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 gained 3.6% in October, producing its strongest monthly price gain since the 7.3% gain in March 2021, and strongest performance for the month of October since the 4.8% gain in October 2017. This brings the total return of the STI for the first 10 months of 2021 to 15.7%.  
	 
	
Overarching market drivers in October included global progress in containing COVID-19, the global growth outlook remaining largely intact for 2021 and 2022, while rising commodity prices, supply disruptions and the continued local focus on strategic corporate restructuring also provided market cues. 
	 
	Proportionate to month-end market capitalisation, within the STI, Sembcorp Industries, Jardine Cycle &amp; Carriage, City Developments, Yangzijiang Shipbuilding Holdings and Venture Corporation saw the highest net institutional inflows in October, while averaging 7.9% price gains.

 

In October, the Straits Times Index (“STI”) gained 3.6%, finishing the month at 3,198.17. This was the STI’s strongest monthly price gain since the 7.3% gain in March 2021, and strongest October since the 4.8% gain in October 2017. The FTSE ASEAN All-Share Index also gained 3.9% over the month, outpacing the broader Asia Pacific, which declined 0.9%, weighed by Japan stocks. Globally, the FTSE All World Index gained 4.2% during October, led by auto manufacturers, energy, technology, consumer cyclical and lodging stocks in addition to REITs. Overall, the total market capitalisation of Singapore’s listed stocks increased 3.0% over the month, from S$887.9 billion to S$914.2 billion.  
Overarching market drivers in October included global progress in containing COVID-19, the global growth outlook remaining largely intact for 2021 and 2022, while rising commodity prices, supply disruptions and the continued local focus on strategic restructuring also provided market cues.  On the COVID-19 front, in October, the 7-day rolling average of daily new confirmed global COVID-19 cases continued September’s decline, ending the month at 430,000 cases a day, down from above 650,000 cases per day in mid-August. The key test for November will be for this trend to continue, with the objective of the 7-day rolling average breaking below the 360,000 cases per day level, a key level last reached in mid-to-late June and mid-to-late February. The data provided by ourworldindata.org also shows that the in mid-October the 7-day rolling average of daily confirmed COVID-19 deaths reached lows not seen since early November 2020. However, gaps in vaccination rates across countries remain, so much so that in its October World Economic Outlook, the IMF noted over half of the countries in the world are not on track to reach the goal of vaccinating 4% of their population by the end of 2021.  While the IMF October Outlook marginally trimmed its global growth outlook for 2021 to 5.9% (from 6.0% in July), the above average 4.9% growth rate for 2022 was kept intact. Similarly, Singapore GDP is expected to grow between 6.0% and 7.0% in 2021, and remain above trend in 2022.  
Inflation expectations driven by rising commodity prices and supply disruptions also impacted the STI in October through its largest sector, the Banks. DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank averaged a 3.4% gain in October. Their average gains for the month were as high as 4.3% as of the 27 Oct Asia close, before global banks declined 1.3% on global inflation concerns that pushed 2-year UST yields higher, resulting in the 2/10-year UST yield curve flattening by close to 10 basis points by the last session of the month.  With auto manufacturers also leading global stocks in October, Jardine Cycle &amp; Carriage led the STI in October with a 16.1% gain and S$50 million of net institutional inflow. Also in-line with global trends, Hongkong Land gained 14.0% over the month, while outside the STI, among the most actives, Rex International Holding gained 61.9% as the price of Brent Crude Oil increased from US$78.52 to US$84.38.  Overall the STI was recipient to S$295 million of net institutional inflow in October, with 18 of the 30 stocks seeing net inflows, and 12 stocks seeing net outflows. Within the STI, proportionate to month-end market capitalisation, Sembcorp Industries, Jardine Cycle &amp; Carriage, City Developments, Yangzijiang Shipbuilding Holdings and Venture Corporation saw the highest net institutional inflows in October, while averaging 7.9% price gains. The next five STI stocks that saw the highest net institutional inflows proportionate to month-end market capitalisation averaged a 4.0% gain, similar to the STI’s 4.1% gain.




			STI Stocks that saw most net Insti Inflow proportionate to Mkt Cap in October
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Oct Net Insti Flow S$M
			
			
			October Net Insti. Flow Proportionate to Mkt Cap
			
			
			Oct Px Change %
			
			
			Sector
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,587
			
			
			24.3
			
			
			0.7%
			
			
			9.8
			
			
			Utilities
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,893
			
			
			50.0
			
			
			0.6%
			
			
			16.1
			
			
			Consumer Cyclicals
			
		


			CityDev
			
			
			C09
			
			
			6,639
			
			
			32.8
			
			
			0.5%
			
			
			5.9
			
			
			Real Estate (excl. REITs)
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,607
			
			
			20.8
			
			
			0.4%
			
			
			2.9
			
			
			Industrials
			
		


			Venture
			
			
			V03
			
			
			5,465
			
			
			17.0
			
			
			0.3%
			
			
			4.7
			
			
			Technology (Hardware/ Software)
			
		


			UOB
			
			
			U11
			
			
			44,778
			
			
			136.6
			
			
			0.3%
			
			
			3.5
			
			
			Financial Services
			
		


			SATS
			
			
			S58
			
			
			4,702
			
			
			11.1
			
			
			0.2%
			
			
			0.7
			
			
			Industrials
			
		


			Singtel
			
			
			Z74
			
			
			41,279
			
			
			74.2
			
			
			0.2%
			
			
			1.6
			
			
			Telecommunications
			
		


			CapLand IntCom T
			
			
			C38U
			
			
			13,929
			
			
			24.0
			
			
			0.2%
			
			
			5.9
			
			
			REITs
			
		


			ThaiBev
			
			
			Y92
			
			
			17,834
			
			
			30.0
			
			
			0.2%
			
			
			8.4
			
			
			Consumer Non-Cyclicals
			
		

Source: SGX, Refinitiv, Bloomberg (Data as of 29 October 2021)

 

Meanwhile, Singapore Exchange, Keppel DC REIT, ComfortDelGro Corporation, Mapletree Industrial Trust and Mapletree Logistics Trust saw the highest net institutional outflows in October while average a 1.1% decline in price.       The seven technology stocks among Singapore’s most traded 60 stocks so far this year were mixed, with performances ranging from a 4.7% gain for Venture Corporation to a 9.4% decline for Nanofilm Technologies International. This coincided with a report on 26 Oct that Singapore’s Industrial Production declined 2.8% in September from August. Nonetheless, precision engineering and the electronics cluster have been Singapore’s strongest manufacturing segments over the first three quarters of 2021, and the aforementioned seven technology stocks averaged a 44.9% total return over the past 10 months, with their median total return at 23.7%.  
The October performances and net institutional flows of the 60 most traded Singapore stocks which includes the 30 STI stocks (in Bold) are tabled below.




			Stock
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			Oct Net Insti. Flow S$M
			
			
			Oct Px Change %
			
			
			Oct Total Return %
			
			
			2021 YTD Net Insti. Flow S$M
			
			
			2021 YTD Total Return %
			
			
			Sector
			
		


			DBS
			
			
			D05
			
			
			80,979
			
			
			91.9
			
			
			4.0
			
			
			4.0
			
			
			977.6
			
			
			28.8
			
			
			Financial Services
			
		


			Singtel
			
			
			Z74
			
			
			41,279
			
			
			74.2
			
			
			1.6
			
			
			1.6
			
			
			-116.9
			
			
			9.4
			
			
			Telecommunications
			
		


			UOB
			
			
			U11
			
			
			44,778
			
			
			136.6
			
			
			3.5
			
			
			3.5
			
			
			369.5
			
			
			22.9
			
			
			Financial Services
			
		


			OCBC Bank
			
			
			O39
			
			
			53,075
			
			
			33.8
			
			
			2.6
			
			
			2.6
			
			
			220.9
			
			
			21.3
			
			
			Financial Services
			
		


			CapitaLand Invest
			
			
			9CI
			
			
			17,889
			
			
			-27.4
			
			
			1.2
			
			
			1.2
			
			
			-1.7
			
			
			16.6
			
			
			Real Estate (excl. REITs)
			
		


			YZJ Shipbldg SGD
			
			
			BS6
			
			
			5,607
			
			
			20.8
			
			
			2.9
			
			
			2.9
			
			
			264.3
			
			
			53.2
			
			
			Industrials
			
		


			SIA
			
			
			C6L
			
			
			15,431
			
			
			-17.5
			
			
			3.4
			
			
			3.4
			
			
			-318.5
			
			
			21.5
			
			
			Industrials
			
		


			CapLand Int Com T
			
			
			C38U
			
			
			13,929
			
			
			24.0
			
			
			5.9
			
			
			5.9
			
			
			1.7
			
			
			2.8
			
			
			REITs
			
		


			Ascendas REIT
			
			
			A17U
			
			
			12,963
			
			
			-14.8
			
			
			3.0
			
			
			3.0
			
			
			-172.0
			
			
			6.9
			
			
			REITs
			
		


			Wilmar Intl
			
			
			F34
			
			
			27,250
			
			
			-17.3
			
			
			2.6
			
			
			2.6
			
			
			-246.3
			
			
			-3.3
			
			
			Consumer Non-Cyclicals
			
		


			SGX
			
			
			S68
			
			
			10,362
			
			
			-110.1
			
			
			-3.0
			
			
			-2.2
			
			
			-174.4
			
			
			6.9
			
			
			Financial Services
			
		


			JMH USD
			
			
			J36
			
			
			56,482
			
			
			23.9
			
			
			8.5
			
			
			8.5
			
			
			-49.7
			
			
			8.6
			
			
			Industrials
			
		


			Genting Sing
			
			
			G13
			
			
			9,411
			
			
			-0.6
			
			
			8.3
			
			
			8.3
			
			
			-122.2
			
			
			-7.2
			
			
			Consumer Cyclicals
			
		


			Mapletree Log Tr
			
			
			M44U
			
			
			8,679
			
			
			-27.2
			
			
			-1.0
			
			
			-1.0
			
			
			-44.7
			
			
			3.4
			
			
			REITs
			
		


			Mapletree Ind Tr
			
			
			ME8U
			
			
			7,314
			
			
			-39.6
			
			
			-1.1
			
			
			-1.1
			
			
			-133.8
			
			
			-1.2
			
			
			REITs
			
		


			Venture
			
			
			V03
			
			
			5,465
			
			
			17.0
			
			
			4.7
			
			
			4.7
			
			
			-147.7
			
			
			0.7
			
			
			Technology (Hardware/ Software)
			
		


			ThaiBev
			
			
			Y92
			
			
			17,834
			
			
			30.0
			
			
			8.4
			
			
			8.4
			
			
			-322.4
			
			
			-0.6
			
			
			Consumer Non-Cyclicals
			
		


			ComfortDelGro
			
			
			C52
			
			
			3,381
			
			
			-18.7
			
			
			3.3
			
			
			3.3
			
			
			-159.4
			
			
			-4.6
			
			
			Industrials
			
		


			Keppel Corp
			
			
			BN4
			
			
			9,789
			
			
			12.0
			
			
			3.1
			
			
			3.1
			
			
			-102.5
			
			
			3.5
			
			
			Industrials
			
		


			SPH
			
			
			T39
			
			
			3,167
			
			
			18.8
			
			
			1.5
			
			
			1.5
			
			
			220.0
			
			
			79.0
			
			
			Consumer Cyclicals
			
		


			CityDev
			
			
			C09
			
			
			6,639
			
			
			32.8
			
			
			5.9
			
			
			5.9
			
			
			-232.0
			
			
			-6.3
			
			
			Real Estate (excl. REITs)
			
		


			Suntec REIT
			
			
			T82U
			
			
			4,251
			
			
			-2.8
			
			
			4.9
			
			
			6.5
			
			
			-77.8
			
			
			5.9
			
			
			REITs
			
		


			Mapletree Com Tr
			
			
			N2IU
			
			
			7,240
			
			
			-0.7
			
			
			5.3
			
			
			5.3
			
			
			-26.8
			
			
			4.9
			
			
			REITs
			
		


			Keppel DC REIT
			
			
			AJBU
			
			
			4,098
			
			
			-37.5
			
			
			-3.6
			
			
			-3.6
			
			
			-222.3
			
			
			-11.5
			
			
			REITs
			
		


			ST Engineering
			
			
			S63
			
			
			11,932
			
			
			5.1
			
			
			0.5
			
			
			0.5
			
			
			-70.7
			
			
			4.2
			
			
			Industrials
			
		


			Sembcorp Marine
			
			
			S51
			
			
			2,480
			
			
			-0.5
			
			
			-4.8
			
			
			-4.8
			
			
			48.7
			
			
			-36.5
			
			
			Industrials
			
		


			HongkongLand USD
			
			
			H78
			
			
			17,356
			
			
			27.7
			
			
			14.0
			
			
			14.0
			
			
			-13.6
			
			
			42.8
			
			
			Real Estate (excl. REITs)
			
		


			Frasers L&amp;C Tr
			
			
			BUOU
			
			
			5,588
			
			
			-11.5
			
			
			0.0
			
			
			0.0
			
			
			4.9
			
			
			11.8
			
			
			REITs
			
		


			AEM
			
			
			AWX
			
			
			1,298
			
			
			6.8
			
			
			3.7
			
			
			3.7
			
			
			-22.3
			
			
			23.7
			
			
			Technology (Hardware/ Software)
			
		


			Keppel Reit
			
			
			K71U
			
			
			4,164
			
			
			-8.5
			
			
			6.6
			
			
			6.6
			
			
			-38.5
			
			
			6.1
			
			
			REITs
			
		


			IFAST
			
			
			AIY
			
			
			2,395
			
			
			-34.2
			
			
			-8.1
			
			
			-8.1
			
			
			26.2
			
			
			189.6
			
			
			Technology (Hardware/ Software)
			
		


			UMS
			
			
			558
			
			
			880
			
			
			-23.2
			
			
			-2.9
			
			
			-2.3
			
			
			29.9
			
			
			55.8
			
			
			Technology (Hardware/ Software)
			
		


			Jardine C&amp;C
			
			
			C07
			
			
			8,893
			
			
			50.0
			
			
			16.1
			
			
			16.1
			
			
			50.0
			
			
			18.9
			
			
			Consumer Cyclicals
			
		


			Nanofilm
			
			
			MZH
			
			
			2,488
			
			
			-20.3
			
			
			-9.4
			
			
			-9.4
			
			
			-44.4
			
			
			-13.9
			
			
			Technology (Hardware/ Software)
			
		


			SATS
			
			
			S58
			
			
			4,702
			
			
			11.1
			
			
			0.7
			
			
			0.7
			
			
			29.2
			
			
			5.3
			
			
			Industrials
			
		


			Sembcorp Ind
			
			
			U96
			
			
			3,587
			
			
			24.3
			
			
			9.8
			
			
			9.8
			
			
			84.0
			
			
			20.9
			
			
			Utilities
			
		


			Frasers Cpt Tr
			
			
			J69U
			
			
			4,095
			
			
			-4.1
			
			
			6.2
			
			
			6.2
			
			
			-81.7
			
			
			0.3
			
			
			REITs
			
		


			NetLink NBN Tr
			
			
			CJLU
			
			
			3,975
			
			
			3.8
			
			
			2.5
			
			
			2.5
			
			
			-46.5
			
			
			8.5
			
			
			Telecommunications
			
		


			UOL
			
			
			U14
			
			
			6,104
			
			
			7.6
			
			
			5.4
			
			
			5.4
			
			
			-32.7
			
			
			-4.4
			
			
			Real Estate (excl. REITs)
			
		


			Mapletree NAC Tr
			
			
			RW0U
			
			
			3,559
			
			
			-16.1
			
			
			5.7
			
			
			5.7
			
			
			-56.0
			
			
			8.3
			
			
			REITs
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			173
			
			
			-1.4
			
			
			7.4
			
			
			7.4
			
			
			-4.3
			
			
			10.1
			
			
			Materials &amp; Resources
			
		


			Top Glove
			
			
			BVA
			
			
			7,046
			
			
			1.5
			
			
			-3.3
			
			
			-1.4
			
			
			-59.7
			
			
			-51.0
			
			
			Healthcare
			
		


			Sheng Siong
			
			
			OV8
			
			
			2,135
			
			
			-15.3
			
			
			-4.1
			
			
			-4.1
			
			
			-132.4
			
			
			-4.7
			
			
			Consumer Non-Cyclicals
			
		


			CapLand China T
			
			
			AU8U
			
			
			2,025
			
			
			-39.5
			
			
			-1.6
			
			
			0.5
			
			
			-63.8
			
			
			-7.1
			
			
			REITs
			
		


			Medtecs Intl
			
			
			546
			
			
			199
			
			
			-2.0
			
			
			-5.2
			
			
			-5.2
			
			
			6.0
			
			
			-61.3
			
			
			Healthcare
			
		


			Frencken
			
			
			E28
			
			
			974
			
			
			-6.6
			
			
			-1.7
			
			
			-1.7
			
			
			31.8
			
			
			76.3
			
			
			Technology (Hardware/ Software)
			
		


			Ascott Trust
			
			
			HMN
			
			
			3,371
			
			
			13.1
			
			
			11.4
			
			
			11.4
			
			
			-27.5
			
			
			-0.3
			
			
			REITs
			
		


			ISDN
			
			
			I07
			
			
			272
			
			
			-0.4
			
			
			-0.8
			
			
			-0.8
			
			
			1.3
			
			
			54.7
			
			
			Industrials
			
		


			Oceanus
			
			
			579
			
			
			972
			
			
			1.1
			
			
			-2.4
			
			
			-2.4
			
			
			-17.3
			
			
			48.1
			
			
			Consumer Non-Cyclicals
			
		


			Rex Intl
			
			
			5WH
			
			
			443
			
			
			7.1
			
			
			61.9
			
			
			61.9
			
			
			17.2
			
			
			132.9
			
			
			Energy/ Oil &amp; Gas
			
		


			ESR-REIT
			
			
			J91U
			
			
			1,924
			
			
			-8.6
			
			
			3.2
			
			
			3.2
			
			
			26.2
			
			
			29.2
			
			
			REITs
			
		


			Golden Agri-Res
			
			
			E5H
			
			
			3,363
			
			
			5.0
			
			
			12.8
			
			
			12.8
			
			
			44.3
			
			
			69.9
			
			
			Consumer Non-Cyclicals
			
		


			DairyFarm USD
			
			
			D01
			
			
			6,518
			
			
			-4.3
			
			
			4.0
			
			
			4.0
			
			
			-43.5
			
			
			-9.4
			
			
			Consumer Non-Cyclicals
			
		


			Riverstone
			
			
			AP4
			
			
			1,275
			
			
			-3.7
			
			
			-3.4
			
			
			-3.4
			
			
			2.9
			
			
			-16.4
			
			
			Healthcare
			
		


			Olam Intl
			
			
			O32
			
			
			6,274
			
			
			5.0
			
			
			-3.4
			
			
			-3.4
			
			
			18.7
			
			
			20.6
			
			
			Consumer Non-Cyclicals
			
		


			Aztech Gbl
			
			
			8AZ
			
			
			805
			
			
			-5.5
			
			
			0.0
			
			
			0.0
			
			
			-68.1
			
			
			-17.6
			
			
			Technology (Hardware/ Software)
			
		


			Kep Infra Tr
			
			
			A7RU
			
			
			2,645
			
			
			-27.9
			
			
			-2.8
			
			
			-2.8
			
			
			-85.1
			
			
			4.0
			
			
			Utilities
			
		


			ARA LOGOS Log Tr
			
			
			K2LU
			
			
			1,307
			
			
			-1.8
			
			
			-2.2
			
			
			-2.2
			
			
			79.4
			
			
			56.8
			
			
			REITs
			
		


			Thomson Medical
			
			
			A50
			
			
			2,247
			
			
			-0.3
			
			
			1.2
			
			
			1.2
			
			
			20.4
			
			
			70.0
			
			
			Healthcare
			
		


			Raffles Medical
			
			
			BSL
			
			
			2,562
			
			
			6.3
			
			
			-6.2
			
			
			-6.2
			
			
			70.4
			
			
			40.2
			
			
			Healthcare
			
		


			Total
			
			
			 
			
			
			597,319
			
			
			141
			
			
			 
			
			
			 
			
			
			-934
			
			
			 
			
			
			 
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			3.1
			
			
			3.2
			
			
			 
			
			
			17.5
			
			
			 
			
		

Source: SGX, Refinitiv, Bloomberg (Data as of 29 October 2021)  



Capitaland Integrated Commercial Trust (CICT SP)

STI Posts Strongest Monthly Gain Since March