SGX Market Updates

Recent Highs and Lows of STI Stocks


PUBLISHED ON |

07 February 2018

  • A surprise US Jan wage growth report on Friday night, followed by an algorithm-driven systematic sell-off on Monday night saw the Dow Jones decline 6.4% in SGD terms over two sessions. On Tuesday night the Dow Jones recovered 2.4% in SGD terms.

  • Following suit on the Monday and Tuesday sessions the regional MSCI AC Asia Pacific Index declined 4.9% while the STI declined 3.5%. One third of the STI stocks traded at 3M lows yesterday.

  • The remaining 20 STI stocks are on average 7.0% off their 3M highs, with a majority of those highs made in Jan 2018. The 20 stocks include SATS, Singapore Airlines and Thai Beverage which on average declined the least, at -1.1%, over the two sessions of 5 Feb to 6 Feb.




Over the past three sessions, global equity and fixed income markets have seen a return of volatility. In some cases it has been referred to as somewhat of a normalisation to volatility which was comparatively low in 2017.

While the mode of global benchmarks was generally weak for most of last week, selling momentum picked up on the evening of Friday 2 February following a report that in the US average hourly earnings grew at the highest rate since June 2009 - at an annualised rate of 2.9%. The basic interpretation was that US employers are having to pay employees a high wage, hence creating an inflationary impact in addition to a sign of labour market tightening. The Federal Reserve this watches closely, in addition to recent ‘solid growth’ readings as drivers for higher interest rates.

The following session on Monday 5 February in the US saw selling from algorithm-driven systematic orders and trend-following strategies as discussed here. In addition, the unwinding of positions which anticipated continued low volatility contributed to the decline. Over the two sessions the Dow Jones Industrial Average declined 7.0%, or 6.4% in SGD terms. The regional MSCI AC Asia Pacific Index declined 4.9% while the Straits Times Index (STI) declined 3.5%. Last night the Dow Jones recovered 2.3% or 2.4% in SGD terms.



STI Recent Highs and Lows

One third of the STI stocks traded at three month lows yesterday. These stocks included Jardine Strategic Holdings, Singapore Telecommunications, Wilmar International, Jardine Cycle & Carriage, Ascendas REIT, CapitaLand Mall Trust, CapitaLand Commercial Trust, Yangzijiang Shipbuilding Holdings, Golden Agri-Resources and Hutchison Port Holdings Trust.

These 10 stocks are on average 12% off their respective three month highs, of which six were formed in November, two in December and two in January. Hutchison Port Holdings Trust has declined the most from its three month high while CapitaLand Mall Trust and Jardine Cycle & Carriage have declined the least.

The remaining two-thirds of the STI stocks did not revisit three month lows. The three STI stocks that were last impacted by the two days of volatility were SATS, Singapore Airlines and Thai Beverage PCL. The sum of declines for these three stocks over the two sessions of 5 February to 6 February was -0.5% for SATS, -1.2% for Singapore Airlines and -1.6% for Thai Beverage PCL. Thai Beverage PCL is the largest capitalised stock of the more defensive Consumer Staples Sector, while SATS and Singapore Airlines are a part of the Industrials Sector, which was the least performing of the Cyclical Sectors in 2017.

The three STI stocks that lost the most ground over the two sessions were Golden Agri-Resources, Yangzijiang Shipbuilding Holdings and Keppel Corp. The sum of declines for these three stocks over the two sessions of 5 to 6 February was -6.6% for Golden Agri-Resources, -6.5% for Yangzijiang Shipbuilding Holdings and -6.0% for Keppel Corp. These three stocks have averaged a 2.9% price gain in the 2018 year through to the 6 February close, following an average price gain of 32.5% in 2017.

Price changes for the two sessions of 5 February to 6 February, in addition to 3 month highs and lows are tabled below. To see more details on each STI stock click on the stock name to see its profile in SGX StockFacts.



Name SGX
Code
Market Cap
S$m
6 Feb 18
Close Price*
5 Feb 18
Price Change
%
6 Feb 18
Price Change
%
YTD
Price Change
%
12M
Price Change
%
DBS Group Hldgs D05 65,943 25.720 -2.0 -1.6 3.5 35.9
Jardine Matheson Hldgs* J36 59,618 82.090 -1.0 -3.1 1.1 -7.0
Jardine Strategic Hldgs* J37 56,376 50.894 0.1 -3.5 -3.8 -6.1
Singapore Telecommunications Z74 55,846 3.420 -0.3 -1.7 -4.2 -10.9
Oversea-Chinese Banking Corp O39 51,148 12.220 -2.0 -2.7 -1.4 28.5
United Overseas Bank U11 44,271 26.620 -1.3 -2.0 0.6 29.8
Thai Beverage PCL Y92 22,725 0.905 -1.1 -0.5 -1.6 5.2
Hongkong Land Hldgs* H78 21,961 9.334 -0.9 -0.9 -0.8 -2.7
Wilmar International  F34 19,294 3.050 -1.9 -1.6 -1.3 -22.4
Genting Singapore PLC G13 15,290 1.270 -0.8 -3.8 -3.1 31.6
Jardine Cycle & Carriage C07 15,181 38.410 -1.4 -2.6 -5.6 -8.6
Keppel Corp BN4 14,859 8.190 -1.7 -4.3 11.4 32.3
CapitaLand C31 15,332 3.610 -1.9 -1.1 2.3 5.2
Singapore Airlines C6L 13,221 11.180 -1.1 -0.1 4.8 14.0
City Developments C09 11,603 12.760 -1.7 -2.7 2.2 34.7
Singapore Tech Engineering S63 10,064 3.230 -0.9 -2.7 -0.9 -3.3
Singapore Exchange S68 8,440 7.880 -1.5 -2.0 5.9 4.1
Ascendas REIT A17U 7,595 2.630 -1.5 -1.5 -3.3 7.8
UOL Group U14 7,334 8.710 -2.0 -1.7 -1.8 31.8
CapitaLand Mall Trust C38U 7,093 2.000 -1.9 -1.5 -6.1 2.0
Venture Corp V03 6,423 22.480 -1.1 -3.5 9.8 120.4
CapitaLand Commercial Trust C61U 6,242 1.730 0.0 -2.8 -10.4 16.9
Sembcorp Industries U96 6,085 3.410 -0.6 -3.9 12.5 9.6
SATS S58 6,100 5.450 -1.1 0.6 4.8 4.6
Yangzijiang Shipbuilding BS6 5,834 1.470 -3.2 -3.3 0.0 80.4
StarHub CC3 4,790 2.770 -1.4 -1.8 -2.8 -1.1
Golden Agri-Resources E5H 4,585 0.360 -2.6 -4.0 -2.7 -15.3
ComfortDelGro C52 4,457 2.060 0.0 -3.7 4.0 -13.4
Hutchison Port Hldgs Trust* NS8U 4,198 0.482 -1.2 -2.6 -13.1 -20.6
SPH T39 4,127 2.580 -1.1 -2.6 -2.6 -26.1
Average: -1.3 -2.3 -0.1 11.9

* SGD equivalents shown for Jardine Matheson Hldgs, Jardine Strategic Hldgs, Hongkong Land Holding, Hutchison Port Hldgs Trust traded in USD.
Source: SGX StockFacts & Bloomberg (Data as 6 February 2018).




Name SGX
Code
6 Feb 18
Close Price *
3M High
Price
3M High
Date
3M Low
Price
3M Low
Date
GICS Sector
DBS Group Hldgs D05 25.72 27.400 01/25/2018 22.610 11/06/2017 Financials
Jardine Matheson Hldgs* J36 82.09 89.789 11/09/2017 78.742 01/05/2018 Industrials
Jardine Strategic Hldgs* J37 50.89 58.915 11/08/2017 49.990 02/06/2018 Industrials
Singtel Z74 3.42 3.769 11/07/2017 3.410 02/06/2018 Telco Services
Oversea-Chinese Bank Corp O39 12.22 13.320 01/25/2018 11.450 11/16/2017 Financials
United Overseas Bank U11 26.62 28.460 01/25/2018 24.690 11/06/2017 Financials
Thai Beverage PCL Y92 0.90 0.985 11/28/2017 0.900 12/26/2017 Consumer Staples
Hongkong Land Hldgs* H78 9.33 9.835 11/07/2017 9.202 12/22/2017 Real Estate
Wilmar International  F34 3.05 3.400 11/07/2017 3.010 02/06/2018 Consumer Staples
Genting Singapore PLC G13 1.27 1.410 01/24/2018 1.205 11/06/2017 Consumer Discr.
Jardine Cycle & Carriage C07 38.41 41.470 12/14/2017 38.070 02/06/2018 Consumer Discr.
Keppel Corp BN4 8.19 8.920 01/30/2018 7.090 12/26/2017 Industrials
CapitaLand C31 3.61 3.880 01/30/2018 3.420 12/07/2017 Real Estate
Singapore Airlines C6L 11.18 11.500 01/25/2018 10.280 11/06/2017 Industrials
City Developments C09 12.76 13.600 01/18/2018 11.740 12/06/2017 Real Estate
Singapore Tech Engineering S63 3.23 3.510 11/06/2017 3.160 12/20/2017 Industrials
Singapore Exchange S68 7.88 8.500 01/23/2018 7.380 12/20/2017 Financials
Ascendas REIT A17U 2.63 2.860 01/29/2018 2.580 02/06/2018 Real Estate
UOL Group U14 8.71 9.380 01/15/2018 8.370 12/06/2017 Real Estate
CapitaLand Mall Trust C38U 2.00 2.160 12/19/2017 1.950 02/06/2018 Real Estate
Venture Corp V03 22.48 24.490 01/19/2018 19.660 12/07/2017 Information Technology
CapitaLand Commercial Trust C61U 1.73 2.050 01/05/2018 1.690 02/06/2018 Real Estate
Sembcorp Industries U96 3.41 3.600 02/02/2018 2.980 12/07/2017 Industrials
SATS S58 5.45 5.850 01/19/2018 4.710 11/06/2017 Industrials
Yangzijiang Shipbuilding BS6 1.47 1.740 11/17/2017 1.430 02/06/2018 Industrials
StarHub CC3 2.77 2.990 01/24/2018 2.700 11/08/2017 Telco Services
Golden Agri-Resources E5H 0.36 0.410 11/10/2017 0.360 02/06/2018 Consumer Staples
ComfortDelGro C52 2.06 2.180 01/23/2018 1.890 12/18/2017 Industrials
Hutchison Port Hldgs Trust* NS8U 0.48 0.573 11/06/2017 0.468 02/06/2018 Industrials
SPH T39 2.58 2.790 01/04/2018 2.560 12/15/2017 Consumer Disc.

* SGD equivalents shown for Jardine Matheson Hldgs, Jardine Strategic Hldgs, Hongkong Land Holding, Hutchison Port Hldgs Trust traded in USD.
Source: SGX StockFacts & Bloomberg (Data as 6 February 2018).







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