SGX Market Updates

16 STI Stocks Attracted Net Institutional Inflows Amid Recent Market Swings


PUBLISHED ON |

14 March 2022

  • The STI has seen its 30-day volatility return to Dec 2020 levels. Within the Index, the past 12 sessions have seen the average volatility of STI stocks increase by as much as a third, with the 3 Banks seeing the greatest pick-up in volatility, while the 7 REITs saw the lowest increase in volatility.

  • The 7 STI REITs booked $42mil of net institutional inflow in the 12 sessions since 23 Feb, while averaging a 1.9% total return. 5 of the 7 REITs booked net institutional inflows, led by CapitaLand Integrated Commercial Trust with S$36mil of net inflow, while Frasers Logistics & Commercial Trust led the returns of the 7 REITs with a 3.5% total return.

  • Within the STI, SingTel, ST Engineering, Wilmar International, Sembcorp Industries and Keppel Corporation also led net institutional inflows over the 12 sessions, while averaging 3.2% total returns. Outside of the STI, Keppel REIT, SPH, Geo Energy Resources, Suntec REIT booked the most net institutional inflows, while averaging 5.7% gains.




Since Russian President Vladimir Putin authorised special military operations in Ukraine on 24 Feb, the global stock market has seen heightened volatility, with measured reactions across the stock sectors. This has seen the oil & gas sector lead global stocks, while fuel and travel dependent airlines have been the least performing stocks over the 12 trading sessions. With expectations for the pending US FOMC rate hike (2am 17 Mar SGT) declining from 50 bps to 25 bps, banks have also been among the least performing sectors, while the REIT Sector has ranked among the most defensive sectors alongside the energy and utility sectors.

Between 23 Feb and 11 Mar, the STI declined 4.2%, weighed by both global bank stocks declining 6.8% and the FTSE Asia Pacific Index declining 5.7%. Like the recent global sector moves, the past 12 sessions saw Sembcorp Industries lead the STI, with 5 of the 7 STI REITs among the STI’s top 10 performers, while banks ranked among the least performing stocks for the period.

During the 12 sessions, the STI booked S$740mil of net institutional outflow, however more STI stocks booked net inflows (16), than net outflows (14) over the period. OCBC Bank, DBS Group and UOB led the net outflows, while averaging 7.5% declines. However, with the Hang Seng Index declining 12.1% since 23 Feb, Dairy Farm International, Hongkong Land have been the least performing STI constituents over the 12 sessions.

Within the STI, SingTel, ST Engineering, Wilmar International, CapitaLand Integrated Commercial Trust and Sembcorp Industries led net institutional inflows of the 16 stocks that booked net inflows over the past 12 sessions. Together these 16 stocks, averaged 2.0% gains, with the 12-session annualised volatility at 23.6%, compared to 19.5% annualised volatility for the past 12 months. This compared to the 14 STI stocks that booked net institutional outflows over the 12 sessions, that averaged 5.6% declines, and 12-session annualised volatility at 28.5%, compared to 19.4% annualised volatility for the past 12 months. As discussed above, sector and country exposures within the highly diversified index were key drivers for the flows and performances, while more than handful of the 16 stocks that attracted net inflows have also embarked on strategic restructure initiatives in recent years.



The 30 STI stocks ranked by highest net institutional inflow over the past 12 sessions are tabled below.

STI Stocks SGX
Code
Market
Cap
S$m
Net Insti Flows
24Feb–11Mar
S$M
Net Retail Flows
24Feb–11Mar
S$M
Total Return
23Feb–11Mar
Annualised
Volatility
23Feb–11Mar
12-Month
Historical
Volatility
Sector
SingTel Z74 42,590 113.5 -100.5 0.8% 24% 17% Telecommunications
ST Engineering S63 12,542 70.2 -60.3 4.7% 23% 14% Industrials
Wilmar International F34 28,901 45.2 -43.4 0.7% 29% 20% Consumer Non-Cyclicals
CapitaLand Integrated Commercial Trust C38U 14,302 35.7 -36.8 0.9% 12% 18% REITs
Sembcorp Industries U96 4,736 35.3 -30.7 8.1% 43% 28% Utilities
Keppel Corporation BN4 11,068 22.5 -28.5 1.8% 21% 20% Consumer Non-Cyclicals
City Developments C09 6,611 17.9 -14.0 0.7% 25% 19% Real Estate (excl. REITs)
CapitaLand Investmet 9CI 19,566 17.6 -14.6 1.1% 27% 26% Financial Services
Jardine C&C C07 9,035 15.2 -17.2 1.3% 34% 20% Consumer Cyclicals
Yangzijiang Shipbuilding BS6 5,518 14.9 -24.8 1.4% 39% 29% Industrials
Mapletree Logistics Trust M44U 8,705 11.2 -10.4 2.8% 19% 17% REITs
SGX S68 10,189 8.5 -9.6 0.3% 14% 17% Financial Services
Keppel DC REIT AJBU 3,847 7.2 -7.8 2.3% 15% 15% REITs
Mapletree Industrial Trust ME8U 6,999 6.1 -8.3 2.7% 12% 14% REITs
Frasers Logistics & Commercial Trust BUOU 5,389 4.4 -5.6 3.5% 20% 19% REITs
Genting Singapore G13 9,295 2.9 -6.3 -1.3% 21% 20% Consumer Cyclicals
Thai Beverage Y92 16,831 -1.5 6.9 -3.6% 21% 19% Consumer Non-Cyclicals
Jardine Matheson J36 53,975 -7.7 3.6 -7.6% 19% 22% Consumer Non-Cyclicals
Hongkong Land H78 16,259 -7.9 6.1 -9.1% 24% 24% Real Estate (excl. REITs)
Ascendas REIT A17U 12,048 -8.7 -1.3 1.4% 18% 14% REITs
Dairy Farm International D01 4,465 -9.1 11.0 -11.6% 45% 23% Consumer Non-Cyclicals
Mapletree Commercial Trust N2IU 6,115 -14.0 0.3 -0.5% 21% 18% REITs
SATS S58 4,399 -18.1 24.5 -6.2% 32% 20% Industrials
UOL U14 5,775 -27.9 31.0 -5.5% 20% 16% Real Estate (excl. REITs)
ComfortDelGro C52 3,012 -30.1 27.6 -6.1% 27% 21% Industrials
Venture Corporation V03 4,832 -76.6 71.8 -7.4% 33% 18% Technology
SIA C6L 14,986 -82.1 98.1 -4.2% 39% 26% Industrials
UOB U11 50,360 -168.3 135.8 -7.0% 39% 17% Financial Services
DBS Group D05 85,588 -330.4 281.1 -8.9% 41% 18% Financial Services
OCBC Bank O39 52,651 -385.7 395.9 -6.7% 28% 17% Financial Services
Total 530,591 -740 673
Average -1.7% 26% 19%

Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)



Non-STI stocks that booked the highest net institutional inflows over the 12 sessions are tabled below.

Stocks SGX
Code
Market
Cap
S$m
Net Insti Flows
24Feb–11Mar
S$M
Net Retail Flows
24Feb–11Mar
S$M
Total Return
23Feb–11Mar
Annualised
Volatility
23Feb–11Mar
12-Month
Historical
Volatility
Sector
Keppel REIT K71U 4,456 22.9 -20.3 4.3% 25% 20% REITs
SPH T39 3,784 21.1 -28.0 0.4% 5% 29% ConsuTmer Cyclicals
Geo Energy Resources RE4 697 17.0 -23.0 20.7% 81% 53% Energy/ Oil & Gas
Suntec REIT T82U 4,846 15.8 -20.3 2.4% 18% 18% REITs
AEM AWX 1,308 10.0 -4.7 0.7% 42% 28% Technology
Ascott Residence Trust HMN 3,415 8.1 -9.0 -1.0% 20% 21% REITs
Hutchison Port Holdings Trust NS8U 2,910 7.6 -6.0 -0.8% 34% 38% Industrials
First Resources EB5 3,138 6.7 -5.4 13.1% 53% 32% ConsuTmer Non-Cyclicals
Bumitama Agri P8Z 1,292 5.9 -6.8 9.6% 48% 29% ConsuTmer Non-Cyclicals
Samudera Shipping S56 410 5.7 -6.5 32.2% 116% 50% Industrials
Mapletree North Asia Commercial Trust RW0U 3,845 5.6 -5.1 0.9% 31% 22% REITs
Riverstone AP4 1,297 4.2 -4.6 6.1% 42% 42% Healthcare
Golden Energy AUE 1,042 3.6 -3.8 19.7% 119% 72% Energy/ Oil & Gas
Chip Eng Seng C29 353 3.5 -3.5 -4.3% 25% 23% Real Estate (excl. REITs)
Sembcorp Marine S51 2,856 2.9 -2.3 5.8% 67% 52% Industrials
Sabana REIT M1GU 498 2.7 -2.5 2.2% 21% 20% REITs
Singapore O&G 1D8 141 2.7 -2.8 5.4% 109% 35% Healthcare
Ascendas India Trust CY6U 1,389 2.4 -1.7 2.6% 26% 22% REITs
Jiutian Chemical C8R 167 2.0 -1.9 -1.2% 48% 41% Materials & Resources
The Hour Glass AGS 1,366 1.4 -1.4 -2.0% 32% 35% ConsuTmer Cyclicals
Total 39,209 152 -160
Average 5.8% 48% 34%

Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)







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