SGX Market Updates

STI Posts Strongest Month of Gains Since May 2009


PUBLISHED ON |

01 December 2020

  • 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.



SGX Most Traded 100 Stocks - Median Total Returns



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.







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