With 3Q21 to conclude on Thursday, this is the STI’s narrowest quarterly trading range since 3Q17, with a 6% difference between the quarterly high and low as of 27 Sep. For the 3Q21 through to 27 Sep, the STI gained 0.2%, while the FTSE Asia Pacific Index declined 1.5%, weighed by pandemic-related economic disruptions in August.
Of Singapore’s 100 most traded stocks in 2021, the 10 strongest gainers in 3Q21 to 27 Sep all resided outside of the STI, with Frencken, iFAST, Raffles Medical, Starhill Global REIT, PropNex, First Resources, ESR-REIT, OUE Com REIT, UMS and ARA LOGOS Log Trust averaging 18% total returns.
Frencken, iFAST & First Resources were also among the most defensive of the stocks since the STI’s 2.4% decline from its 3Q21 high on 10 Aug. OUE Com REIT and Starhill Global REIT were also among the most defensives, and among the five largest of the 10 REITs & one Stapled Trust that joined the FTSE EPRA/NAREIT Index Series on the 17 Sep close.
For 3Q21, the STI has seen its narrowest trading range in 3Q21 since 3Q17, with a 5.6% difference between its quarterly high and low as of 27 Sep. The 3Q21 STI high of 3,207.99 was formed on 10 Aug, which coincided with global bank stocks forming highs not surpassed until this week. From 30 Jun to 10 Aug, the STI generated a total return of 2.7%, and proceeded to make a 2.4% decline from 10 Aug through to 27 Sep. For the 3Q through to 27 Sep, the STI gained 0.2%, while the FTSE Asia Pacific Index declined 1.5% and the FTSE All-World Index gained 2.3%. This coincided with a resurgence in new confirmed cases in3Q21 in Asia, with the 7-day rolling day average of new cases rising from near 140,000 cases at the end of June to near 270,000 cases in mid-August, and back to 170,000 cases on 25 Sep. As noted in the August Semi-Annual Recent Economic Development in Singapore brief, Asian economies are likely to remain at greater risk of pandemic-related economic disruption in the near term, given their slower pace of vaccination with high infection rates even in a few countries leave open the risk of the emergence of new virus variants.
Singapore’s 100 most traded stocks in 2021 that have been listed for the duration of 3Q21 averaged a 4% decline in the 3Q21 to 27 Sep, with a total of S$798 million of net institutional outflow. Over the period, 52 of the 100 stocks saw net institutional outflows, while 48 stocks booked net institutional inflows. For the 3Q21 through to 10 Aug, the 100 stocks averaged a 1% total return with S$896 million of net institutional outflow. Since the STI formed its 3Q21 high on 10 Aug, the 100 stocks have averaged a 5% decline on S$99 million of net institutional inflow. Singapore Telecommunications led the net institutional inflows from 10 August through to 27 Sep, with S$321 million of net buying, and an 8% total return.
Of the 100 most traded stocks, the 10 stocks that generated the strongest total returns in 3Q21 through to 27 Sep are tabled below.
| 10 Strongest Stocks from 10Aug to 27Sep, within the 100 Most Traded stocks in 2021 | SGX Code |
Mkt Cap S$M |
Total Return 1Jul-10Aug |
Net Insti Flow 1Jul-10Aug S$M |
Total Return 10Aug-27Sep |
Net Insti Flow 11Aug-27Sep S$M |
Beta to STI 1Jul-27Sep |
Net Insti Flow 1Jul-27Sep S$M |
Total Return 1Jul-27Sep |
|---|---|---|---|---|---|---|---|---|---|
| Frencken | E28 | 1,038 | 17% | 14 | 11% | 2 | 0.8 | 16 | 30% |
| IFAST | AIY | 2,697 | 3% | -22 | 17% | 39 | 0.6 | 17 | 20% |
| Raffles Medical | BSL | 2,617 | 24% | 34 | -4% | 13 | 0.8 | 46 | 19% |
| Starhill Global REIT | P40U | 1,425 | 14% | 4 | 4% | 27 | 1.0 | 31 | 18% |
| PropNex | OYY | 640 | 28% | -2 | -9% | -2 | 1.1 | -3 | 17% |
| First Resources | EB5 | 2,430 | 3% | 4 | 13% | 8 | 0.1 | 12 | 16% |
| ESR-REIT | J91U | 1,883 | 10% | 10 | 6% | 42 | 0.8 | 53 | 16% |
| OUE Commercial REIT | TS0U | 2,474 | 8% | 8 | 7% | 25 | 0.6 | 33 | 16% |
| UMS | 558 | 923 | 15% | 22 | 0% | -14 | 0.8 | 8 | 15% |
| ARA LOGOS Logistics Trust | K2LU | 1,370 | 7% | 13 | 7% | 45 | 0.6 | 58 | 14% |
Source: SGX, Refinitiv, Bloomberg (Data as of 27 September 2021)
For the earlier part of 3Q21, through to the STI high on 10 August, five of the above stocks were also among the strongest gainers of the 100 stocks. Together, Frencken Group, Raffles Medical Group, Starhill Global REIT, PropNex and UMS Holdings were among the 10 strongest stocks of the 100 for the six weeks as tabled below.
| 10 Strongest Stocks in the 3Q21 to 10Aug, within the 100 Most Traded stocks in 2021 | SGX Code |
Mkt Cap S$M |
Total Return 1Jul-10Aug |
Net Insti Flow 1Jul-10Aug S$M |
Total Return 10Aug-27Sep |
Net Insti Flow 11Aug-27Sep S$M |
Beta to STI 1Jul-27Sep |
Net Insti Flow 1Jul-27Sep S$M |
Total Return 1Jul-27Sep |
|---|---|---|---|---|---|---|---|---|---|
| PropNex | OYY | 640 | 28% | -2 | -9% | -2 | 1.1 | -3 | 17% |
| Rex International | 5WH | 260 | 26% | 10 | -13% | -3 | 1.4 | 7 | 10% |
| Raffles Medical | BSL | 2,617 | 24% | 34 | -4% | 13 | 0.8 | 46 | 19% |
| Frencken | E28 | 1,038 | 17% | 14 | 11% | 2 | 0.8 | 16 | 30% |
| UMS | 558 | 923 | 15% | 22 | 0% | -14 | 0.8 | 8 | 15% |
| Starhill Global REIT | P40U | 1,425 | 14% | 4 | 4% | 27 | 1.0 | 31 | 18% |
| ISDN | I07 | 283 | 14% | 12 | -21% | -14 | 2.0 | -2 | -11% |
| Jiutian Chemical | C8R | 157 | 13% | 2 | -17% | 0 | 1.5 | 1 | -6% |
| Nanofilm Technologies | MZH | 2,833 | 11% | -1 | -30% | -61 | 0.9 | -62 | -22% |
| SPH | T39 | 3,103 | 11% | 34 | 3% | 45 | 0.1 | 79 | 14% |
Source: SGX, Refinitiv, Bloomberg (Data as of 27 September 2021)
Frencken Group was also among the 10 strongest of the 100 stocks for the latter part of 3Q21, from 10 Aug through to 27 Sep. Of the 10 stocks that generated the strongest total returns in 3Q21 through to 27 Sep, iFAST Corporation, First Resources, OUE Commercial REIT and ARA LOGOS Logistics Trust were also among the most defensive Singapore stocks as the broader market declined from 10 Aug through to 27 Sep.
| 10 Strongest Stocks from 10Aug to 27Sep, within the 100 Most Traded stocks in 2021 | SGX Code |
Mkt Cap S$M |
Total Return 1Jul-10Aug |
Net Insti Flow 1Jul-10Aug S$M |
Total Return 10Aug-27Sep |
Net Insti Flow 11Aug-27Sep S$M |
Beta to STI 1Jul-27Sep |
Net Insti Flow 1Jul-27Sep S$M |
Total Return 1Jul-27Sep |
|---|---|---|---|---|---|---|---|---|---|
| Olam International | O32 | 6,348 | -12% | -15 | 25% | 21 | 0.1 | 6 | 10% |
| IFAST | AIY | 2,697 | 3% | -22 | 17% | 39 | 0.6 | 17 | 20% |
| First Resources | EB5 | 2,430 | 3% | 4 | 13% | 8 | 0.1 | 12 | 16% |
| Frencken | E28 | 1,038 | 17% | 14 | 11% | 2 | 0.8 | 16 | 30% |
| Hongkong Land | H78 | 15,088 | -7% | -34 | 10% | 22 | 0.4 | -12 | 2% |
| SingTel | Z74 | 41,444 | 3% | -104 | 8% | 321 | 0.9 | 216 | 11% |
| ARA LOGOS Logistics Trust | K2LU | 1,370 | 7% | 13 | 7% | 45 | 0.6 | 58 | 14% |
| OUE Commercial REIT | TS0U | 2,474 | 8% | 8 | 7% | 25 | 0.6 | 33 | 16% |
| Cromwell REIT EUR | CWBU | 2,348 | 1% | 4 | 7% | 26 | 0.4 | 30 | 8% |
| Far East Hospitality Trust | Q5T | 1,233 | 3% | -3 | 7% | 19 | 0.5 | 16 | 10% |
Source: SGX, Refinitiv, Bloomberg (Data as of 27 September 2021)
All of the above 10 stocks were recipient to net institutional inflows from 10 Aug through to 27 Sep.
Frencken Group, iFAST Corporation and First Resource were the strongest gainers of the 100 stocks in 3Q21 to 27 Sep that also booked gains from 10 August through to 27 Sep.
For the 2H21, these companies made the following observations in July/August:
- In August, Frencken Group noted its anticipated performances of the Group’s key business segments in 2HFY21 compared to 1HFY21 with the automotive segment is expected to post stable revenue, the Semiconductor segment is expected to maintain its momentum, the medical segment is anticipated to register revenue growth, the analytical segment is expected to register revenue growth and the industrial automation segment’s revenue is anticipated to soften. The Group is also working to move up the value chain and expand its market share with both existing and prospective customers.
- On 31 July, iFAST Corporation finalised its prime subcontractor contract for its Hong Kong pension project and aims to provide some guidance on the potential growth of its overall Hong Kong business for 2023/2024 and beyond, by the end of the year.
- The CEO of First Resources highlighted on 13 Aug, that looking ahead, palm’s attractive relative pricing against competing edible oils is expected to lend support to prices whilst the lower export levy in Indonesia will help to reduce the export tax burden for exporters in the second half of the year.
OUE Commercial REIT and Starhill Global REIT were also among the most defensive stocks between 10 Aug and 27 Sep, and among the five largest of the 10 REITs & one Stapled Trust that joined the FTSE EPRA/NAREIT Index Series on the 17 Sep close (click here for more).
The 3Q21 to 27 Sep performances and flows of the 100 most traded stocks in 2021 are tabled below, and sort by the most traded stock. Note the table does not include Jardine Strategic Holdings and CapitaLand which have been delisted, or CapitaLand Investments which debuted on 20 Sep.
| Stocks | SGX Code |
Mkt Cap S$M |
Total Return 1Jul-10Aug |
Net Insti Flow 1Jul-10Aug S$M |
Total Return 10Aug-27Sep |
Net Insti Flow 11Aug-27Sep S$M |
Beta to STI 1Jul-27Sep |
Net Insti Flow 1Jul-27Sep S$M |
Total Return 1Jul-27Sep |
|---|---|---|---|---|---|---|---|---|---|
| DBS | D05 | 77,049 | 6% | -76 | -4% | -59 | 1.3 | -134 | 2% |
| Singtel | Z74 | 41,444 | 3% | -104 | 8% | 321 | 0.9 | 216 | 11% |
| UOB | U11 | 43,186 | 4% | -126 | -2% | 52 | 1.0 | -74 | 2% |
| OCBC Bank | O39 | 52,296 | 4% | -115 | -5% | -183 | 1.3 | -298 | -1% |
| Yangzijiang Shipbuilding | BS6 | 5,528 | 7% | 18 | -7% | 0 | 0.6 | 19 | -1% |
| SIA | C6L | 15,016 | 6% | -68 | -1% | -34 | 1.3 | -101 | 4% |
| CapitaLand Integrated Commercial Trust | C38U | 13,540 | 6% | 1 | -4% | 21 | 1.0 | 21 | 2% |
| Ascendas REIT | A17U | 12,963 | 7% | 45 | -2% | 65 | 0.8 | 110 | 5% |
| Wilmar International | F34 | 25,925 | 0% | -94 | -8% | -46 | 1.2 | -140 | -8% |
| SGX | S68 | 10,816 | -1% | -53 | -9% | -112 | 0.8 | -166 | -10% |
| Jardine Matheson | J36 | 49,519 | -9% | -34 | -11% | -28 | 0.8 | -62 | -20% |
| Genting Singapore | G13 | 8,988 | -4% | -72 | -7% | -40 | 0.6 | -113 | -11% |
| Mapletree Logistics Trust | M44U | 8,937 | 5% | -4 | -3% | 17 | 1.2 | 13 | 3% |
| Mapletree Industrial Trust | ME8U | 7,633 | 5% | 36 | -3% | -13 | 0.7 | 23 | 2% |
| Venture Corp | V03 | 5,288 | 2% | 6 | -6% | -14 | 0.8 | -8 | -4% |
| Thai Beverage | Y92 | 16,453 | -1% | -18 | -2% | -7 | 0.5 | -25 | -3% |
| SPH | T39 | 3,103 | 11% | 34 | 3% | 45 | 0.1 | 79 | 14% |
| ComfortDelGro | C52 | 3,294 | -1% | -39 | -5% | -31 | 0.6 | -69 | -6% |
| Keppel Corp | BN4 | 9,626 | 2% | -65 | -3% | 7 | 1.1 | -58 | -1% |
| Suntec REIT | T82U | 4,073 | 1% | 5 | -2% | -18 | 0.4 | -12 | -1% |
| City Developments | C09 | 6,403 | -8% | -125 | 6% | 9 | 0.9 | -116 | -3% |
| Sembcorp Marine | S51 | 2,543 | -4% | 5 | -19% | 9 | 0.1 | 14 | -22% |
| Mapletree Commercial Trust | N2IU | 7,108 | -1% | -29 | 0% | 33 | 1.1 | 4 | -1% |
| Keppel DC REIT | AJBU | 4,321 | 6% | -1 | -3% | -7 | 0.7 | -8 | 4% |
| ST Engineering | S63 | 12,061 | 5% | 6 | -4% | -19 | 1.0 | -13 | 1% |
| AEM | AWX | 1,290 | 8% | 57 | 2% | 33 | 0.4 | 90 | 10% |
| Hongkong Land | H78 | 15,088 | -7% | -34 | 10% | 22 | 0.4 | -12 | 2% |
| Frasers Logistics & Commercial Trust | BUOU | 5,588 | 6% | 24 | -1% | 22 | 0.5 | 47 | 6% |
| Keppel REIT | K71U | 3,870 | -2% | -15 | -8% | -36 | 0.4 | -52 | -9% |
| IFAST | AIY | 2,697 | 3% | -22 | 17% | 39 | 0.6 | 17 | 20% |
| UMS | 558 | 923 | 15% | 22 | 0% | -14 | 0.8 | 8 | 15% |
| Jardine C&C | C07 | 7,557 | -6% | -18 | -4% | -18 | 0.4 | -36 | -9% |
| Nanofilm Technologies | MZH | 2,833 | 11% | -1 | -30% | -61 | 0.9 | -62 | -22% |
| SATS | S58 | 4,668 | 2% | -5 | 3% | 21 | 0.8 | 16 | 6% |
| Sembcorp Industries | U96 | 3,380 | -6% | -5 | -5% | -10 | 0.7 | -15 | -11% |
| Frasers Centrepoint Trust | J69U | 3,891 | -1% | -5 | -5% | -34 | 0.8 | -39 | -6% |
| NetLink NBN Trust | CJLU | 3,819 | 3% | 5 | 1% | -1 | 0.3 | 4 | 3% |
| UOL | U14 | 5,935 | 1% | -5 | -4% | -9 | 1.0 | -13 | -4% |
| Jiutian Chemical | C8R | 157 | 13% | 2 | -17% | 0 | 1.5 | 1 | -6% |
| Top Glove | BVA | 6,926 | -11% | -2 | -29% | -7 | 0.4 | -10 | -36% |
| Mapletree North Asia Commercial Trust | RW0U | 3,402 | -3% | -18 | -3% | -21 | 0.5 | -39 | -6% |
| Sheng Siong | OV8 | 2,225 | -2% | -21 | -3% | -12 | -0.1 | -33 | -4% |
| Medtecs International | 546 | 219 | -2% | -1 | -52% | 0 | 2.2 | -1 | -53% |
| ISDN | I07 | 283 | 14% | 12 | -21% | -14 | 2.0 | -2 | -11% |
| CapLand China Trust | AU8U | 1,944 | 2% | -14 | -6% | -23 | 0.4 | -37 | -4% |
| Frencken | E28 | 1,038 | 17% | 14 | 11% | 2 | 0.8 | 16 | 30% |
| Oceanus^ | 579 | 826 | -3% | 1 | -8% | -2 | 0.4 | -1 | -11% |
| Ascott Residence Trust | HMN | 3,093 | 4% | -1 | -7% | -14 | 0.4 | -15 | -3% |
| Dairy Farm International | D01 | 6,308 | -15% | -17 | -3% | -8 | 0.4 | -25 | -18% |
| Riverstone | AP4 | 1,341 | 3% | -6 | -26% | -10 | 0.4 | -16 | -24% |
| ESR-REIT | J91U | 1,883 | 10% | 10 | 6% | 42 | 0.8 | 53 | 16% |
| Golden Agri-Resources | E5H | 2,919 | 4% | 6 | -4% | 8 | 1.3 | 14 | 0% |
| Olam International | O32 | 6,348 | -12% | -15 | 25% | 21 | 0.1 | 6 | 10% |
| Rex International | 5WH | 260 | 26% | 10 | -13% | -3 | 1.4 | 7 | 10% |
| Aztech Global | 8AZ | 813 | -7% | -11 | -12% | -9 | 1.2 | -20 | -18% |
| Thomson Medical | A50 | 2,115 | 1% | 1 | -8% | -2 | 0.2 | -1 | -7% |
| ARA LOGOS Logistics Trust | K2LU | 1,370 | 7% | 13 | 7% | 45 | 0.6 | 58 | 14% |
| Keppel Infra Trust | A7RU | 2,745 | 1% | -25 | 2% | 0 | 0.1 | -25 | 2% |
| SingPost | S08 | 1,440 | -8% | -24 | -2% | -3 | 0.5 | -27 | -10% |
| Ascendas India Trust | CY6U | 1,649 | 5% | -1 | 1% | 0 | 0.8 | -1 | 6% |
| Lendlease REIT | JYEU | 1,033 | 9% | 8 | 0% | 19 | 0.8 | 27 | 10% |
| Japfa | UD2 | 1,402 | -9% | -9 | -9% | -4 | 0.2 | -13 | -17% |
| ParkwayLife REIT | C2PU | 2,856 | 6% | -1 | -2% | -2 | 0.3 | -3 | 4% |
| UG Healthcare | 8K7 | 213 | 2% | 0 | -41% | -3 | 1.1 | -3 | -40% |
| Hutchison Port Holdings Trust | NS8U | 2,656 | 7% | -3 | -3% | 1 | 0.8 | -2 | 4% |
| Yanlord Land | Z25 | 2,125 | -8% | -8 | -2% | 5 | 0.6 | -3 | -10% |
| Sunpower | 5GD | 484 | -14% | 0 | -7% | 3 | 0.0 | 3 | -20% |
| Q&M Dental | QC7 | 534 | 8% | 6 | -20% | -11 | 0.5 | -5 | -14% |
| Manulife US REIT | BTOU | 1,529 | 0% | 0 | -7% | -5 | 0.7 | -5 | -7% |
| Raffles Medical | BSL | 2,617 | 24% | 34 | -4% | 13 | 0.8 | 46 | 19% |
| Haw Par | H02 | 2,623 | -1% | 0 | -12% | -6 | 0.5 | -6 | -13% |
| The Place | E27 | 517 | -11% | 1 | -25% | 0 | 0.6 | 1 | -33% |
| StarHub | CC3 | 2,130 | 4% | 0 | -1% | 4 | 0.3 | 4 | 3% |
| First Resources | EB5 | 2,430 | 3% | 4 | 13% | 8 | 0.1 | 12 | 16% |
| SPHREIT | SK6U | 2,618 | 3% | 2 | 6% | 23 | 0.4 | 25 | 10% |
| AIMS APAC REIT | O5RU | 1,012 | 7% | 6 | -8% | 8 | 0.6 | 14 | -1% |
| CDL Hospitality Trusts | J85 | 1,339 | -4% | -2 | -7% | -5 | 0.9 | -7 | -10% |
| Cromwell European REIT | CWBU | 2,348 | 1% | 4 | 7% | 26 | 0.4 | 30 | 8% |
| Starhill Global REIT | P40U | 1,425 | 14% | 4 | 4% | 27 | 1.0 | 31 | 18% |
| Keppel Pacific Oak US REIT | CMOU | 1,104 | 3% | 1 | 3% | 17 | 0.1 | 18 | 6% |
| Sarine Tech | U77 | 239 | 5% | -1 | -13% | 4 | 1.1 | 3 | -9% |
| COSCO Shipping | F83 | 616 | -2% | 0 | -5% | 1 | 1.1 | 1 | -7% |
| Sasseur REIT | CRPU | 1,057 | 1% | 0 | -7% | -4 | 0.2 | -4 | -6% |
| Tuan Sing | T24 | 589 | 8% | 5 | -9% | 2 | 1.5 | 7 | -2% |
| CFM | 5EB | 37 | -20% | 1 | -26% | -2 | 1.7 | -1 | -40% |
| Prime US REIT | OXMU | 1,375 | 2% | -4 | 3% | 17 | 0.2 | 13 | 5% |
| SIA Engineering | S59 | 2,369 | -2% | -4 | 0% | 1 | 0.6 | -3 | -2% |
| OUE Commmercial REIT | TS0U | 2,474 | 8% | 8 | 7% | 25 | 0.6 | 33 | 16% |
| GKE | 595 | 99 | 6% | 1 | -9% | 1 | 0.6 | 2 | -4% |
| Yoma Strategic | Z59 | 284 | 1% | 2 | -6% | 3 | 0.6 | 5 | -5% |
| Yinda Infocomm | 42F | 254 | -22% | 1 | 4% | 0 | -0.2 | 2 | -18% |
| Avarga | U09 | 250 | -2% | 0 | -7% | 0 | 0.3 | 1 | -9% |
| Leader Environmental | LS9 | 118 | -25% | 3 | -5% | 0 | -0.9 | 3 | -29% |
| MM2 Asia | 1B0 | 116 | -6% | 5 | -22% | 1 | 0.8 | 6 | -26% |
| Far East Hospitality Trust | Q5T | 1,233 | 3% | -3 | 7% | 19 | 0.5 | 16 | 10% |
| RH Petro Gas | T13 | 100 | 4% | 0 | -22% | 0 | 2.3 | 0 | -18% |
| Hong Fok | H30 | 659 | -3% | 0 | -3% | 1 | 0.6 | 1 | -6% |
| PropNex | OYY | 640 | 28% | -2 | -9% | -2 | 1.1 | -3 | 17% |
| Aspen | 1F3 | 152 | -9% | 0 | 1% | 0 | 1.1 | 0 | -8% |
| InnoTek | M14 | 186 | -2% | 0 | -13% | 0 | 1.1 | 0 | -15% |
| Total | 603,796 | -896 | 99 | -798 | |||||
| Average | 1% | -5% | -4% | ||||||
| Median | 2% | -4% | -3% |
Source: SGX, Refinitiv, Bloomberg (Data as of 27 September 2021)
^ Note currently on SGX Watchlist
