The STI generated a 2.9% gain to 3,332.8, with dividends boosting the total return to 5.7% in 1H24. The trio of STI Banks (DBS, OCBC, UOB), Yangzijiang Shipbuilding & SingTel led the STI gains in 1H24. By Sector, the Banks booked S$594 of net institutional inflow partially offsetting the net institutional outflow for the broader stock market, led by the S-REIT Sector.
As of 20 June, the FTSE ST All-Share Index generated a 3.9% total return in 2Q24, outpacing the FTSE Asia Pacific Index (+2.7%) and FTSE ASEAN All-Share Index (-1.9%). The 10 strongest performers of the index constituents averaged 37% total returns, and were led by Yoma Strategic, Samudera Shipping and Yangzijiang Shipbuilding. The 10 least performing constituents for the period averaged 12% declines, led by Food Empire, Prime US REIT and DFI Retail.
Singapore's stock market has seen net retail inflow of S$1.01 billion in the 2024-to-date. UOB (SGX:U11) has seen the most net selling by retail investors in the 2Q24 (to 13 June) at S$366 million. On the other hand, Singapore Airlines (SIA, SGX:C6L) and Keppel (SGX:BN4) have seen the most net retail inflow in 2Q24 (to 13 June) at S$129 million each.
The iEdge SG Advanced Manufacturing Index experienced a significant increase in trading turnover in May, surging one-third higher than activity in April, and marking the most active month for Index constituents since March 2023. Of the actively traded Index stocks, Yangzijiang Shipbuilding, Mermaid Maritime and Marco Polo Marine booked the highest net institutional inflow proportionate to market cap.
S-REITs have typically been sought for investability traits including yield and stability. However, tighter financial conditions and a fluid outlook for these conditions has provided more tradability to the Sector. The iEdge S-REIT Leaders Index has declined 12.3% in 2024-to-date. This has coincided with an outlook of tight financial conditions for longer, and expectations for the quantum of Fed Funds Rate cuts by end of 1H25 curtailed to ~50bps or 75bps, down from ~175bps.
On 27 May, the STI closed at 3,318.45, its highest close since August 2023. The overall Singapore stock market booked a moderate amount of S$300mil in net institutional inflow over the 6 weeks. Banks, Financial Services and the Real Estate Management and Development Sectors led net institutional inflow. Yoma Strategic booked the second highest net institutional inflow relative to market cap, after Samudera Shipping, while maritime-related stocks Yangzijiang Shipbuilding, Dyna-Mac, Marco Polo Marine made up the next three stocks in the ranking.
DBS, OCBC and UOB have booked S$500 million in combined net institutional inflow for the 2024 year through to 23 May. The trio also averaged 16% total returns for the period, bringing their average total returns since the end of 2019, to 67% and combined weight in the STI to 51%. OCBC also posted its highest ever close price on 23 May.
Top Glove, Medtecs International, UG HealthCare and Riverstone have averaged 24% returns in the month-to-date, partially attributed to the Biden administration announcing higher tariff rates for certain imports from China including PPE items such as respirators and face masks, in addition to rubber medical and surgical gloves.
Five constituents of iEdge SG Advanced Manufacturing Index that have ranked among the most traded within the Index over the 20 weeks, while also seeing more than 50% increases in their average daily turnover compared to the full 2023 year, included Dyna-Mac, Riverstone, Food Empire, Aztech Global and Beng Kuang Marine.
Among the 50 most traded stocks of the iEdge SG Advanced Manufacturing Index this year, Global Invacom, Broadway Industrial, Willis-Array, Riverstone, Beng Kuang Marine and Mermaid Maritime chalk up the biggest surges in trading activity, compared to respective levels for the full 2023 year.
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