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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<ul>
<li>
For the first two trading sessions of June, the STI rallied 4% to 2611.6, trimming its 2020 YTD total return to a decline of 18%. Since the 23 March low, the STI has traded as high as 2671.6 on 17 April. 
	 </li>
	<li>
Eight of the STI’s least performing STI stocks for the first five months of 2020 were among the STI’s 10 strongest over the past two days. CDL, which declined 30% over the first five months of 2020, rallied 10% over the past two days with S$25 million net institutional inflow. 
	 </li>
	<li>
At the same time, the SPDR STI ETF has achieved a significant milestone -  reaching S$1 billion in funds size, representing a record high since its launch in 2002. In the 2020 year through to 2 June, the SPDR STI ETF has attracted net inflows of S$328 million. 
	 
	One of the simplest indications of potential portfolio rebalancing is when laggards become leaders and vice-versa. Such activity has been clearly evident across the Straits Times Index (‘STI’) constituents for the first two sessions of June. 
	Over the first two session of June, the STI has generated a total return of 4.1% which has brought its decline in total return in the 2020 year to 2 June to 17.6%. Further declines in the US Dollar with muted moves in US 10 year notes, have also led support to the FTSE ASEAN All-Share Index, which gained 2.9% over the past two sessions. As of the Tuesday close, the STI was 2.2% below the 17 April high of 2671.6 and 18.3% above the 23 March low of 2208.4.  
	Over the past two sessions STI constituents saw the following activity: 
	 
	</li>
	<li>City Developments, Thai Beverage PCL, Singapore Airlines, Sembcorp Industries, ComfortDelGro Corp, Hongkong Land Holdings, SATS And Jardine Strategic Hldgs were amongst the STI’s 10 strongest stocks after ranking amongst the STI’s least strongest 10 stocks for the first five months of 2020. Together the eight stocks averaged a 7.7% total return over the two sessions. 
	 </li>
	<li>CapitaLand and Dairy Farm International Holdings were also amongst the 10 strongest stocks of the session with respective gains of 8.7% and 8.4%. 
	 </li>
	<li>Mapletree Logistics Trust, Ascendas REIT and Wilmar International were the strongest STI constituents in the first five months of 2020 with average total returns of 7.7%, and were all amongst the least performing five STI stocks over the past two sessions with an average total return of 0.1%.  
	The performances of the STI stock, sort by total returns over the past two sessions are tabled below. 
	 
	<table class="table table-striped"><tbody>
<tr>
<td>
				Name
				</td>
				<td>
				Code
				</td>
				<td>
				Market Cap S$B
				</td>
				<td>
				2 Day Net Insti Inflow S$M
				</td>
				<td>
				Previous 5 Month Total Return %
				</td>
				<td>
				2 Day Total Return %
				</td>
				<td>
				2020 Net Insti Inflow S$M
				</td>
				<td>
				2020 YTD Total Return
				</td>
			</tr>
<tr>
<td>
				CITY DEVELOPMENTS
				</td>
				<td>
				C09
				</td>
				<td>
				7.7
				</td>
				<td>
				25.1
				</td>
				<td>
				-29.8
				</td>
				<td>
				10.4
				</td>
				<td>
				-100.9
				</td>
				<td>
				-22.5
				</td>
			</tr>
<tr>
<td>
				CAPITALAND
				</td>
				<td>
				C31
				</td>
				<td>
				15.9
				</td>
				<td>
				16.2
				</td>
				<td>
				-22.9
				</td>
				<td>
				8.7
				</td>
				<td>
				42.1
				</td>
				<td>
				-16.3
				</td>
			</tr>
<tr>
<td>
				DAIRY FARM INTL HLDGS
				</td>
				<td>
				D01
				</td>
				<td>
				8.8
				</td>
				<td>
				0.5
				</td>
				<td>
				-19.4
				</td>
				<td>
				8.4
				</td>
				<td>
				-40.1
				</td>
				<td>
				-12.6
				</td>
			</tr>
<tr>
<td>
				THAI BEVERAGE PCL
				</td>
				<td>
				Y92
				</td>
				<td>
				17.1
				</td>
				<td>
				-4.3
				</td>
				<td>
				-27.4
				</td>
				<td>
				7.9
				</td>
				<td>
				-98.8
				</td>
				<td>
				-21.6
				</td>
			</tr>
<tr>
<td>
				SINGAPORE AIRLINES
				</td>
				<td>
				C6L
				</td>
				<td>
				4.9
				</td>
				<td>
				-5.8
				</td>
				<td>
				-40.0
				</td>
				<td>
				7.6
				</td>
				<td>
				-381.1
				</td>
				<td>
				-35.5
				</td>
			</tr>
<tr>
<td>
				SEMBCORP INDUSTRIES
				</td>
				<td>
				U96
				</td>
				<td>
				2.6
				</td>
				<td>
				-9.5
				</td>
				<td>
				-39.4
				</td>
				<td>
				7.4
				</td>
				<td>
				-109.5
				</td>
				<td>
				-35.0
				</td>
			</tr>
<tr>
<td>
				COMFORTDELGRO CORP
				</td>
				<td>
				C52
				</td>
				<td>
				3.2
				</td>
				<td>
				-7.6
				</td>
				<td>
				-39.5
				</td>
				<td>
				7.3
				</td>
				<td>
				-309.2
				</td>
				<td>
				-35.1
				</td>
			</tr>
<tr>
<td>
				HONGKONG LAND HOLDINGS
				</td>
				<td>
				H78
				</td>
				<td>
				13.3
				</td>
				<td>
				2.4
				</td>
				<td>
				-28.4
				</td>
				<td>
				7.2
				</td>
				<td>
				-57.6
				</td>
				<td>
				-23.3
				</td>
			</tr>
<tr>
<td>
				SATS
				</td>
				<td>
				S58
				</td>
				<td>
				3.2
				</td>
				<td>
				-3.8
				</td>
				<td>
				-47.4
				</td>
				<td>
				7.1
				</td>
				<td>
				-265.1
				</td>
				<td>
				-43.7
				</td>
			</tr>
<tr>
<td>
				JARDINE STRATEGIC HLDGS
				</td>
				<td>
				J37
				</td>
				<td>
				33.4
				</td>
				<td>
				-0.1
				</td>
				<td>
				-30.6
				</td>
				<td>
				6.7
				</td>
				<td>
				-28.0
				</td>
				<td>
				-26.0
				</td>
			</tr>
<tr>
<td>
				UOL GROUP
				</td>
				<td>
				U14
				</td>
				<td>
				6.2
				</td>
				<td>
				8.0
				</td>
				<td>
				-17.8
				</td>
				<td>
				6.6
				</td>
				<td>
				13.5
				</td>
				<td>
				-12.4
				</td>
			</tr>
<tr>
<td>
				YANGZIJIANG SHIPBUILDING
				</td>
				<td>
				BS6
				</td>
				<td>
				3.9
				</td>
				<td>
				11.1
				</td>
				<td>
				-12.2
				</td>
				<td>
				5.9
				</td>
				<td>
				-69.0
				</td>
				<td>
				-7.0
				</td>
			</tr>
<tr>
<td>
				CAPITALAND MALL TRUST
				</td>
				<td>
				C38U
				</td>
				<td>
				7.9
				</td>
				<td>
				-6.4
				</td>
				<td>
				-16.1
				</td>
				<td>
				4.9
				</td>
				<td>
				-80.6
				</td>
				<td>
				-11.9
				</td>
			</tr>
<tr>
<td>
				JARDINE MATHESON HLDGS
				</td>
				<td>
				J36
				</td>
				<td>
				43.8
				</td>
				<td>
				-0.5
				</td>
				<td>
				-22.0
				</td>
				<td>
				4.9
				</td>
				<td>
				-34.6
				</td>
				<td>
				-18.2
				</td>
			</tr>
<tr>
<td>
				VENTURE CORP
				</td>
				<td>
				V03
				</td>
				<td>
				4.6
				</td>
				<td>
				12.9
				</td>
				<td>
				-5.6
				</td>
				<td>
				4.6
				</td>
				<td>
				105.4
				</td>
				<td>
				-1.2
				</td>
			</tr>
<tr>
<td>
				JARDINE CYCLE &amp; CARRIAGE
				</td>
				<td>
				C07
				</td>
				<td>
				9.0
				</td>
				<td>
				4.6
				</td>
				<td>
				-27.4
				</td>
				<td>
				4.1
				</td>
				<td>
				-35.0
				</td>
				<td>
				-24.4
				</td>
			</tr>
<tr>
<td>
				OVERSEA-CHINESE BANKING CORP
				</td>
				<td>
				O39
				</td>
				<td>
				39.2
				</td>
				<td>
				13.1
				</td>
				<td>
				-19.6
				</td>
				<td>
				4.0
				</td>
				<td>
				-687.8
				</td>
				<td>
				-16.4
				</td>
			</tr>
<tr>
<td>
				UNITED OVERSEAS BANK
				</td>
				<td>
				U11
				</td>
				<td>
				33.8
				</td>
				<td>
				3.3
				</td>
				<td>
				-26.2
				</td>
				<td>
				3.9
				</td>
				<td>
				-934.0
				</td>
				<td>
				-23.2
				</td>
			</tr>
<tr>
<td>
				GENTING SINGAPORE
				</td>
				<td>
				G13
				</td>
				<td>
				9.8
				</td>
				<td>
				0.0
				</td>
				<td>
				-14.7
				</td>
				<td>
				3.8
				</td>
				<td>
				81.9
				</td>
				<td>
				-11.4
				</td>
			</tr>
<tr>
<td>
				DBS GROUP HOLDINGS
				</td>
				<td>
				D05
				</td>
				<td>
				51.3
				</td>
				<td>
				38.9
				</td>
				<td>
				-22.2
				</td>
				<td>
				3.8
				</td>
				<td>
				-1341.0
				</td>
				<td>
				-19.2
				</td>
			</tr>
<tr>
<td>
				MAPLETREE COMMERCIAL TRUST
				</td>
				<td>
				N2IU
				</td>
				<td>
				6.9
				</td>
				<td>
				-1.0
				</td>
				<td>
				-15.2
				</td>
				<td>
				3.5
				</td>
				<td>
				-32.5
				</td>
				<td>
				-12.3
				</td>
			</tr>
<tr>
<td>
				SINGAPORE TECH ENGINEERING
				</td>
				<td>
				S63
				</td>
				<td>
				10.3
				</td>
				<td>
				6.3
				</td>
				<td>
				-16.5
				</td>
				<td>
				3.4
				</td>
				<td>
				-29.3
				</td>
				<td>
				-13.6
				</td>
			</tr>
<tr>
<td>
				KEPPEL CORP
				</td>
				<td>
				BN4
				</td>
				<td>
				11.1
				</td>
				<td>
				-8.1
				</td>
				<td>
				-12.7
				</td>
				<td>
				2.9
				</td>
				<td>
				22.8
				</td>
				<td>
				-10.2
				</td>
			</tr>
<tr>
<td>
				SINGAPORE PRESS HOLDINGS
				</td>
				<td>
				T39
				</td>
				<td>
				2.1
				</td>
				<td>
				-15.3
				</td>
				<td>
				-40.7
				</td>
				<td>
				2.3
				</td>
				<td>
				-122.4
				</td>
				<td>
				-39.3
				</td>
			</tr>
<tr>
<td>
				CAPITALAND COMMERCIAL TRUST
				</td>
				<td>
				C61U
				</td>
				<td>
				6.9
				</td>
				<td>
				-5.1
				</td>
				<td>
				-10.4
				</td>
				<td>
				2.3
				</td>
				<td>
				37.0
				</td>
				<td>
				-8.4
				</td>
			</tr>
<tr>
<td>
				SINGAPORE TELECOMMUNICATIONS
				</td>
				<td>
				Z74
				</td>
				<td>
				41.5
				</td>
				<td>
				-39.3
				</td>
				<td>
				-26.1
				</td>
				<td>
				2.0
				</td>
				<td>
				-511.7
				</td>
				<td>
				-24.6
				</td>
			</tr>
<tr>
<td>
				ASCENDAS REAL ESTATE INV TRT
				</td>
				<td>
				A17U
				</td>
				<td>
				11.5
				</td>
				<td>
				-7.3
				</td>
				<td>
				6.5
				</td>
				<td>
				1.9
				</td>
				<td>
				261.3
				</td>
				<td>
				8.6
				</td>
			</tr>
<tr>
<td>
				WILMAR INTERNATIONAL
				</td>
				<td>
				F34
				</td>
				<td>
				25.3
				</td>
				<td>
				-8.6
				</td>
				<td>
				-3.4
				</td>
				<td>
				0.3
				</td>
				<td>
				86.8
				</td>
				<td>
				-3.2
				</td>
			</tr>
<tr>
<td>
				SINGAPORE EXCHANGE
				</td>
				<td>
				S68
				</td>
				<td>
				8.9
				</td>
				<td>
				-32.3
				</td>
				<td>
				-5.0
				</td>
				<td>
				0.0
				</td>
				<td>
				206.0
				</td>
				<td>
				-5.0
				</td>
			</tr>
<tr>
<td>
				MAPLETREE LOGISTICS TRUST
				</td>
				<td>
				M44U
				</td>
				<td>
				7.6
				</td>
				<td>
				-29.5
				</td>
				<td>
				20.0
				</td>
				<td>
				-2.0
				</td>
				<td>
				111.6
				</td>
				<td>
				17.7
				</td>
			</tr>
<tr>
<td>
				Average
				</td>
				<td>
				 
				</td>
				<td>
				 
				</td>
				<td>
				 
				</td>
				<td>
				 
				</td>
				<td>
				4.7
				</td>
				<td>
				 
				</td>
				<td>
				-16.9
				</td>
			</tr>
</tbody></table>
	Source: SGX, Bloomberg, Thomson Reuters (Data as of 2 June 2020). Note ComfortDelGro went ex-div on 1 June. 
	 </li>
</ul>
 
</body></html>





For the first two trading sessions of June, the STI rallied 4% to 2611.6, trimming its 2020 YTD total return to a decline of 18%. Since the 23 March low, the STI has traded as high as 2671.6 on 17 April. 
	 
	
Eight of the STI’s least performing STI stocks for the first five months of 2020 were among the STI’s 10 strongest over the past two days. CDL, which declined 30% over the first five months of 2020, rallied 10% over the past two days with S$25 million net institutional inflow.  
	 
	
At the same time, the SPDR STI ETF has achieved a significant milestone -  reaching S$1 billion in funds size, representing a record high since its launch in 2002. In the 2020 year through to 2 June, the SPDR STI ETF has attracted net inflows of S$328 million. 
	 
	One of the simplest indications of potential portfolio rebalancing is when laggards become leaders and vice-versa. Such activity has been clearly evident across the Straits Times Index (‘STI’) constituents for the first two sessions of June.  
	Over the first two session of June, the STI has generated a total return of 4.1% which has brought its decline in total return in the 2020 year to 2 June to 17.6%. Further declines in the US Dollar with muted moves in US 10 year notes, have also led support to the FTSE ASEAN All-Share Index, which gained 2.9% over the past two sessions. As of the Tuesday close, the STI was 2.2% below the 17 April high of 2671.6 and 18.3% above the 23 March low of 2208.4.   
	Over the past two sessions STI constituents saw the following activity: 
	 
	
	City Developments, Thai Beverage PCL, Singapore Airlines, Sembcorp Industries, ComfortDelGro Corp, Hongkong Land Holdings, SATS And Jardine Strategic Hldgs were amongst the STI’s 10 strongest stocks after ranking amongst the STI’s least strongest 10 stocks for the first five months of 2020. Together the eight stocks averaged a 7.7% total return over the two sessions. 
	 
	CapitaLand and Dairy Farm International Holdings were also amongst the 10 strongest stocks of the session with respective gains of 8.7% and 8.4%. 
	 
	Mapletree Logistics Trust, Ascendas REIT and Wilmar International were the strongest STI constituents in the first five months of 2020 with average total returns of 7.7%, and were all amongst the least performing five STI stocks over the past two sessions with an average total return of 0.1%.   
	The performances of the STI stock, sort by total returns over the past two sessions are tabled below. 
	 
	


				Name
				
				
				Code
				
				
				Market Cap S$B
				
				
				2 Day Net Insti Inflow S$M
				
				
				Previous 5 Month Total Return %
				
				
				2 Day Total Return %
				
				
				2020 Net Insti Inflow S$M
				
				
				2020 YTD Total Return
				
			


				CITY DEVELOPMENTS
				
				
				C09
				
				
				7.7
				
				
				25.1
				
				
				-29.8
				
				
				10.4
				
				
				-100.9
				
				
				-22.5
				
			


				CAPITALAND
				
				
				C31
				
				
				15.9
				
				
				16.2
				
				
				-22.9
				
				
				8.7
				
				
				42.1
				
				
				-16.3
				
			


				DAIRY FARM INTL HLDGS
				
				
				D01
				
				
				8.8
				
				
				0.5
				
				
				-19.4
				
				
				8.4
				
				
				-40.1
				
				
				-12.6
				
			


				THAI BEVERAGE PCL
				
				
				Y92
				
				
				17.1
				
				
				-4.3
				
				
				-27.4
				
				
				7.9
				
				
				-98.8
				
				
				-21.6
				
			


				SINGAPORE AIRLINES
				
				
				C6L
				
				
				4.9
				
				
				-5.8
				
				
				-40.0
				
				
				7.6
				
				
				-381.1
				
				
				-35.5
				
			


				SEMBCORP INDUSTRIES
				
				
				U96
				
				
				2.6
				
				
				-9.5
				
				
				-39.4
				
				
				7.4
				
				
				-109.5
				
				
				-35.0
				
			


				COMFORTDELGRO CORP
				
				
				C52
				
				
				3.2
				
				
				-7.6
				
				
				-39.5
				
				
				7.3
				
				
				-309.2
				
				
				-35.1
				
			


				HONGKONG LAND HOLDINGS
				
				
				H78
				
				
				13.3
				
				
				2.4
				
				
				-28.4
				
				
				7.2
				
				
				-57.6
				
				
				-23.3
				
			


				SATS
				
				
				S58
				
				
				3.2
				
				
				-3.8
				
				
				-47.4
				
				
				7.1
				
				
				-265.1
				
				
				-43.7
				
			


				JARDINE STRATEGIC HLDGS
				
				
				J37
				
				
				33.4
				
				
				-0.1
				
				
				-30.6
				
				
				6.7
				
				
				-28.0
				
				
				-26.0
				
			


				UOL GROUP
				
				
				U14
				
				
				6.2
				
				
				8.0
				
				
				-17.8
				
				
				6.6
				
				
				13.5
				
				
				-12.4
				
			


				YANGZIJIANG SHIPBUILDING
				
				
				BS6
				
				
				3.9
				
				
				11.1
				
				
				-12.2
				
				
				5.9
				
				
				-69.0
				
				
				-7.0
				
			


				CAPITALAND MALL TRUST
				
				
				C38U
				
				
				7.9
				
				
				-6.4
				
				
				-16.1
				
				
				4.9
				
				
				-80.6
				
				
				-11.9
				
			


				JARDINE MATHESON HLDGS
				
				
				J36
				
				
				43.8
				
				
				-0.5
				
				
				-22.0
				
				
				4.9
				
				
				-34.6
				
				
				-18.2
				
			


				VENTURE CORP
				
				
				V03
				
				
				4.6
				
				
				12.9
				
				
				-5.6
				
				
				4.6
				
				
				105.4
				
				
				-1.2
				
			


				JARDINE CYCLE &amp; CARRIAGE
				
				
				C07
				
				
				9.0
				
				
				4.6
				
				
				-27.4
				
				
				4.1
				
				
				-35.0
				
				
				-24.4
				
			


				OVERSEA-CHINESE BANKING CORP
				
				
				O39
				
				
				39.2
				
				
				13.1
				
				
				-19.6
				
				
				4.0
				
				
				-687.8
				
				
				-16.4
				
			


				UNITED OVERSEAS BANK
				
				
				U11
				
				
				33.8
				
				
				3.3
				
				
				-26.2
				
				
				3.9
				
				
				-934.0
				
				
				-23.2
				
			


				GENTING SINGAPORE
				
				
				G13
				
				
				9.8
				
				
				0.0
				
				
				-14.7
				
				
				3.8
				
				
				81.9
				
				
				-11.4
				
			


				DBS GROUP HOLDINGS
				
				
				D05
				
				
				51.3
				
				
				38.9
				
				
				-22.2
				
				
				3.8
				
				
				-1341.0
				
				
				-19.2
				
			


				MAPLETREE COMMERCIAL TRUST
				
				
				N2IU
				
				
				6.9
				
				
				-1.0
				
				
				-15.2
				
				
				3.5
				
				
				-32.5
				
				
				-12.3
				
			


				SINGAPORE TECH ENGINEERING
				
				
				S63
				
				
				10.3
				
				
				6.3
				
				
				-16.5
				
				
				3.4
				
				
				-29.3
				
				
				-13.6
				
			


				KEPPEL CORP
				
				
				BN4
				
				
				11.1
				
				
				-8.1
				
				
				-12.7
				
				
				2.9
				
				
				22.8
				
				
				-10.2
				
			


				SINGAPORE PRESS HOLDINGS
				
				
				T39
				
				
				2.1
				
				
				-15.3
				
				
				-40.7
				
				
				2.3
				
				
				-122.4
				
				
				-39.3
				
			


				CAPITALAND COMMERCIAL TRUST
				
				
				C61U
				
				
				6.9
				
				
				-5.1
				
				
				-10.4
				
				
				2.3
				
				
				37.0
				
				
				-8.4
				
			


				SINGAPORE TELECOMMUNICATIONS
				
				
				Z74
				
				
				41.5
				
				
				-39.3
				
				
				-26.1
				
				
				2.0
				
				
				-511.7
				
				
				-24.6
				
			


				ASCENDAS REAL ESTATE INV TRT
				
				
				A17U
				
				
				11.5
				
				
				-7.3
				
				
				6.5
				
				
				1.9
				
				
				261.3
				
				
				8.6
				
			


				WILMAR INTERNATIONAL
				
				
				F34
				
				
				25.3
				
				
				-8.6
				
				
				-3.4
				
				
				0.3
				
				
				86.8
				
				
				-3.2
				
			


				SINGAPORE EXCHANGE
				
				
				S68
				
				
				8.9
				
				
				-32.3
				
				
				-5.0
				
				
				0.0
				
				
				206.0
				
				
				-5.0
				
			


				MAPLETREE LOGISTICS TRUST
				
				
				M44U
				
				
				7.6
				
				
				-29.5
				
				
				20.0
				
				
				-2.0
				
				
				111.6
				
				
				17.7
				
			


				Average
				
				
				 
				
				
				 
				
				
				 
				
				
				 
				
				
				4.7
				
				
				 
				
				
				-16.9
				
			

	Source: SGX, Bloomberg, Thomson Reuters (Data as of 2 June 2020). Note ComfortDelGro went ex-div on 1 June. 
	 

 



Capitaland Integrated Commercial Trust (CICT SP)

Mapletree Pan Asia Commercial Trust (MCT SP)

STI Rallies 4% in Two Sessions on Portfolio Rebalancing 

UOB

STI Rallies 4% in Two Sessions on Portfolio Rebalancing