The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the quarter. During the quarter, the trio saw S$969 million of combined net institutional fund inflows with the inflows to DBS and OCBC more than offsetting the net outflows booked by UOB.
Globally, Banks stocks saw less than one-third of the declines of REITs, as the hawkish tone on US interest rates notched higher and the outlook for global growth weakened. This coincided with the S-REIT Sector seeing the most net institutional fund outflows of the Singapore sectors in 3Q22.
The Sectors that saw the next highest net institutional fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals. This was mostly driven by SingTel, while StarHub also booked net institutional fund inflows. Consumer Cyclical stocks that saw the most net institutional fund inflows over the quarter included Genting Singapore, Jardine Cycle & Carriage and The Hour Glass.
Singapore’s 200 most traded stocks for the first 9 months of 2022, that are currently listed for trading span all major Sectors. Combined the 200 stocks make up approximately 80% of the total market capitalisation of all stocks listed on Singapore Exchange, in addition to more than 95% of the total trading turnover of all stocks listed in SGX over the past 9 months.
The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS (SGX:D05), OCBC Bank (SGX:O39) and UOB (SGX:U11), which averaged a 7.3% total return over the quarter. During the quarter, the trio saw S$969 million of combined net institutional fund inflows with the net institutional fund inflows to DBS and OCBC Bank more than offsetting the net institutional fund outflows booked by UOB.
| Sectors of the 200 Most Traded Stocks YTD | No. of Counters |
Market Cap S$m |
YTD Average Daily Turnover S$M |
3Q22 Net Institutional Flow S$M |
3Q22 Average Return % |
YTD Net Institutional Flow S$M |
YTD Average Return % |
|---|---|---|---|---|---|---|---|
| Banks | 3 | $182,905 | $329 | $969 | 7.3 | -$7 | 5.2 |
| Telecommunications | 6 | $93,547 | $85 | $202 | -5.4 | $664 | -7.5 |
| Consumer Cyclicals | 15 | $63,839 | $37 | $146 | 4.7 | $251 | 27.7 |
| Technology | 16 | $12,055 | $49 | $54 | -9.7 | -$331 | -28.2 |
| Healthcare | 11 | $28,615 | $12 | $21 | -12.8 | -$12 | -22.3 |
| Consumer Non-Cyclicals | 16 | $68,492 | $75 | $20 | -5.9 | $14 | -8.6 |
| Utilities | 5 | $9,705 | $16 | $17 | 6.1 | $182 | 12.8 |
| Materials & Resources | 10 | $2,238 | $5 | -$5 | 26.4 | $25 | 24.9 |
| Energy/ Oil & Gas | 9 | $3,346 | $22 | -$6 | 0.1 | -$23 | 26.1 |
| Real Estate (excl. REITs) | 22 | $43,447 | $49 | -$33 | -0.9 | $285 | -3.7 |
| Industrials | 38 | $86,521 | $186 | -$44 | -9.4 | $306 | 1.3 |
| Financial Services (Excl. Banks) | 9 | $42,018 | $74 | -$121 | -9.4 | -$75 | -5.7 |
| REITs | 40 | $100,940 | $272 | -$363 | -8.7 | -$908 | -13.7 |
| Total/Aggregate | 200 | $737,669 | $1,213 | $857 | $371 |
Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)
Within the Bank Sector, 3Q22 total returns varied from 14% for DBS to 2% for UOB as tabled below.
During 3Q22, the trio reported that 2Q22 NIMs rose 13bps y-o-y for both DBS and OCBC, and 11bps y-o-y for UOB. For the 2Q22/1H22 loan books, UOB and OCBC maintained loan growth of 8% y-o-y, with DBS reporting loan growth of 7% y-o-y. All 3 banks expect loan growth in the mid-single digits for the remainder of the year.
During 3Q22, DBS became the first bank in Southeast Asia to announce a landmark set of decarbonisation commitments as part of the bank’s commitment to being net zero in its financed emissions by 2050.
| Banks | SGX Code |
Market Cap S$m |
YTD Average Daily Turnover S$M |
3Q22 Net Institutional Flow S$M |
3Q22 Total Return % |
YTD Net Institutional Flow S$M |
YTD Total Return % |
|---|---|---|---|---|---|---|---|
| DBS | D05 | $85,934 | $153.0 | $667 | 14 | -$87 | 6 |
| OCBC Bank | O39 | $53,163 | $82.9 | $430 | 6 | $459 | 9 |
| UOB | U11 | $43,808 | $92.7 | -$129 | 2 | -$379 | 1 |
| Total | $182,905 | $329 | $969 | -$7 | |||
| Average | 7.3 | 5.2 |
Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)
Focusing on Singapore’s 200 most traded stocks for the first 9 months of 2022, that are currently listed for trading, the Sectors that saw the next highest net institutional fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals. This was mostly driven by SingTel (SGX:Z74), with the 100 share per lot and 10 share per lot counters attracting inflows, while StarHub (SGX:CC3) also booked net institutional fund inflows.
| Telecommunications Sector Representation Among the YTD 200 Most Traded Stocks |
SGX Code |
Market Cap S$m |
YTD Average Daily Turnover S$M |
3Q22 Net Institutional Flow S$M |
3Q22 Total Return % |
YTD Net Institutional Flow S$M |
YTD Total Return % |
|---|---|---|---|---|---|---|---|
| SingTel | Z74 | $43,909 | $76.5 | $241.68 | 7 | $783 | 16.8 |
| SingTel 10 | Z77 | $43,909 | $0.2 | $4.94 | 7 | $6.5 | 16.8 |
| StarHub | CC3 | $1,903 | $1.6 | $1.16 | -9 | -$23 | -14.9 |
| TOTM Technologies | 42F | $109 | $0.3 | -$1.51 | -17 | -$3 | -40.0 |
| Asian Pay TV Trust | S7OU | $190 | $0.1 | -$3.57 | -13 | -$3 | -16.8 |
| NetLink NBN Trust | CJLU | $3,527 | $6.8 | -$41.10 | -7 | -$96 | -7.1 |
| Total | $93,547 | $85 | $202 | $664 | |||
| Average | -5.4 | -7.5 |
Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022).
Note the market capitalisation of SingTel is listed twice, due to the universe of 200 stocks representing the most traded counters rather than most traded primary securities with the official market capitalisation tallies are based on the market capitalisation of the primary counter only.
As tabled below, Consumer Cyclical stocks that saw the most net institutional fund inflows over the quarter included Genting Singapore (SGX:G13), Jardine Cycle & Carriage (SGX:C07) and The Hour Glass (SGX:AGS).
| Consumer Cyclical Sector Representation Among The YTD 200 Most Traded Stocks |
SGX Code |
Market Cap S$m |
YTD Average Daily Turnover S$M |
3Q22 Net Institutional Flow S$M |
3Q22 Total Return % |
YTD Net Institutional Flow S$M |
YTD Total Return % |
|---|---|---|---|---|---|---|---|
| Genting Singapore | G13 | $9,477 | $15.7 | $79.5 | 10 | $70.6 | 4 |
| Jardine Cycle & Carriage | C07 | $13,355 | $11.9 | $47.9 | 21 | $156.7 | 71 |
| The Hour Glass | AGS | $1,383 | $1.5 | $28.7 | -7 | $40.2 | 6 |
| Parkson Retail Asia ^ | O9E | $33 | $0.6 | $0.2 | 40 | $0.1 | 345 |
| Kimly | 1D0 | $416 | $0.1 | $0.1 | -12 | -$0.7 | -15 |
| Mandarin Oriental | M04 | $3,410 | $0.1 | $0.1 | 3 | $0.4 | -11 |
| Sinjia Land | 5HH | $5 | $0.4 | $0.0 | -69 | -$0.2 | -81 |
| Vividthree | OMK | $14 | $0.2 | $0.0 | -3 | $0.1 | -45 |
| Gallant Venture | 5IG | $699 | $0.3 | -$0.1 | 1 | $0.7 | -1 |
| Stamford Land | H07 | $552 | $0.3 | -$0.2 | -4 | -$2.8 | 5 |
| Watches.com Ltd | WVJ | $6 | $0.2 | -$0.3 | -15 | -$0.2 | -54 |
| MM2 Asia | 1B0 | $117 | $0.7 | -$0.3 | -25 | -$4.2 | -18 |
| Memories | 1H4 | $23 | $0.1 | -$0.3 | 171 | -$0.3 | 207 |
| Raffles Education | NR7 | $74 | $0.1 | -$0.8 | -14 | $0.6 | -25 |
| NIO Inc. | NIO | $34,274 | $5.4 | -$8.7 | -26 | -$10.5 | N/A |
| Total | $63,839 | $37 | $146 | $251 | |||
| Average | 4.7 | 27.7 |
Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022)
^ Note currently placed SGX Watch-List
Globally, REITs were among the stocks that led declines in 3Q22, as the hawkish tone on US interest rates notched higher and the outlook for global growth weakened. This coincided with the S-REIT Sector seeing the most net institutional fund outflows of the Singapore sectors in 3Q22. As tabled below, the S-REIT Sector is comprised of REITs, Stapled Trust and 2 Business Trusts.
| REIT Sector Representation Among the YTD 200 Most Traded Stocks |
SGX Code |
Market Cap S$m |
YTD Average Daily Turnover S$M |
3Q22 Net Institutional Flow S$M |
3Q22 Total Return % |
YTD Net Institutional Flow S$M |
YTD Total Return % |
|---|---|---|---|---|---|---|---|
| CapitaLand Ascendas REIT | A17U | $11,301 | $33.5 | $22 | -3 | -$69 | -3.8 |
| Mapletree Pan Asia Commercial Trust | N2IU | $9,002 | $29.5 | $22 | -4 | -$133 | -10.1 |
| Mapletree Logistics Trust | M44U | $7,492 | $25.4 | $11 | -6 | -$61 | -15.4 |
| Far East Hospitality Trust* | Q5T | $1,162 | $1.2 | $3 | -6 | -$1 | 4.2 |
| Dasin Retail Trust** | CEDU | $229 | $0.2 | $0 | -10 | -$2 | -17.5 |
| Sabana Industrial REIT | M1GU | $471 | $0.4 | $0 | -2 | $9 | 3.7 |
| ARA US Hospitality Trust* | XZL | $310 | $0.1 | $0 | -15 | $1 | -16.0 |
| EC World REIT | BWCU | $405 | $0.4 | -$1 | 7 | -$4 | -30.4 |
| Cromwell European REIT (SGD) | CWCU | $1,417 | $0.1 | -$1 | -8 | -$1 | -29.9 |
| Starhill Global REIT | P40U | $1,213 | $1.2 | -$1 | -4 | -$10 | -12.2 |
| Digital Core REIT | DCRU | $1,135 | $5.3 | -$1 | -3 | -$10 | -34.0 |
| OUE Commercial REIT | TS0U | $1,856 | $0.8 | -$1 | -9 | -$15 | -18.0 |
| Lendlease Global Commercial REIT | JYEU | $1,731 | $6.4 | -$2 | -3 | $3 | -7.2 |
| CDL Hospitality Trusts* | J85 | $1,446 | $2.9 | -$2 | -6 | $5 | 4.1 |
| Cromwell European REIT (EUR) | CWBU | $1,417 | $1.0 | -$2 | -8 | -$11 | -29.9 |
| Elite Commercial REIT | MXNU | $361 | $0.4 | -$3 | -26 | -$8 | -32.6 |
| United Hampshire US REIT | ODBU | $434 | $0.4 | -$3 | -6 | -$13 | -8.3 |
| First REIT | AW9U | $544 | $0.5 | -$5 | -1 | -$10 | -7.0 |
| Lippo Malls Indo Retail Trust | D5IU | $277 | $0.2 | -$5 | -28 | -$7 | -29.6 |
| Daiwa House Logistics Trust | DHLU | $406 | $0.8 | -$5 | 2 | -$21 | -18.0 |
| Frasers Hospitality Trust* | ACV | $925 | $2.2 | -$5 | -31 | $11 | 4.3 |
| Keppel Pacific Oak US REIT | CMOU | $824 | $0.9 | -$6 | -15 | -$16 | -20.9 |
| ParkwayLife REIT | C2PU | $2,565 | $2.8 | -$6 | -12 | -$19 | -15.5 |
| Sasseur REIT | CRPU | $866 | $1.6 | -$7 | -8 | -$37 | -10.9 |
| ESR-LOGOS REIT | J91U | $2,378 | $4.2 | -$7 | -11 | -$25 | -22.1 |
| AIMS APAC REIT | O5RU | $918 | $1.8 | -$8 | -4 | -$20 | -7.2 |
| Prime US REIT | OXMU | $915 | $1.2 | -$8 | -13 | -$20 | -24.4 |
| IREIT Global (SGD) | UD1U | $578 | $0.3 | -$9 | -15 | -$11 | -17.7 |
| Manulife US REIT | BTOU | $1,084 | $2.1 | -$11 | -19 | -$19 | -28.9 |
| SPH REIT | SK6U | $2,527 | $2.6 | -$12 | -2 | -$11 | -6.0 |
| Suntec REIT | T82U | $4,396 | $18.2 | -$14 | -4 | $25 | 5.8 |
| Frasers Logistics & Commercial Trust | BUOU | $4,546 | $12.8 | -$15 | -8 | -$47 | -16.8 |
| Frasers Centrepoint Trust | J69U | $3,693 | $7.3 | -$15 | -5 | -$30 | -3.6 |
| CapitaLand India Trust** | CY6U | $1,218 | $3.2 | -$19 | -7 | -$45 | -21.1 |
| CapitaLand Ascott Trust* | HMN | $3,373 | $7.4 | -$25 | -11 | $16 | -0.4 |
| Keppel DC REIT | AJBU | $2,921 | $11.6 | -$28 | -12 | -$147 | -28.3 |
| CapitaLand China Trust | AU8U | $1,741 | $5.2 | -$30 | -6 | -$69 | -8.1 |
| Keppel REIT | K71U | $3,694 | $10.1 | -$39 | -7 | -$10 | -7.6 |
| Mapletree Industrial Trust | ME8U | $6,436 | $16.9 | -$49 | -7 | -$154 | -8.6 |
| CapitaLand Integrated Commercial Trust | C38U | $12,734 | $49.4 | -$75 | -9 | $79 | -3.5 |
| Total | $100,940 | $272 | -$363 | -$908 | |||
| Average | -8.7 | -13.7 |
Source: SGX, Refinitiv, Bloomberg (Data as of 30 Sep 2022).
* Stapled Trust, ** Business Trust.
Note the market capitalisation of Cromwell European REIT is listed twice, due to the universe of 200 stocks representing the most traded counters rather than most traded primary securities with the official market capitalisation tallies are based on the market capitalisation of the primary counter only.
For the 4Q22 ahead, local markets will be looking towards the MAS October Monetary Policy Statement and the 3Q22 earnings and business updates that will begin in earnest in mid-to-late October. The opening of the 20th National Congress of the Chinese Communist Party on 16 October and FOMC meetings scheduled for 2 November and 14 December will also be significant international events. With governments looking to accelerate growth and decelerate inflation, the final sessions of 3Q22 also served a reminder that international financial stability risk can stem from fiscal origins.
