmar Intl
			</td>
			<td>
			F34
			</td>
			<td>
			33,293
			</td>
			<td>
			51
			</td>
			<td>
			13.3
			</td>
			<td>
			30
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4,311
			</td>
			<td>
			-10
			</td>
			<td>
			-3.3
			</td>
			<td>
			29
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			JMH USD
			</td>
			<td>
			J36
			</td>
			<td>
			56,544
			</td>
			<td>
			5
			</td>
			<td>
			3.8
			</td>
			<td>
			27
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			16,669
			</td>
			<td>
			18
			</td>
			<td>
			-2.1
			</td>
			<td>
			25
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			CapLand Int Com T
			</td>
			<td>
			C38U
			</td>
			<td>
			13,847
			</td>
			<td>
			-15
			</td>
			<td>
			-0.1
			</td>
			<td>
			25
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			DBS
			</td>
			<td>
			D05
			</td>
			<td>
			64,236
			</td>
			<td>
			52
			</td>
			<td>
			0.6
			</td>
			<td>
			25
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			UOB
			</td>
			<td>
			U11
			</td>
			<td>
			39,110
			</td>
			<td>
			87
			</td>
			<td>
			3.5
			</td>
			<td>
			23
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			HongkongLand USD
			</td>
			<td>
			H78
			</td>
			<td>
			14,372
			</td>
			<td>
			6
			</td>
			<td>
			12.8
			</td>
			<td>
			23
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			OCBC Bank
			</td>
			<td>
			O39
			</td>
			<td>
			46,170
			</td>
			<td>
			75
			</td>
			<td>
			2.6
			</td>
			<td>
			23
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Jardine C&amp;C
			</td>
			<td>
			C07
			</td>
			<td>
			8,521
			</td>
			<td>
			42
			</td>
			<td>
			10.3
			</td>
			<td>
			21
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			SIA
			</td>
			<td>
			C6L
			</td>
			<td>
			12,186
			</td>
			<td>
			-18
			</td>
			<td>
			-4.0
			</td>
			<td>
			21
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Mapletree Com Tr
			</td>
			<td>
			N2IU
			</td>
			<td>
			6,862
			</td>
			<td>
			-12
			</td>
			<td>
			-2.8
			</td>
			<td>
			20
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Singtel
			</td>
			<td>
			Z74
			</td>
			<td>
			38,975
			</td>
			<td>
			-102
			</td>
			<td>
			2.2
			</td>
			<td>
			19
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			UOL
			</td>
			<td>
			U14
			</td>
			<td>
			6,178
			</td>
			<td>
			-12
			</td>
			<td>
			-5.1
			</td>
			<td>
			18
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro
			</td>
			<td>
			C52
			</td>
			<td>
			3,423
			</td>
			<td>
			-37
			</td>
			<td>
			-5.4
			</td>
			<td>
			17
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			JSH USD
			</td>
			<td>
			J37
			</td>
			<td>
			38,314
			</td>
			<td>
			2
			</td>
			<td>
			5.1
			</td>
			<td>
			17
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SGX
			</td>
			<td>
			S68
			</td>
			<td>
			10,605
			</td>
			<td>
			33
			</td>
			<td>
			7.5
			</td>
			<td>
			15
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			9,106
			</td>
			<td>
			-9
			</td>
			<td>
			-6.9
			</td>
			<td>
			14
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			CityDev
			</td>
			<td>
			C09
			</td>
			<td>
			6,548
			</td>
			<td>
			-94
			</td>
			<td>
			-9.4
			</td>
			<td>
			14
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			DairyFarm USD
			</td>
			<td>
			D01
			</td>
			<td>
			7,755
			</td>
			<td>
			9
			</td>
			<td>
			4.0
			</td>
			<td>
			11
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			12,797
			</td>
			<td>
			-4
			</td>
			<td>
			3.4
			</td>
			<td>
			9
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			YZJ Shipbldg SGD
			</td>
			<td>
			BS6
			</td>
			<td>
			3,791
			</td>
			<td>
			19
			</td>
			<td>
			3.1
			</td>
			<td>
			7
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			ST Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			11,559
			</td>
			<td>
			-36
			</td>
			<td>
			-2.9
			</td>
			<td>
			6
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			Sembcorp Ind
			</td>
			<td>
			U96
			</td>
			<td>
			2,939
			</td>
			<td>
			4
			</td>
			<td>
			-3.5
			</td>
			<td>
			4
			</td>
			<td>
			Utilities
			</td>
		</tr>
<tr>
<td>
			Venture
			</td>
			<td>
			V03
			</td>
			<td>
			5,756
			</td>
			<td>
			9
			</td>
			<td>
			2.2
			</td>
			<td>
			3
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			Keppel DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4,867
			</td>
			<td>
			9
			</td>
			<td>
			6.0
			</td>
			<td>
			3
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Log Tr
			</td>
			<td>
			M44U
			</td>
			<td>
			8,182
			</td>
			<td>
			-25
			</td>
			<td>
			-1.5
			</td>
			<td>
			2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			Mapletree Ind Tr
			</td>
			<td>
			ME8U
			</td>
			<td>
			6,747
			</td>
			<td>
			-29
			</td>
			<td>
			-0.7
			</td>
			<td>
			-5
			</td>
			<td>
			REITs
			</td>
		</tr>
</tbody></table>
Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 29 January 2021)
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The STI added 2.1% in January, taking its three price return to 19.8%, with dividend distributions boosting the total return to 20.2%. Similarly, the highly correlated FTSE ASEAN All Share Index was comparatively level for January, bringing its 3M total return to 16.8%. 
	 
	
The strongest of the 30 STI stocks in January included Wilmar Int, HongkongLand and Thai Beverage. Two of these three stocks, Thai Beverage and Wilmar Int were also the STI’s best performers over the past three months, with respective returns of 42% and 30%.  
	 
	DBS, OCBC and UOB continued to outpace the top quartile of global banks by market value. The trio averaged 2.2% gains in January, following 3.9% declines in 2020. Combined the three banks also led the net institutional inflows of Singapore-listed stocks in January, with S$214 million of inflows.

 The Straits Times Index (“STI”) ended January at 2902.52, 478.68 points or 19.8% higher, than the 2423.84 close at the end of October. The three months of gains, which saw the onset of retracements on 25 November and then again on 21 January, saw the STI close twice above the key 3000 level. The STI gains coincided with a 16.4% price gain in the regional FTSE ASEAN All-Share Index and a 15.5% price gain for the FTSE Asia Pacific Index. The less correlated, sector-driven S&amp;P 500 Index gained 10.5%.  



      
    
    3M price Return


STI’s Biggest Driver in Early 2021  
The global campaign to overcome the Coronavirus continues to be the biggest driver for the STI. While the STI has declined 3.8% from the 21 January close, Singapore’s most traded medical supply stocks – Medtecs International Corp, Top Glove Corp Bhd, Riverstone Holdings and UG Healthcare averaged 0.2% gains, bringing their average three month decline to 18.1%. The recent to three-month consolidation of the medical supply stocks (note the quartet averaged 600%+ gains for the six months ended 31 October) reflects concern on the pace of the vaccine rollouts relative to the prevalence of the contagious strains of the coronavirus.  
Two of the global economic powerhouses, the United States and Eurozone currently account for 78% of the global infections recorded by the WHO. Together the United States and the Eurozone account for more than a third of global trade and two-fifths of the global GDP. While the Federal Reserve Balance Sheet has grown 80% since January 2020, with the European Central Bank Balance Sheet up more than 40%, the latter part of January saw global risk markets take on the aforementioned concerns, and price in less optimism in an imminent return to a new normal.  
While January saw the price of Gold decline 3.3% in SGD terms, the safe-haven gauge did rebound 5.5% during the final two sessions of the month. With Brent Crude Oil gaining 3.9% during the month, Sembcorp Marine was the Singapore’s most traded non-STI stock in January with 1.4% gains on the month on S$28 million of net institutional inflow.  STI’s Biggest Sector Outpaced Global Peers  
The current top quartile of global banks by market value saw a median 0.6% gain in the month of January following median decline of 9.5% in total return over 2020. In Singapore, DBS Group Holdings (“DBS”), Oversea-Chinese Banking Corp (“OCBC”) and United Overseas Bank (“UOB”) generated an average gain of 2.2% in January, following average decline of 3.9% in total returns in 2020. Combined the three banks have also led the net institutional inflows of Singapore-listed stocks in January, with S$214 million of inflows recorded (inflows were as high at S$283 million on 21 January).    
DBS reports its full year results before the open on Wednesday 10 Feb, OCBC will report before the open on Wednesday 24 Feb and UOB will report before the open on Thursday 25 February. Key industry drivers going into this year include the ability to expand non-interest income, potential for lower provisions, degree of net interest margin stabilisation, with the broader focus on the potential for an earnings and economic recovery in Singapore.  STI Highlights in January 2021  
The STI ended January with a market capitalisation of S$525 billion, representing close to 60% of the combined market capitalisation of all stocks listed on Singapore Exchange.  The strongest of the 30 STI stocks in January included regional plays Wilmar International, HongkongLand and Thai Beverage PCL. Two of these three stocks, Thai Beverage PCL and Wilmar International were also the STI’s best performers over the past three months, with respective returns of 42% and 30%.   
The least performing STI stocks in January included City Developments, Keppel Corporation and ComfortDelGro Corp. This brought the average total returns of these three stocks over the past three months to 15%.  
Over the month, STI stocks saw combined net institutional inflows of S$18 million (compared to approximate inflows of S$300 million in January 2020) and combined net retail outflows of S$245 million (compared to approximate outflows of S$130 million in January 2020). Meanwhile, the combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended January at S$2.16 billion compared to S$2.07 billion at the end of 2020, with the unit creations and no redemptions generating S$47 million of net inflows into the two ETFs.  
The recent momentum of the 30 STI stocks is tabled below, with the STI stocks sort by the highest total returns for the past three months.




			STI Stock
			
			
			SGX Code
			
			
			Market Cap S$M
			
			
			January Net Insti Inflow S$M 
			
			
			January Total Return 

			%
			
			
			Three Month Total Return 

			%
			
			
			Sector
			
		


			ThaiBev
			
			
			Y92
			
			
			20,720
			
			
			7
			
			
			12.2
			
			
			42
			
			
			Consumer Non-Cyclicals
			
		


			Genting Sing
			
			
			G13
			
			
			10,315
			
			
			-6
			
			
			0.6
			
			
			33
			
			
			Consumer Cyclicals
			
		


			Wilmar Intl
			
			
			F34
			
			
			33,293
			
			
			51
			
			
			13.3
			
			
			30
			
			
			Consumer Non-Cyclicals
			
		


			SATS
			
			
			S58
			
			
			4,311
			
			
			-10
			
			
			-3.3
			
			
			29
			
			
			Industrials
			
		


			JMH USD
			
			
			J36
			
			
			56,544
			
			
			5
			
			
			3.8
			
			
			27
			
			
			Industrials
			
		


			CapitaLand
			
			
			C31
			
			
			16,669
			
			
			18
			
			
			-2.1
			
			
			25
			
			
			Real Estate (excl. REITs)
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,847
			
			
			-15
			
			
			-0.1
			
			
			25
			
			
			REITs
			
		


			DBS
			
			
			D05
			
			
			64,236
			
			
			52
			
			
			0.6
			
			
			25
			
			
			Financial Services
			
		


			UOB
			
			
			U11
			
			
			39,110
			
			
			87
			
			
			3.5
			
			
			23
			
			
			Financial Services
			
		


			HongkongLand USD
			
			
			H78
			
			
			14,372
			
			
			6
			
			
			12.8
			
			
			23
			
			
			Real Estate (excl. REITs)
			
		


			OCBC Bank
			
			
			O39
			
			
			46,170
			
			
			75
			
			
			2.6
			
			
			23
			
			
			Financial Services
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,521
			
			
			42
			
			
			10.3
			
			
			21
			
			
			Consumer Cyclicals
			
		


			SIA
			
			
			C6L
			
			
			12,186
			
			
			-18
			
			
			-4.0
			
			
			21
			
			
			Industrials
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			6,862
			
			
			-12
			
			
			-2.8
			
			
			20
			
			
			REITs
			
		


			Singtel
			
			
			Z74
			
			
			38,975
			
			
			-102
			
			
			2.2
			
			
			19
			
			
			Telecommunications
			
		


			UOL
			
			
			U14
			
			
			6,178
			
			
			-12
			
			
			-5.1
			
			
			18
			
			
			Real Estate (excl. REITs)
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,423
			
			
			-37
			
			
			-5.4
			
			
			17
			
			
			Industrials
			
		


			JSH USD
			
			
			J37
			
			
			38,314
			
			
			2
			
			
			5.1
			
			
			17
			
			
			Industrials
			
		


			SGX
			
			
			S68
			
			
			10,605
			
			
			33
			
			
			7.5
			
			
			15
			
			
			Financial Services
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,106
			
			
			-9
			
			
			-6.9
			
			
			14
			
			
			Industrials
			
		


			CityDev
			
			
			C09
			
			
			6,548
			
			
			-94
			
			
			-9.4
			
			
			14
			
			
			Real Estate (excl. REITs)
			
		


			DairyFarm USD
			
			
			D01
			
			
			7,755
			
			
			9
			
			
			4.0
			
			
			11
			
			
			Consumer Non-Cyclicals
			
		


			Ascendas REIT
			
			
			A17U
			
			
			12,797
			
			
			-4
			
			
			3.4
			
			
			9
			
			
			REITs
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			3,791
			
			
			19
			
			
			3.1
			
			
			7
			
			
			Industrials
			
		


			ST Engineering
			
			
			S63
			
			
			11,559
			
			
			-36
			
			
			-2.9
			
			
			6
			
			
			Industrials
			
		


			Sembcorp Ind
			
			
			U96
			
			
			2,939
			
			
			4
			
			
			-3.5
			
			
			4
			
			
			Utilities
			
		


			Venture
			
			
			V03
			
			
			5,756
			
			
			9
			
			
			2.2
			
			
			3
			
			
			Technology (Hardware/ Software)
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,867
			
			
			9
			
			
			6.0
			
			
			3
			
			
			REITs
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			8,182
			
			
			-25
			
			
			-1.5
			
			
			2
			
			
			REITs
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			6,747
			
			
			-29
			
			
			-0.7
			
			
			-5
			
			
			REITs
			
		

Source: SGX StockFacts, Refinitiv and Bloomberg (Data as of 29 January 2021)



January STI Gains Take 3-month Return to 20%