SGX Market Updates

The Straits Times Index (STI) on Track to Rank As Most Defensive Global Benchmark in 2022


19 December 2022

The Straits Times Index (STI) vs Global Benchmark Indices in 2022

  • As 2023 fast approaches, the 2022 year-to-date has seen the STI outperform all global stock benchmarks on a dividend-inclusive total return, US$ basis. The STI’s 7% US$ total return for 2022 through to 16 Dec, compared to 18% and 17% declines in US$ total return for the FTSE Developed Index and FTSE Emerging Index.

  • The STI outperformance to the FTSE Developed Index was consistent throughout the year, in part due to the Technology Sector weighing the global stock market from the outset. The STI’s technology exposure is limited to Venture Corporation (SGX:V03), which as of 16 Dec had declined 3% in year-to-date total return, while posting 25% y-o-y net profit growth in 9M22.

  • As a global financial hub, financial services are a crucial cornerstone to the Singapore stock market. The trio of DBS (SGX:D05), OCBC (SGX:O39) and UOB (SGX:U11) make up more than 40% of the STI, while global banks comprise less than 5% of the technology heavy FTSE Developed Index. The trio continued to grow Net Interest Margins, and loan books in 9M22, while 3Q22 also saw the trio reduce non-performing loan ratios from 2Q22.

  • In 2022, SingTel (SGX:Z74) led the net fund inflows for the Singapore stock market, from 1Q22 onwards. Singtel's 1HFY23 (end 30 Sep) net profit came to S$1.2 billion which was boosted by the S$1 billion net exceptional gain from the group's partial divestment of its stake in Airtel. This had followed the Group's divestment of its 70% equity stake in Australia Tower Network which boosted its top line for FY22 (ended 31 Mar).

This article is provided by SGX My Gateway.

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