With a 15.8% price gain and 16.2% total return in the month of Nov, this was the strongest month of gains for the STI since May 2009. Combined AUM of the SPDR® STI ETF and Nikko AM STI ETF reached S$2.0 billion as of the end of Nov, up 75% from the end of Nov 2019.
Of the 100 most traded stocks in Singapore, 4 of the 5 best performers in Nov were non–STI stocks. The 5 stocks were Broadway Industrial Group, Hi-P International, SATS, Alset International and Sembcorp Marine. With Brent Crude Oil rallying 25%, Sembcorp Marine gained 35%, while the Gold-Brent Crude Price Ratio spread return to early March levels.
Record performances for global stocks were largely attributed to vaccine developments that have recently met optimistic timelines reiterated by the WHO in early October. This saw Singapore’s cyclical/broad economy stocks rally, whilst medical suppliers saw price declines and Tech stocks saw net institutional outflows.
With a 15.8% price gain and 16.2% total return in the month of November 2020, this was the strongest month of gains for the Straits Times Index (“STI”) since May 2009. DBS, OCBC and UOB which make up approximately 40% of the STI averaged 21% total returns with net institutional inflows of S$1.5 billion.
The combined Assets under Management (“AUM”) of the SPDR® STI ETF and Nikko AM STI ETF reached S$2.0 billion as of the end of November, up 75% from the end of November 2019. The 2 ETFs also saw net inflows of S$53 million in November, bringing the full year net inflow of 2 STI ETFs to S$916 million. As discussed in the recent market update: STI Investing Reaches S$2 Billion Milestone, the 2 ETFs took 17 years to reach the S$1 billion milestone in June 2019, and just 17 months to reach the S$2 billion threshold.
Rotation within the Singapore market was clearly demonstrated by the scale of net institutional inflows into Financial Services and net institutional outflows out of the Technology Stocks. This was the reverse of the net institutional flows observed for the most active stocks of these two Sectors for the prior 10 months, with Financial Services seeing net institutional outflows, and the comparative more defensive Technology Sector seeing net institutional inflows over the preceding 10 months.
The 100 most traded stocks in Singapore this year include 5 stocks that represent Financials Services in addition to 12 stocks that can be categorised to Technology. For the month of November the 5 stocks – DBS, UOB, OCBC, SGX and iFAST generated a median total return of 19%, with S$1.5 billion of net institutional inflows (equivalent to 1.0% of their combined end of November market value).
Meanwhile, the 12 Technology stocks were recipient to S$84 million of combined net institutional outflow (equivalent to 0.7% of their combined end of November market value). On average, the Technology stocks still averaged gains in November, with the actively traded Healthcare stocks generating declines attributed vaccine developments inline with the optimistic outlook provided by the World Health Organisation on 6 October. The large-scale rotation has been supported by expansionary economic policies designed to support businesses contend with lockdowns. The AAS Economics proprietary gauge for the US money supply was up 57.7% y-o-y so far in November, compared to being up 5% y-o-y at the end of 2019 with the Federal Reserve balance sheet (total assets) also seeing a similar level of significant y-o-y growth.
The 100 most traded stocks in Singapore this year, with November institutional flows and performances in addition to flows and performances for the full 11 months are tabled below, and sort by the most traded stock in terms of daily turnover.
| Stock | SGX Code |
Market Cap S$m |
Nov20 Total Return |
Nov20 Net Institutional Flow S$M |
YTD Total Return |
YTD Net Institutional Flow S$M |
Sector |
|---|---|---|---|---|---|---|---|
| DBS | D05 | $64,041 | 25% | $834 | 2% | -$533 | Financial Services |
| SingTel | Z74 | $39,027 | 20% | -$28 | -26% | -$973 | Telecommunications |
| UOB | U11 | $37,655 | 19% | $324 | -10% | -$1,203 | Financial Services |
| OCBC | O39 | $45,090 | 20% | $360 | -3% | -$587 | Financial Services |
| Ascendas REIT | A17U | $11,935 | 5% | $93 | 5% | $430 | REITs |
| Wilmar International | F34 | $26,669 | 4% | -$28 | 6% | -$73 | Consumer Non-Cyclicals |
| CapitaLand Integrated Commercial Trust | C38U | $12,553 | 12% | -$42 | -17% | -$244 | REITs |
| SGX | S68 | $9,523 | 3% | $7 | 4% | $170 | Financial Services |
| Mapletree Logistics Trust | M44U | $8,141 | 1% | -$34 | 18% | $77 | REITs |
| SIA | C6L | $12,868 | 28% | $58 | -32% | -$606 | Industrials |
| CapitaLand | C31 | $16,254 | 22% | $62 | -13% | -$132 | Real Estate (excl. REITs) |
| ComfortDelGro | C52 | $3,575 | 22% | $37 | -28% | -$321 | Industrials |
| Mapletree Commercial Trust | N2IU | $6,763 | 19% | $32 | -12% | -$38 | REITs |
| Keppel Corporation | BN4 | $9,215 | 15% | $24 | -23% | -$100 | Industrials |
| Mapletree Industrial Trust | ME8U | $6,911 | -2% | -$10 | 18% | $20 | REITs |
| Venture Corporation | V03 | $5,459 | -2% | -$78 | 21% | $150 | Technology (Hardware/ Software) |
| Yangzijiang Shipbuilding | BS6 | $3,410 | -4% | -$125 | -18% | -$181 | Industrials |
| Jardine Matheson | J36 | $52,359 | 17% | $34 | -1% | $2 | Industrials |
| Genting Singapore | G13 | $10,014 | 29% | $26 | -7% | $106 | Consumer Cyclicals |
| City Developments | C09 | $7,074 | 23% | $19 | -28% | -$226 | Real Estate (excl. REITs) |
| Medtecs International | 546 | $588 | -6% | $15 | 2819% | $23 | Healthcare |
| ST Engineering | S63 | $12,026 | 11% | -$11 | 3% | $75 | Industrials |
| SATS | S58 | $4,636 | 39% | $109 | -18% | -$115 | Industrials |
| AEM | AWX | $976 | 5% | -$16 | 80% | $15 | Technology (Hardware/ Software) |
| Suntec REIT | T82U | $4,266 | 13% | $9 | -14% | -$64 | REITs |
| Thai Beverage | Y92 | $18,586 | 28% | $91 | -15% | -$129 | Consumer Non-Cyclicals |
| Keppel DC REIT | AJBU | $4,589 | -3% | -$35 | 38% | $15 | REITs |
| SPH | T39 | $1,893 | 20% | -$20 | -45% | -$187 | Consumer Cyclicals |
| Jardine C&C | C07 | $7,672 | 9% | -$53 | -32% | -$196 | Consumer Cyclicals |
| Hongkong Land | H78 | $12,742 | 9% | -$4 | -25% | -$133 | Real Estate (excl. REITs) |
| Sembcorp Industries | U96 | $3,263 | 16% | $10 | 62% | -$140 | Utilities |
| Frasers Logistics & Commercial Trust | BUOU | $4,725 | 15% | $9 | 19% | $67 | REITs |
| Jardine Strategic | J37 | $35,520 | 8% | -$3 | -21% | -$40 | Industrials |
| NetLink NBN Trust | CJLU | $3,761 | 3% | -$13 | 8% | -$34 | Telecommunications |
| UOL | U14 | $6,219 | 18% | $20 | -9% | $30 | Real Estate (excl. REITs) |
| Frasers Centrepoint Trust | J69U | $3,940 | 10% | -$4 | -14% | -$33 | REITs |
| Riverstone | AP4 | $2,914 | -31% | -$16 | 187% | -$26 | Healthcare |
| Mapletree North Asia Commercial Trust | RW0U | $2,930 | 7% | -$8 | -18% | -$62 | REITs |
| Keppel REIT | K71U | $3,578 | 6% | -$2 | -12% | $9 | REITs |
| Dairy Farm International | D01 | $7,385 | 6% | -$78 | -25% | -$138 | Consumer Non-Cyclicals |
| Ascott Residence Trust | HMN | $3,232 | 25% | $16 | -18% | -$11 | REITs |
| Sembcorp Marine | S51 | $2,034 | 35% | -$32 | -81% | -$69 | Industrials |
| Rex International | 5WH | $198 | 13% | $1 | -26% | -$1 | Energy/ Oil & Gas |
| UMS | 558 | $555 | 11% | $1 | 6% | $10 | Technology (Hardware/ Software) |
| Sheng Siong | OV8 | $2,346 | -7% | -$25 | 30% | -$32 | Consumer Non-Cyclicals |
| CapitaLand Retail China Trust | AU8U | $1,727 | 5% | -$21 | -20% | -$127 | REITs |
| Top Glove | BVA | $18,805 | -17% | -$7 | 357% | -$52 | Healthcare |
| UG Healthcare | 8K7 | $424 | -24% | -$1 | 1382% | -$14 | Healthcare |
| ESR-REIT | J91U | $1,437 | 18% | $6 | -18% | -$7 | REITs |
| Manulife US REIT | BTOU | $1,582 | 2% | -$3 | -22% | -$26 | REITs |
| CDL Hospitality Trusts | J85 | $1,539 | 27% | $9 | -18% | -$61 | REITs |
| Keppel Infrastructure Trust | A7RU | $2,745 | 1% | -$2 | 7% | -$6 | Utilities |
| Jiutian Chemical | C8R | $179 | 10% | -$2 | 429% | $4 | Materials & Resources |
| Golden Agri-Resources | E5H | $1,980 | 11% | -$4 | -31% | -$10 | Consumer Non-Cyclicals |
| Hi-P International | H17 | $1,389 | 42% | $20 | 14% | $11 | Technology (Hardware/ Software) |
| Lendlease REIT | JYEU | $800 | 11% | $0 | -24% | -$70 | REITs |
| Frencken | E28 | $482 | 20% | $9 | 26% | $4 | Technology (Hardware/ Software) |
| ParkwayLife REIT | C2PU | $2,414 | -1% | -$12 | 25% | $22 | REITs |
| Ascendas India Trust | CY6U | $1,573 | 5% | -$4 | -8% | -$10 | REITs |
| StarHub | CC3 | $2,234 | 10% | -$2 | -6% | -$6 | Telecommunications |
| Cromwell European REIT | CNNU | $1,984 | 7% | -$1 | 3% | -$8 | REITs |
| Biolidics | 8YY | $95 | 20% | $0 | 47% | -$5 | Healthcare |
| Vicplas International | 569 | $140 | 2% | $0 | 196% | $1 | Healthcare |
| Singapore Post | S08 | $1,609 | 8% | -$5 | -21% | -$17 | Industrials |
| Yanlord Land | Z25 | $2,144 | 6% | $0 | -3% | -$14 | Real Estate (excl. REITs) |
| SPH REIT | SK6U | $2,304 | 11% | $0 | -21% | -$8 | REITs |
| iFAST Corporation | AIY | $988 | -1% | -$2 | 257% | -$17 | Financial Services |
| Nanofilm Technologies | MZH | $2,107 | 10% | -$12 | 24% | -$18 | Technology (Hardware/ Software) |
| Hutchison Port Holdings Trust | NS8U | $2,197 | 27% | $4 | 19% | -$6 | Industrials |
| Sri Trang Agro | NC2 | $1,828 | -19% | -$2 | 187% | -$41 | Consumer Cyclicals |
| Clearbridge Healthcare | 1H3 | $95 | 3% | $0 | 13% | -$1 | Healthcare |
| Aspen | 1F3 | $282 | 2% | -$4 | 229% | -$24 | Real Estate (excl. REITs) |
| Keppel Pacific Oak US REIT | CMOU | $886 | -2% | -$2 | -5% | -$8 | REITs |
| Japfa | UD2 | $1,527 | 16% | $5 | 32% | $7 | Consumer Non-Cyclicals |
| Yoma Strategic | Z59 | $626 | 10% | $5 | -20% | -$19 | Real Estate (excl. REITs) |
| Alset International | 40V | $129 | 38% | $0 | 93% | -$3 | Real Estate (excl. REITs) |
| ISDN | I07 | $181 | 12% | $1 | 84% | -$4 | Industrials |
| AIMS APAC REIT | O5RU | $848 | 3% | -$1 | -10% | -$22 | REITs |
| V2Y Corporation | V2Y | $33 | 16% | -$3 | 74% | $1 | Technology (Hardware/ Software) |
| Sasseur REIT | CRPU | $975 | 8% | -$6 | -3% | -$37 | REITs |
| Haw Par Corporation | H02 | $2,236 | 8% | -$1 | -18% | -$41 | Healthcare |
| First REIT | AW9U | $343 | 9% | -$9 | -54% | -$38 | REITs |
| First Resources | EB5 | $2,131 | 12% | -$3 | -28% | -$9 | Consumer Non-Cyclicals |
| Hyphens Pharma | 1J5 | $107 | -7% | $0 | 76% | -$6 | Healthcare |
| Prime US REIT | OXMU | $1,085 | 1% | -$2 | -15% | -$15 | REITs |
| Starhill Global REIT | P40U | $1,067 | 17% | $0 | -31% | -$48 | REITs |
| ARA LOGOS Logistics Trust | K2LU | $709 | 4% | -$7 | -8% | -$26 | REITs |
| Valuetronics | BN2 | $252 | 5% | $0 | -25% | -$20 | Technology (Hardware/ Software) |
| CSE Global | 544 | $235 | 6% | -$2 | -11% | -$20 | Technology (Hardware/ Software) |
| Silverlake Axis | 5CP | $682 | 7% | -$2 | -34% | -$33 | Technology (Hardware/ Software) |
| IX Biopharma | 42C | $174 | 4% | $0 | 11% | -$2 | Healthcare |
| Far East Hospitality Trust | Q5T | $1,245 | 13% | $6 | -11% | -$8 | REITs |
| Raffles Medical | BSL | $1,547 | 8% | -$2 | -14% | -$11 | Healthcare |
| SIA Engineering | S59 | $2,232 | 22% | -$2 | -28% | -$18 | Industrials |
| Broadway Industrial | B69 | $76 | 61% | $0 | 23% | $1 | Technology (Hardware/ Software) |
| Avarga | U09 | $237 | 8% | $1 | 72% | -$9 | Materials & Resources |
| IPS Securex | 42N | $41 | 8% | $0 | 113% | -$1 | Technology (Hardware/ Software) |
| Olam International | O32 | $4,857 | 19% | $3 | -11% | -$32 | Consumer Non-Cyclicals |
| OUE Commercial REIT | TS0U | $2,060 | 17% | $0 | -30% | -$26 | REITs |
| Lippo Indonesia Malls Trust | D5IU | $240 | -6% | -$5 | -62% | -$15 | REITs |
| Total | $620,711 | $1,469 | -$6,386 | ||||
| Median | 10% | -8% | |||||
| Average | 11% | 60% |
Source: SGX, Bloomberg, Refinitiv (Data as of 30 November 2020).
Note some stocks such as Broadway Industrial Group, Frencken Group may be categorised as Industrials.
