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

Yoma Strategic Holdings / Equity Bottom-Up





With a 15.8% price gain and 16.2% total return in the month of Nov, this was the strongest month of gains for the STI since May 2009. Combined AUM of the SPDR® STI ETF and Nikko AM STI ETF reached S$2.0 billion as of the end of Nov, up 75% from the end of Nov 2019.  
	 
	
Of the 100 most traded stocks in Singapore, four of the five best performers in Nov were non–STI stocks. The five stocks were Broadway Ind, Hi-P Int, SATS, Alset and Sembcorp Marine. With Brent Crude Oil rallying 25%, Sembcorp Marine gained 35%, while the Gold-Brent Crude Price Ratio spread return to early March levels.   
	 
	Record performances for global stocks were largely attributed to vaccine developments that have recently met optimistic timelines reiterated by the WHO in early October. This saw Singapore’s cyclical/broad economy stocks rally, whilst medical suppliers saw price declines and Tech stocks saw net institutional outflows. 

 

With a 15.8% price gain and 16.2% total return in the month of November, this was the strongest month of gains for the Straits Times Index (“STI”) since May 2009. DBS Group Holdings (“DBS”), Oversea Chinese Banking Corp (“OCBC”) and United Overseas Bank (“UOB”) which make up approximately 40% of the STI avergaed 21% total returns wth net insitutional inflows of S$1.5 billion.  
The combined Assets under Management (“AUM”) of the SPDR® STI ETF and  Nikko AM STI ETF reached S$2.0 billion as of the end of November, up 75% from the end of November 2019. The two ETFs also saw net inflows of S$53 million in November, bringing the full year net inflow of two STI ETFs to S$916 million. As discussed here the two ETFS took 17 years to reach the S$1 billion milestone in June 2019, and just 17 months to reach the S$2 billion threshold.  Rotation within the Singapore market was clearly demonstrated by the scale of net institutional inflows into Financial Services and net institutional outflows out of the Technology Stocks. This was the reverse of the net institutional flows observed for the most active stocks of these two Sectors for the prior 10 months, with Financial Services seeing net institutional outflows, and the comparative more defensive Technology Sector seeing net institutional inflows over the preceding 10 months.



      
    
    Most 100 Stocks - Median Total Returns


The 100 most traded stocks in Singapore this year include five stocks that represent Financials Services in addition to 12 stocks that can be categroised to Technology. For the month of November the five stocks – DBS, UOB, OCBC, SGX and iFAST generated a median total return of 19%, with S$1.5 billion of net institutional inflows (equivalent to 1.0% of their combined end of November market value). Meanwhile, the 12 Technology stocks were recipient to S$84 million of combined net institutional outflow (equivalent to 0.7% of their combined end of November market value). On average, the Technology stocks still averaged gains in November, with the actively traded Healthcare stocks generating declines attributed vaccine developments inline with the optimistic outlook provided by the World Health Organisation on 6 October. The large-scale roatation has been supported by expansionary economic policies designed to support businesses contend with lockdowns.  The AAS Economics proprietary gauge for the US money supply was up 57.7% YoY so far in November, compared to being up 5% YoY at the end of 2019 with the Federal Reserve balance sheet (total assets) also seeing a similar levelof significant YoY growth.  
The 100 most traded stocks in Singapore this year, with November instituional flows and perfomances in addition to flows and perfomances for the full 11 months are tabled below, and sort by the most traded stock in terms of daily turnover.




			Stock
			
			
			Code
			
			
			Market Cap S$M
			
			
			Nov Total Return
			
			
			Nov Net Insti Flow S$M
			
			
			YTD Total Return
			
			
			YTD Net Insti Flow S$M
			
			
			Sector
			
		


			DBS
			
			
			D05
			
			
			$64,041
			
			
			25%
			
			
			$834
			
			
			2%
			
			
			-$533
			
			
			Financial Services
			
		


			Singtel
			
			
			Z74
			
			
			$39,027
			
			
			20%
			
			
			-$28
			
			
			-26%
			
			
			-$973
			
			
			Telecommunications
			
		


			UOB
			
			
			U11
			
			
			$37,655
			
			
			19%
			
			
			$324
			
			
			-10%
			
			
			-$1,203
			
			
			Financial Services
			
		


			OCBC Bank
			
			
			O39
			
			
			$45,090
			
			
			20%
			
			
			$360
			
			
			-3%
			
			
			-$587
			
			
			Financial Services
			
		


			Ascendas REIT
			
			
			A17U
			
			
			$11,935
			
			
			5%
			
			
			$93
			
			
			5%
			
			
			$430
			
			
			REITs
			
		


			Wilmar Intl
			
			
			F34
			
			
			$26,669
			
			
			4%
			
			
			-$28
			
			
			6%
			
			
			-$73
			
			
			Consumer Non-Cyclicals
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			$12,553
			
			
			12%
			
			
			-$42
			
			
			-17%
			
			
			-$244
			
			
			REITs
			
		


			SGX
			
			
			S68
			
			
			$9,523
			
			
			3%
			
			
			$7
			
			
			4%
			
			
			$170
			
			
			Financial Services
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			$8,141
			
			
			1%
			
			
			-$34
			
			
			18%
			
			
			$77
			
			
			REITs
			
		


			SIA
			
			
			C6L
			
			
			$12,868
			
			
			28%
			
			
			$58
			
			
			-32%
			
			
			-$606
			
			
			Industrials
			
		


			CapitaLand
			
			
			C31
			
			
			$16,254
			
			
			22%
			
			
			$62
			
			
			-13%
			
			
			-$132
			
			
			Real Estate (excl. REITs)
			
		


			ComfortDelGro
			
			
			C52
			
			
			$3,575
			
			
			22%
			
			
			$37
			
			
			-28%
			
			
			-$321
			
			
			Industrials
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			$6,763
			
			
			19%
			
			
			$32
			
			
			-12%
			
			
			-$38
			
			
			REITs
			
		


			Keppel Corp
			
			
			BN4
			
			
			$9,215
			
			
			15%
			
			
			$24
			
			
			-23%
			
			
			-$100
			
			
			Industrials
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			$6,911
			
			
			-2%
			
			
			-$10
			
			
			18%
			
			
			$20
			
			
			REITs
			
		


			Venture
			
			
			V03
			
			
			$5,459
			
			
			-2%
			
			
			-$78
			
			
			21%
			
			
			$150
			
			
			Technology (Hardware/ Software)
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			$3,410
			
			
			-4%
			
			
			-$125
			
			
			-18%
			
			
			-$181
			
			
			Industrials
			
		


			JMH USD
			
			
			J36
			
			
			$52,359
			
			
			17%
			
			
			$34
			
			
			-1%
			
			
			$2
			
			
			Industrials
			
		


			Genting Sing
			
			
			G13
			
			
			$10,014
			
			
			29%
			
			
			$26
			
			
			-7%
			
			
			$106
			
			
			Consumer Cyclicals
			
		


			CityDev
			
			
			C09
			
			
			$7,074
			
			
			23%
			
			
			$19
			
			
			-28%
			
			
			-$226
			
			
			Real Estate (excl. REITs)
			
		


			Medtecs Intl
			
			
			546
			
			
			$588
			
			
			-6%
			
			
			$15
			
			
			2819%
			
			
			$23
			
			
			Healthcare
			
		


			ST Engineering
			
			
			S63
			
			
			$12,026
			
			
			11%
			
			
			-$11
			
			
			3%
			
			
			$75
			
			
			Industrials
			
		


			SATS
			
			
			S58
			
			
			$4,636
			
			
			39%
			
			
			$109
			
			
			-18%
			
			
			-$115
			
			
			Industrials
			
		


			AEM
			
			
			AWX
			
			
			$976
			
			
			5%
			
			
			-$16
			
			
			80%
			
			
			$15
			
			
			Technology (Hardware/ Software)
			
		


			Suntec REIT
			
			
			T82U
			
			
			$4,266
			
			
			13%
			
			
			$9
			
			
			-14%
			
			
			-$64
			
			
			REITs
			
		


			ThaiBev
			
			
			Y92
			
			
			$18,586
			
			
			28%
			
			
			$91
			
			
			-15%
			
			
			-$129
			
			
			Consumer Non-Cyclicals
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			$4,589
			
			
			-3%
			
			
			-$35
			
			
			38%
			
			
			$15
			
			
			REITs
			
		


			SPH
			
			
			T39
			
			
			$1,893
			
			
			20%
			
			
			-$20
			
			
			-45%
			
			
			-$187
			
			
			Consumer Cyclicals
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			$7,672
			
			
			9%
			
			
			-$53
			
			
			-32%
			
			
			-$196
			
			
			Consumer Cyclicals
			
		


			HongkongLand USD
			
			
			H78
			
			
			$12,742
			
			
			9%
			
			
			-$4
			
			
			-25%
			
			
			-$133
			
			
			Real Estate (excl. REITs)
			
		


			Sembcorp Ind
			
			
			U96
			
			
			$3,263
			
			
			16%
			
			
			$10
			
			
			62%
			
			
			-$140
			
			
			Utilities
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			$4,725
			
			
			15%
			
			
			$9
			
			
			19%
			
			
			$67
			
			
			REITs
			
		


			JSH USD
			
			
			J37
			
			
			$35,520
			
			
			8%
			
			
			-$3
			
			
			-21%
			
			
			-$40
			
			
			Industrials
			
		


			NetLink NBN Tr
			
			
			CJLU
			
			
			$3,761
			
			
			3%
			
			
			-$13
			
			
			8%
			
			
			-$34
			
			
			Telecommunications
			
		


			UOL
			
			
			U14
			
			
			$6,219
			
			
			18%
			
			
			$20
			
			
			-9%
			
			
			$30
			
			
			Real Estate (excl. REITs)
			
		


			Frasers Cpt Tr
			
			
			J69U
			
			
			$3,940
			
			
			10%
			
			
			-$4
			
			
			-14%
			
			
			-$33
			
			
			REITs
			
		


			Riverstone
			
			
			AP4
			
			
			$2,914
			
			
			-31%
			
			
			-$16
			
			
			187%
			
			
			-$26
			
			
			Healthcare
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			$2,930
			
			
			7%
			
			
			-$8
			
			
			-18%
			
			
			-$62
			
			
			REITs
			
		


			Keppel REIT
			
			
			K71U
			
			
			$3,578
			
			
			6%
			
			
			-$2
			
			
			-12%
			
			
			$9
			
			
			REITs
			
		


			DairyFarm USD
			
			
			D01
			
			
			$7,385
			
			
			6%
			
			
			-$78
			
			
			-25%
			
			
			-$138
			
			
			Consumer Non-Cyclicals
			
		


			Ascott Trust
			
			
			HMN
			
			
			$3,232
			
			
			25%
			
			
			$16
			
			
			-18%
			
			
			-$11
			
			
			REITs
			
		


			Sembcorp Marine
			
			
			S51
			
			
			$2,034
			
			
			35%
			
			
			-$32
			
			
			-81%
			
			
			-$69
			
			
			Industrials
			
		


			Rex Intl
			
			
			5WH
			
			
			$198
			
			
			13%
			
			
			$1
			
			
			-26%
			
			
			-$1
			
			
			Energy/ Oil &amp; Gas
			
		


			UMS
			
			
			558
			
			
			$555
			
			
			11%
			
			
			$1
			
			
			6%
			
			
			$10
			
			
			Technology (Hardware/ Software)
			
		


			Sheng Siong
			
			
			OV8
			
			
			$2,346
			
			
			-7%
			
			
			-$25
			
			
			30%
			
			
			-$32
			
			
			Consumer Non-Cyclicals
			
		


			CapitaR China Tr
			
			
			AU8U
			
			
			$1,727
			
			
			5%
			
			
			-$21
			
			
			-20%
			
			
			-$127
			
			
			REITs
			
		


			Top Glove
			
			
			BVA
			
			
			$18,805
			
			
			-17%
			
			
			-$7
			
			
			357%
			
			
			-$52
			
			
			Healthcare
			
		


			UG Healthcare
			
			
			8K7
			
			
			$424
			
			
			-24%
			
			
			-$1
			
			
			1382%
			
			
			-$14
			
			
			Healthcare
			
		


			ESR-REIT
			
			
			J91U
			
			
			$1,437
			
			
			18%
			
			
			$6
			
			
			-18%
			
			
			-$7
			
			
			REITs
			
		


			Manulife REIT USD
			
			
			BTOU
			
			
			$1,582
			
			
			2%
			
			
			-$3
			
			
			-22%
			
			
			-$26
			
			
			REITs
			
		


			CDL H Trust
			
			
			J85
			
			
			$1,539
			
			
			27%
			
			
			$9
			
			
			-18%
			
			
			-$61
			
			
			REITs
			
		


			Keppel Infra Tr
			
			
			A7RU
			
			
			$2,745
			
			
			1%
			
			
			-$2
			
			
			7%
			
			
			-$6
			
			
			Utilities
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			$179
			
			
			10%
			
			
			-$2
			
			
			429%
			
			
			$4
			
			
			Materials &amp; Resources
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			$1,980
			
			
			11%
			
			
			-$4
			
			
			-31%
			
			
			-$10
			
			
			Consumer Non-Cyclicals
			
		


			Hi-P
			
			
			H17
			
			
			$1,389
			
			
			42%
			
			
			$20
			
			
			14%
			
			
			$11
			
			
			Technology (Hardware/ Software)
			
		


			Lendlease REIT
			
			
			JYEU
			
			
			$800
			
			
			11%
			
			
			$0
			
			
			-24%
			
			
			-$70
			
			
			REITs
			
		


			Frencken
			
			
			E28
			
			
			$482
			
			
			20%
			
			
			$9
			
			
			26%
			
			
			$4
			
			
			Technology (Hardware/ Software)
			
		


			ParkwayLife REIT
			
			
			C2PU
			
			
			$2,414
			
			
			-1%
			
			
			-$12
			
			
			25%
			
			
			$22
			
			
			REITs
			
		


			Ascendas-iTrust
			
			
			CY6U
			
			
			$1,573
			
			
			5%
			
			
			-$4
			
			
			-8%
			
			
			-$10
			
			
			REITs
			
		


			StarHub
			
			
			CC3
			
			
			$2,234
			
			
			10%
			
			
			-$2
			
			
			-6%
			
			
			-$6
			
			
			Telecommunications
			
		


			Cromwell REIT EUR
			
			
			CNNU
			
			
			$1,984
			
			
			7%
			
			
			-$1
			
			
			3%
			
			
			-$8
			
			
			REITs
			
		


			Biolidics
			
			
			8YY
			
			
			$95
			
			
			20%
			
			
			$0
			
			
			47%
			
			
			-$5
			
			
			Healthcare
			
		


			Vicplas Intl
			
			
			569
			
			
			$140
			
			
			2%
			
			
			$0
			
			
			196%
			
			
			$1
			
			
			Healthcare
			
		


			SingPost
			
			
			S08
			
			
			$1,609
			
			
			8%
			
			
			-$5
			
			
			-21%
			
			
			-$17
			
			
			Industrials
			
		


			Yanlord Land
			
			
			Z25
			
			
			$2,144
			
			
			6%
			
			
			$0
			
			
			-3%
			
			
			-$14
			
			
			Real Estate (excl. REITs)
			
		


			SPHREIT
			
			
			SK6U
			
			
			$2,304
			
			
			11%
			
			
			$0
			
			
			-21%
			
			
			-$8
			
			
			REITs
			
		


			IFAST
			
			
			AIY
			
			
			$988
			
			
			-1%
			
			
			-$2
			
			
			257%
			
			
			-$17
			
			
			Financial Services
			
		


			Nanofilm
			
			
			MZH
			
			
			$2,107
			
			
			10%
			
			
			-$12
			
			
			24%
			
			
			-$18
			
			
			Technology (Hardware/ Software)
			
		


			HPH Trust USD
			
			
			NS8U
			
			
			$2,197
			
			
			27%
			
			
			$4
			
			
			19%
			
			
			-$6
			
			
			Industrials
			
		


			Sri Trang Agro
			
			
			NC2
			
			
			$1,828
			
			
			-19%
			
			
			-$2
			
			
			187%
			
			
			-$41
			
			
			Consumer Cyclicals
			
		


			Clearbridge
			
			
			1H3
			
			
			$95
			
			
			3%
			
			
			$0
			
			
			13%
			
			
			-$1
			
			
			Healthcare
			
		


			Aspen
			
			
			1F3
			
			
			$282
			
			
			2%
			
			
			-$4
			
			
			229%
			
			
			-$24
			
			
			Real Estate (excl. REITs)
			
		


			KepPacOakREITUSD
			
			
			CMOU
			
			
			$886
			
			
			-2%
			
			
			-$2
			
			
			-5%
			
			
			-$8
			
			
			REITs
			
		


			Japfa
			
			
			UD2
			
			
			$1,527
			
			
			16%
			
			
			$5
			
			
			32%
			
			
			$7
			
			
			Consumer Non-Cyclicals
			
		


			Yoma Strategic
			
			
			Z59
			
			
			$626
			
			
			10%
			
			
			$5
			
			
			-20%
			
			
			-$19
			
			
			Real Estate (excl. REITs)
			
		


			Alset
			
			
			40V
			
			
			$129
			
			
			38%
			
			
			$0
			
			
			93%
			
			
			-$3
			
			
			Real Estate (excl. REITs)
			
		


			ISDN
			
			
			I07
			
			
			$181
			
			
			12%
			
			
			$1
			
			
			84%
			
			
			-$4
			
			
			Industrials
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			$848
			
			
			3%
			
			
			-$1
			
			
			-10%
			
			
			-$22
			
			
			REITs
			
		


			V2Y Corp
			
			
			V2Y
			
			
			$33
			
			
			16%
			
			
			-$3
			
			
			74%
			
			
			$1
			
			
			Technology (Hardware/ Software)
			
		


			Sasseur REIT
			
			
			CRPU
			
			
			$975
			
			
			8%
			
			
			-$6
			
			
			-3%
			
			
			-$37
			
			
			REITs
			
		


			Haw Par
			
			
			H02
			
			
			$2,236
			
			
			8%
			
			
			-$1
			
			
			-18%
			
			
			-$41
			
			
			Healthcare
			
		


			First REIT
			
			
			AW9U
			
			
			$343
			
			
			9%
			
			
			-$9
			
			
			-54%
			
			
			-$38
			
			
			REITs
			
		


			First Resources
			
			
			EB5
			
			
			$2,131
			
			
			12%
			
			
			-$3
			
			
			-28%
			
			
			-$9
			
			
			Consumer Non-Cyclicals
			
		


			Hyphens Pharma
			
			
			1J5
			
			
			$107
			
			
			-7%
			
			
			$0
			
			
			76%
			
			
			-$6
			
			
			Healthcare
			
		


			Prime US REITUSD
			
			
			OXMU
			
			
			$1,085
			
			
			1%
			
			
			-$2
			
			
			-15%
			
			
			-$15
			
			
			REITs
			
		


			Starhill Global REIT
			
			
			P40U
			
			
			$1,067
			
			
			17%
			
			
			$0
			
			
			-31%
			
			
			-$48
			
			
			REITs
			
		


			ARA LOGOS Log Tr
			
			
			K2LU
			
			
			$709
			
			
			4%
			
			
			-$7
			
			
			-8%
			
			
			-$26
			
			
			REITs
			
		


			Valuetronics
			
			
			BN2
			
			
			$252
			
			
			5%
			
			
			$0
			
			
			-25%
			
			
			-$20
			
			
			Technology (Hardware/ Software)
			
		


			CSE Global
			
			
			544
			
			
			$235
			
			
			6%
			
			
			-$2
			
			
			-11%
			
			
			-$20
			
			
			Technology (Hardware/ Software)
			
		


			Silverlake Axis
			
			
			5CP
			
			
			$682
			
			
			7%
			
			
			-$2
			
			
			-34%
			
			
			-$33
			
			
			Technology (Hardware/ Software)
			
		


			IX Biopharma
			
			
			42C
			
			
			$174
			
			
			4%
			
			
			$0
			
			
			11%
			
			
			-$2
			
			
			Healthcare
			
		


			Far East H Trust
			
			
			Q5T
			
			
			$1,245
			
			
			13%
			
			
			$6
			
			
			-11%
			
			
			-$8
			
			
			REITs
			
		


			Raffles Medical
			
			
			BSL
			
			
			$1,547
			
			
			8%
			
			
			-$2
			
			
			-14%
			
			
			-$11
			
			
			Healthcare
			
		


			SIA Engineering
			
			
			S59
			
			
			$2,232
			
			
			22%
			
			
			-$2
			
			
			-28%
			
			
			-$18
			
			
			Industrials
			
		


			Broadway Ind
			
			
			B69
			
			
			$76
			
			
			61%
			
			
			$0
			
			
			23%
			
			
			$1
			
			
			Technology (Hardware/ Software)
			
		


			Avarga
			
			
			U09
			
			
			$237
			
			
			8%
			
			
			$1
			
			
			72%
			
			
			-$9
			
			
			Materials &amp; Resources
			
		


			IPS Securex
			
			
			42N
			
			
			$41
			
			
			8%
			
			
			$0
			
			
			113%
			
			
			-$1
			
			
			Technology (Hardware/ Software)
			
		


			Olam Intl
			
			
			O32
			
			
			$4,857
			
			
			19%
			
			
			$3
			
			
			-11%
			
			
			-$32
			
			
			Consumer Non-Cyclicals
			
		


			OUE Com REIT
			
			
			TS0U
			
			
			$2,060
			
			
			17%
			
			
			$0
			
			
			-30%
			
			
			-$26
			
			
			REITs
			
		


			Lippo Malls Tr
			
			
			D5IU
			
			
			$240
			
			
			-6%
			
			
			-$5
			
			
			-62%
			
			
			-$15
			
			
			REITs
			
		


			Total
			
			
			 
			
			
			$620,711
			
			
			 
			
			
			$1,469
			
			
			 
			
			
			-$6,386
			
			
			 
			
		


			Median
			
			
			 
			
			
			 
			
			
			10%
			
			
			 
			
			
			-8%
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			11%
			
			
			 
			
			
			60%
			
			
			 
			
			
			 
			
		

 Source: SGX, Bloomberg, Refinitiv (Data as of 30 November 2020). Note some stocks such as Broadway Industrial Group, Frencken Group may be categorised as Industrials.



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