SGX Market Updates

STI Rallies 4% in Two Sessions on Portfolio Rebalancing


03 June 2020

  • For the first 2 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.

  • 8 of the STI’s least performing STI stocks for the first 5 months of 2020 were among the STI’s 10 strongest over the past two days. City Developments, which declined 30% over the first 5 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, Singapore Airlines, Sembcorp Industries, ComfortDelGro, Hongkong Land, SATS and Jardine Strategic 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 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
Net Insti
Previous 5-Month
Total Return
Total Return
Net Insti
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 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 C52 3.2 -7.6 -39.5 7.3 -309.2 -35.1
HONGKONG LAND 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 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 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 & 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
SINGTEL 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.

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