SGX Market Updates

Key Singapore Market Moves and Flows in 3Q21


PUBLISHED ON |

04 October 2021

  • In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index declined 2.5% and the FTSE All-World Index gained 0.1%. The 100 most actively traded Singapore stocks in 2021 also averaged a 3.5% decline in 3Q21, bringing their average nine month total return to 24.9%.

  • SingTel saw the most net institutional inflow of the 100 stocks in 3Q21, with S$200 million in net buying, and a 9% total return, while global peers declined 2%. Last week the company announced that Pension Fund Australian Super will buy a 70% stake in Singtel’s Australia tower network for A$1.9 billion.

  • RH Petrogas led the price performances of the 100 most actives in September with a 19% gain, while Rex International added 9%. The Energy Sector was the strongest performing Sector across the globe and the Singapore most actives in 3Q21. Leading global stocks last week, the Energy sector remains in focus with the scheduled OPEC+ virtual meeting tonight.

  • For 4Q21, key drivers of the stock market will continue to include how well stocks and sectors can contend with ongoing COVID-19 constrained growth, interest rate expectations, global trade, demand for commodities as well as corporate strategic efforts to maximise operational efficiency key drivers, with the latter showing no signs of abating.




The Straits Times Index (“STI”) saw its narrowest trading range in 3Q21 in 4 years, since 3Q17, with a 6% differential between the 10 August high (3,207.99) and the 22 September low (3,037.79). This was on the back of global banking stocks also seeing their narrowest trading range since 3Q18, and banks making up more than 40% of the STI.



SGX 3Q21 Total Market Returns (SGD)



The 2/10 year UST yield curve, saw a comparatively steady quarter, ending at 120bps, similar to its end of June level. From 30 June to 4 August, the yield curve flattened from 120 bps to 100 bps, then from 4 August to 30 Sep, the yield curve steepened from 100 bps back to 120 bps. This saw measured moves in two global stock sectors that are important to the STI, and REITs:

  • From 30 June to 4 August, global Banks declined 2%, then from 4 August to 30 Sep, global Banks gained 4%. Steeper yield curves suit banks that borrow short and lend long. While the trio of SGX-listed banks were less correlated to their global peers over the quarter, DBS Group Holdings and United Overseas Bank finished the quarter averaging a 2.6% gain, in-line with the 2.8% gain of the Bloomberg World Banks Index, while Oversea-Chinese Banking Corp declined 1.8%.

  • From 30 June to 4 August, global REITs gained 4%, then from 4 August to 30 Sep, global REITs declined 4%. With the steepening of the yield curve driven by gains on the long end of the curve, the higher yields decreased the yield premium of 10 year USTs over REITs. Like the global REITs, the iEdge S-REIT Index also gained 4% from 30 June to 4 August, then declined 4% between 4 August and 30 Sep.



For the quarter ahead, interest rate expectations will continue to be a key driver, in addition to how well listed companies and respective setors can contend with the ongoing COVID-19 constrained growth, global trade, demand for commodities as well as corporate strategic efforts to maximise operational efficiency.

The Energy Sector was also the strongest performing Sector across the globe in 3Q21 as well as the past week. Over 3Q21, the two stocks that represent the Energy Sector that are among Singapore’s 100 most traded stocks this year, Catalist-listed Rex International, and Mainboard-listed RH Petrogas, saw the highest combined net institutional inflows proportionate to sector market cap for the three months. While Brent Crude Oil gained 4.5% over the quarter, from US$75.13/bbl to US$78.52/bbl, the gains in September were greater, from US$72.99/bbl to US$78.52/bbl. The 7.6% monthly gain for Brent Crude Oil coinciding with RH Petrogas ranking as the strongest performer of the 100 stocks in September, with a 19% return, while Rex International ranked just outside the top 10 performers with a 9% gain. OPEC+ meets tonight via video conferencing to set production targets for November, with consensus expectations that ministers will continue to gradually raise supply, and possibly boost more than the already planned 400,000 b/d. In the September Monthly Oil Market Report, OPEC estimated that world oil demand will grow by 4.2 mb/d to 100.8 mb/d in 2022, exceeding pre-pandemic levels.



3Q21 Net Institutional Flows & Sector Moves

Together the 100 most traded stocks over the past seven months booked S$754 million of net institutional outflow in 3Q21, bringing the total net institutional outflow for the 100 stocks for the past 9 months to S$988 million. While the STI stocks typically dominate the inflows and outflows based on their comparative size in terms of market capitalisation, the 100 stocks do represent 12 sectors. Hence, another lens relevant to the flows is stock inflow/outflow in proportion to stock market capitalisation.

When proportioning the combined net institutional flows of the 12 Sectors to the combined sector market capitalisation, the Energy Sector was observed to see the highest net institutional inflows in 3Q21, followed by Materials & Resources Sector and the Telecommunications Sector.

In terms of average performances over 3Q21, the Energy Sector generated the highest gains over 3Q21, while The Technology (Hardware/Software) Sector saw the second-highest average total returns, followed by REITs.

The average sector performances of the most 100 traded stocks in 3Q21, with sector flows proportionate to sector market capitalisation are tabled below.



SGX 3Q21 100 Most Traded Stocks



Note the average performance can be skewed significantly by one stock’s performance. For instance, in 3Q21, Yinda Infocomm declined 15%, while Singapore Telecommunications, NetLink NBN Trust and StarHub averaged 5% total returns.

SingTel saw the most net institutional inflow of the 100 stocks in 3Q21, with S$199.8 million in net buying, and a 9% total return, while global peers declined 2%. The gains in the SingTel's share price since the company announced the issuance of S$1.0 billion 3.3% Subordinated Perpetual Securities under its S$10 billion Guaranteed Euro Medium Term Note Programme, has now seen the company marginally outpace global telecommunication indices over the past nine months. SingTel has also been a part of the recent wave of Singapore companies conducting strategic reviews, after announcing in May, it was weighing options for its digital marketing and cyber security businesses. Fitch Ratings noted the review signaled suggests a sharper focus on profitable growth and prudent capital preservation, and on 12 Aug reported a turnaround net profit of S$445 million for its 1Q22 (ended 30 June). Last week SingTel announced that Pension Fund Australian Super will buy a 70% stake in Singtel’s Australia tower network for A$1.9 billion.

StarHub also saw a 2% total return in 3Q21, with S$4.5 million of net institutional inflow, and the company proposing an investment in shares of MyRepublic Broadband on 22 Sep. The clear operational highlight of the proposal is to harness synergies across both broadband operation.

The Telecommunications Sector has changed significantly in Singapore in the past few years with the introduction of new mobile virtual network operators, providing broadband services, reducing the cost of mobile data, phone plans for users. At the same time, cost savings have been an important aspect of StarHub’s 3-year DARE for transformation program which began in October 2018. The program is expected to achieve costs savings of S$273 million by the end of next month.

While Real Estate was the least performing sector across the globe in 3Q21, CapitaLand Investment (“CLI”) generated a 15% return from its debut through to the end of the quarter, PropNex gained 15% over the quarter, while Hongkong Land edged 3% higher. The remaining seven developers and operators among the 100 most traded Singapore stocks averaged 6.5% declines. Since its debut on 20 Sep, CLI has averaged S$85 million in daily trading turnover, which is markedly higher than the previous entity, CapitaLand, which averaged daily trading turnover of S$37 million a day in the 2021 year through to 9 Sep, and S$33 million in 2020.



2021 YTD Singapore Top Traded 100 Stocks by Turnover

The recent performances of the 100 most traded stocks over the past 9 months are tabled below. Together the 100 stocks represent S$622 billion or 70% of the total S$888 billion market value of all stocks listed in Singapore. The table is sorted by highest total returns in 3Q21.

SGX's 100 Most Traded Stocks in 2021 SGX
Code
Market Cap
S$M
Sep
Total
Return
Sep
Net Insti Flow
S$M
3Q21
Total
Return
3Q21
Net Insti Flow
S$M
9M21
Total
Return
9M21
Net Insti Flow
S$M
Sector
Frencken E28 991 -1% -2.7 24% 14.4 79% 38.4 Technology (Hardware/ Software)
Raffles Medical BSL 2,729 4% 4.5 24% 46.2 49% 64.1 Healthcare
First Resources EB5 2,572 12% 7.6 23% 15.6 30% 6.4 Consumer Non-Cyclicals
OUE Commercial REIT TS0U 2,474 11% 26.3 16% 33.4 26% 38.1 REITs
IFAST AIY 2,606 12% 37.2 16% 10.5 215% 60.4 Technology (Hardware/ Software)
Starhill Global REIT P40U 1,391 4% 26.7 15% 31.3 33% 38.6 REITs
Rex International 5WH 273 9% 4.2 15% 9.3 44% 10.1 Energy/ Oil & Gas
CapitaLand Investment* 9CI 17,691 15% 25.7 15% 25.7 15% 25.7 Real Estate (excl. REITs)
PropNex OYY 633 -7% -0.1 15% -3.4 134% -3.1 Real Estate (excl. REITs)
ESR-REIT J91U 1,863 0% 29.5 15% 53.0 25% 34.8 REITs
SPH T39 3,119 1% 40.2 15% 81.6 76% 201.1 Consumer Cyclicals
Olam International O32 6,495 10% 14.2 13% 12.1 25% 13.8 Consumer Non-Cyclicals
UMS 558 907 -2% -1.2 13% 8.0 60% 53.2 Technology (Hardware/ Software)
Hutchison Port Holdings Trust NS8U 2,839 18% 7.3 12% 2.2 35% -4.7 Industrials
ARA LOGOS Logistics Trust K2LU 1,334 5% 38.7 11% 58.3 60% 81.2 REITs
SPHREIT SK6U 2,618 4% 24.2 10% 25.5 16% 16.7 REITs
Lendlease REIT JYEU 1,027 -2% 15.2 9% 27.2 26% 28.9 REITs
Far East Hospitality Trust Q5T 1,223 6% 18.5 9% 15.7 4% 8.2 REITs
SingTel Z74 40,619 6% 232.1 9% 199.8 8% -191.1 Telecommunications
Oceanus 579 996 17% -1.9 8% -3.7 52% -18.3 Consumer Non-Cyclicals
AEM AWX 1,249 -2% 22.6 6% 85.1 19% -29.2 Technology (Hardware/ Software)
Keppel Pacific Oak US REIT CMOU 1,106 6% 19.4 6% 18.0 28% 5.5 REITs
Ascendas India Trust CY6U 1,649 -1% -0.4 6% -0.4 10% -8.7 REITs
SATS S58 4,668 2% 14.2 6% 23.8 5% 18.1 Industrials
Cromwell European REIT CWBU 2,303 5% 25.7 6% 29.5 14% 30.4 REITs
Frasers Logistics & Commercial Trust BUOU 5,588 1% 17.9 6% 51.5 12% 16.4 REITs
NetLink NBN Trust CJLU 3,877 3% 6.6 5% 6.9 6% -50.4 Telecommunications
Prime US REIT OXMU 1,354 5% 20.1 4% 12.7 21% 0.5 REITs
SIA C6L 14,926 -1% -38.6 4% -98.2 18% -300.9 Industrials
Hongkong Land H78 15,211 16% 31.3 3% -7.2 25% -41.3 Real Estate (excl. REITs)
DBS D05 77,871 1% -41.1 3% -56.4 24% 885.8 Financial Services
UOB U11 43,297 1% 43.1 2% -41.6 19% 232.9 Financial Services
Ascendas REIT A17U 12,585 -1% 26.6 2% 99.1 4% -157.2 REITs
Golden Agri-Resources E5H 2,983 2% 1.5 2% 14.4 51% 39.3 Consumer Non-Cyclicals
Keppel DC REIT AJBU 4,253 -1% -5.9 2% -10.0 -8% -184.9 REITs
ParkwayLife REIT C2PU 2,813 -4% -6.4 2% -4.2 23% -2.4 REITs
StarHub CC3 2,112 0% 0.0 2% 4.5 -3% -20.9 Telecommunications
Keppel InfraStructure Trust A7RU 2,720 1% 1.0 2% -23.8 7% -57.2 Utilities
Mapletree Logistics Trust M44U 8,765 0% 10.5 1% 13.4 4% -17.6 REITs
GKE 595 103 2% -0.5 0% 1.6 11% -3.7 Industrials
ST Engineering S63 11,874 1% -12.8 0% -20.9 4% -75.8 Industrials
CapitaLand Integrated Commercial Trust C38U 13,151 -1% 9.1 -1% 22.2 -3% -22.3 REITs
AIMS APAC REIT O5RU 1,019 -7% 6.0 -1% 15.8 21% 17.2 REITs
Suntec REIT T82U 4,044 -4% -19.1 -1% -13.2 -1% -75.0 REITs
Mapletree Industrial Trust ME8U 7,394 -5% -32.0 -1% 6.6 0% -94.2 REITs
OCBC Bank O39 51,749 1% -12.6 -2% -299.6 18% 187.1 Financial Services
SIA Engineering S59 2,369 -1% -0.3 -2% -2.9 7% -2.5 Industrials
Tuan Sing T24 589 -2% 1.5 -2% 6.9 58% 6.0 Real Estate (excl. REITs)
Yangzijiang Shipbuilding BS6 5,449 -16% -79.4 -2% 14.7 49% 243.5 Industrials
Thomson Medical A50 2,221 -2% -0.6 -2% -1.2 68% 20.7 Healthcare
Keppel Corp BN4 9,498 0% 13.6 -2% -54.9 0% -114.5 Consumer Non-Cyclicals
Thai Beverage Y92 16,453 -4% -24.2 -3% -27.6 -8% -352.4 Consumer Non-Cyclicals
Jiutian Chemical C8R 161 0% 1.1 -4% 1.2 2% -2.9 Materials & Resources
Mapletree Commercial Trust N2IU 6,875 2% 25.4 -4% -1.1 0% -26.1 REITs
Sheng Siong OV8 2,225 -2% -10.9 -4% -32.9 -1% -117.1 Consumer Non-Cyclicals
City Developments C09 6,267 1% 1.4 -5% -117.6 -12% -264.9 Real Estate (excl. REITs)
COSCO Shipping F83 627 -2% 1.0 -5% 1.5 0% 6.5 Industrials
Ascott Residence Trust HMN 3,028 -8% -18.8 -5% -19.7 -10% -40.6 REITs
Venture Corporation V03 5,221 -5% -28.1 -5% -10.1 -4% -164.7 Technology (Hardware/ Software)
Wilmar International F34 26,556 2% -13.5 -5% -137.6 -6% -229.0 Consumer Non-Cyclicals
RH PetroGas T13 116 19% 0.0 -5% 0.1 524% -1.1 Energy/ Oil & Gas
Yoma Strategic Z59 282 -3% 1.5 -6% 5.3 -57% -33.1 Real Estate (excl. REITs)
Hong Fok H30 659 -2% 0.4 -6% 1.0 7% -6.0 Real Estate (excl. REITs)
UOL U14 5,792 -2% -7.0 -6% -16.3 -9% -40.3 Real Estate (excl. REITs)
Frasers Centrepoint Trust J69U 3,857 -2% -19.7 -7% -41.0 -5% -77.6 REITs
CapitaLand China Trust AU8U 1,898 -5% -11.0 -7% -37.2 -8% -24.3 REITs
ComfortDelGro C52 3,273 -7% -29.7 -7% -79.9 -8% -140.7 Industrials
Avarga U09 255 -3% -0.3 -7% 0.6 5% 8.7 Consumer Cyclicals
Mapletree North Asia Commercial Trust RW0U 3,367 -3% -13.7 -7% -40.0 2% -39.9 REITs
Manulife US REIT BTOU 1,521 -3% -4.7 -7% -5.6 4% -33.1 REITs
Sasseur REIT CRPU 1,038 -5% -1.3 -8% -4.0 11% -8.1 REITs
Jardine C&C C07 7,660 0% -4.3 -8% -36.9 2% 0.0 Consumer Cyclicals
Keppel REIT K71U 3,906 1% -18.3 -9% -51.2 0% -30.0 REITs
Yanlord Land Z25 2,144 -7% 0.4 -9% -3.3 4% -18.1 Real Estate (excl. REITs)
SingPost S08 1,428 -3% -1.6 -10% -27.5 -9% -46.1 Industrials
SGX S68 10,687 1% -48.8 -11% -190.3 9% -64.3 Financial Services
Aspen 1F3 145 17% 0.6 -12% 0.8 -39% -5.6 Real Estate (excl. REITs)
Sarine Technology U77 230 -11% 0.1 -12% 2.6 62% -2.5 Industrials
ISDN I07 274 -2% -1.4 -13% -2.1 56% 1.7 Industrials
Sembcorp Industries U96 3,273 -5% -5.3 -14% -18.2 10% 59.8 Utilities
Genting Singapore G13 8,687 -6% -29.1 -14% -123.0 -14% -121.6 Consumer Cyclicals
CDL Hospitality Trusts J85 1,278 -11% -4.8 -15% -7.4 -15% -14.8 REITs
Haw Par H02 2,554 -12% -6.3 -15% -6.8 10% 69.0 Healthcare
Yinda Infocomm 42F 266 4% 0.4 -15% 2.1 166% 16.0 Telecommunications
Q&M Dental QC7 524 -9% -8.3 -15% -5.2 53% 13.0 Healthcare
Jardine Matheson J36 51,972 -1% -13.8 -16% -58.0 0% -73.6 Consumer Non-Cyclicals
Japfa UD2 1,402 -4% -1.2 -17% -13.8 -16% 0.0 Consumer Non-Cyclicals
Dairy Farm International D01 6,264 -2% -3.8 -18% -26.2 -13% -39.2 Consumer Non-Cyclicals
Aztech Global ** 8AZ 805 -5% -3.1 -19% -20.6 -18% -62.6 Industrials
Sunpower 5GD 488 -1% 1.6 -19% 2.9 2% -1.8 Industrials
Sembcorp Marine S51 2,605 -2% 15.7 -21% 15.4 -33% 49.2 Industrials
mm2 Asia 1B0 123 -5% 0.3 -22% 5.8 -53% 7.2 Consumer Cyclicals
Nanofilm Technologies MZH 2,754 -3% 4.6 -24% -61.1 -5% -24.1 Technology (Hardware/ Software)
Riverstone AP4 1,319 -27% -13.1 -25% -17.8 -14% 6.6 Healthcare
Leader Environmenta LS9 120 4% 0.1 -28% 3.1 8% -1.0 Industrials
The Place Holdings E27 529 -20% 0.4 -31% 1.0 173% 3.2 Consumer Cyclicals
Top Glove BVA 7,286 -29% -9.3 -33% -7.2 -50% -61.2 Healthcare
CFM 5EB 37 -25% -1.7 -40% -1.0 360% 0.2 Industrials
UG Healthcare 8K7 213 -36% -1.6 -40% -3.4 -41% -16.4 Healthcare
Medtecs International 546 210 -29% 1.7 -55% -0.8 -59% 7.9 Healthcare
Total 621,849 265 -754 -988
Average -1% -4% 25%
Median -1% -2% 7%

* Listed on 20 Sep
** Listed on 11 March.
Sources: SGX, Bloomberg, Refinitiv (Data as of 30 Sep 2021)







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