SGX Market Updates

STI Currently Leading World Benchmarks in 2021 YTD


PUBLISHED ON |

29 March 2021

  • With 3 sessions remaining for the March 2021, the STI has generated an 11.1% price gain year-to-date, outpacing all the major world benchmarks, with the next best performers the S&P/Toronto Stock Exchange Composite Index (+10.8%) and the Taiwan Stock Exchange Weighted Index (+10.7%).

  • The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index.

  • As many as 11 of the STI stocks - Jardine Strategic, Yangzijiang Shipbuilding, Singapore Airlines, Hongkong Land, Jardine Matheson, CapitaLand, OCBC, Wilmar International, Jardine Cycle & Carriage, DBS and UOB have generated double digit gains in the quarter-to-date. Globally, banks were the strongest of the sectors for the past 12 weeks.

  • Jardine Strategy is scheduled to be deleted from the STI effective 13 April, should Jardine Matheson’s cash acquisition of Jardine Strategy be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Logistics & Commercial Trust) will join the benchmark.




With 3 sessions remaining for the March 2021 Quarter, the Straits Times Index (“STI”) has generated an 11.1% price gain, outpacing all the major world benchmarks, with the next best performers the S&P/Toronto Stock Exchange Composite Index and the Taiwan Stock Exchange Weighted Index. These returns are on a price-alone basis and in SGD terms. Commodity price gains have supported the S&P/Toronto Stock Exchange Composite Index and strong global demand for semiconductors has supported the Taiwan Stock Exchange Weighted Index. For the overarching market driver, globally administered vaccine doses are set to quadruple the number of globally recorded COVID-19 cases this week.

For the STI, rotation into global banks buoyed the Index through much of the past 12 weeks while two constituents, Jardine Strategic and CapitaLand, have seen significant corporate actions through strategic restructures. The top quartile of global banks have generated a median gain of 15% in the March quarter-to-date, with the 3 Singapore-listed banks moving in unison, also averaging 15% gains.


STI vs World Indices 2021 YTD Price Return %



The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index. As many as 11 of the STI stocks have generated double digit gains in the quarter-to-date.

On the economic front, Singapore reported strong Industrial Production numbers on Friday, with the preliminary housing price data, which has also been comparatively robust, due this Thursday. Singapore’s Industrial Production in February grew 16.4% year-on-year, and on a seasonally adjusted month-on-month basis, manufacturing output increased 1.6%. On Thursday, URA will report its preliminary gauge on Singapore’s private residential property prices for 1Q21, which gained 2.1% in 4Q20 and 0.8% in 3Q20.

In Washington, President Biden has just announced he wants to double up his target to 200 million vaccine doses in his first 100 days, and this week his administration is expected to start obtaining buy-ins for the ambitious, potentially ~US$3 trillion Infrastructure and climate plan.


The STI stocks and STI Reserve List is tabled below and sort by market capitalisation.

STI Stocks SGX
Code
Market
Cap
S$b
5-Day
Price
Change
%
MTD
Price
Change
%
YTD
Price
Change
%
YTD
Total
Return
%
Sector
DBS GROUP D05 73.08 0 7 14 14 Financial Services
JARDINE MATHESON J36 64.87 -2 27 19 22 Industrials
OCBC O39 52.80 2 7 17 17 Financial Services
JARDINE STRATEGIC J37 49.64 -1 30 36 36 Industrials
UOB U11 42.96 0 4 14 14 Financial Services
SINGTEL Z74 40.29 2 4 6 6 Telecommunications
WILMAR INTERNATIONAL F34 34.27 3 3 17 17 Consumer Non-Cyclicals
CAPITALAND C31 20.03 16 21 17 17 Real Estate (excl. REITs)
THAI BEVERAGE Y92 18.09 0 -2 -2 0 Consumer Non-Cyclicals
SINGAPORE AIRLINES C6L 16.43 -3 11 29 29 Industrials
HONGKONG LAND H78 15.49 0 3 22 26 Real Estate (excl. REITs)
CAPITALAND INTEGRATED COMMERCIAL TRUST C38U 13.85 -2 2 -1 0 REITs
ASCENDAS REIT A17U 12.59 -2 3 2 2 REITs
ST ENGINEERING S63 12.04 0 3 1 1 Industrials
GENTING SINGAPORE G13 10.98 -3 6 7 7 Consumer Cyclicals
SINGAPORE EXCHANGE S68 10.60 0 -1 7 8 Financial Services
KEPPEL CORPORATION BN4 9.46 1 2 -3 -3 Industrials
JARDINE CYCLE & CARRIAGE C07 8.96 -1 8 16 16 Consumer Cyclicals
MAPLETREE LOGISTICS TRUST M44U 8.27 3 4 -4 -3 REITs
DAIRY FARM INTERNATIONAL D01 7.92 -2 2 6 9 Consumer Non-Cyclicals
CITY DEVELOPMENTS C09 7.18 3 8 -1 -1 Real Estate (excl. REITs)
MAPLETREE COMMERCIAL TRUST N2IU 7.00 1 3 -1 -1 REITs
UOL GROUP U14 6.63 1 6 2 2 Real Estate (excl. REITs)
MAPLETREE INDUSTRIAL TRUST ME8U 6.44 1 3 -5 -4 REITs
VENTURE CORPORATION V03 5.79 -1 4 3 3 Technology (Hardware/ Software)
YANGZIJIANG SHIPBUILDING BS6 4.93 4 20 34 34 Industrials
SATS S58 4.83 -4 -2 8 8 Industrials
KEPPEL DC REIT AJBU 4.43 0 -1 -4 -2 REITs
COMFORTDELGRO C52 3.73 1 7 3 3 Industrials
SEMBCORP INDUSTRIES U96 3.28 3 6 8 8 Utilities

Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)



Jardine Strategic is scheduled to be deleted from the STI effective 13 April, should Jardine Matheson’s cash acquisition of Jardine Strategic be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Logistics & Commercial Trust) will join the benchmark. Currently Frasers Logistic & Commercial Trust has a market capitalisation of S$4.90 billion, with Keppel REIT maintaining a market capitalisation of S$4.51 billion.


STI Reserve List SGX
Code
Market
Cap
S$b
5-Day
Price
Change
%
MTD
Price
Change
%
YTD
Price
Change
%
YTD
Total
Return
%
Sector
FRASERS LOGISTICS & COMMERCIAL TRUST BUOU 4.90 -5 4 1 1 REITs
KEPPEL REIT K71U 4.51 3 6 10 13 REITs
SUNTEC REIT T82U 4.46 0 8 5 7 REITs
FRASERS CENTREPOINT TRUST J69U 4.20 -4 -2 0 0 REITs
NETLINK NBN TRUST CJLU 3.70 0 0 -2 -2 Telecommunications

Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)







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