The past 6 sessions (10 March to 17 March) have seen the STI trade below 3,200, with a 105-point range for the STI in rangebound choppy trading conditions. The 6 trading sessions saw the Singapore stock market book S$133 mil net outflow of institutional fund and S$334mil net inflow of retail fund.
While the KBW Nasdaq Global Bank Index declined 11% over the 6 sessions, announcements by the US Fed Reserve and Swiss National Bank to shore up financial stability have provided major market cues. On Sunday, the UBS takeover of Credit Suisse was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the Swiss National Bank.
Singapore stocks that booked the highest inflow of net retail fund over the six sessions included DBS, UOB, OCBC, Yangzijiang Shipbuilding, City Developments, Keppel Corp, Jardine C&C, Suntec REIT, Venture Corp and Jardine Matheson, while averaging 3% declines. Wilmar, Sembcorp Industries and Genting Singapore booked the most net institutional fund inflow over the 6 sessions, while averaging 5% gains.
During the 6 sessions, the Nikko AM Singapore STI ETF, SPDR® GOLD SHARES, NikkoAM-StraitsTrading Asia ex Japan REIT, NikkoAM-StraitsTrading MSCI China Electric Vehicles And Future Mobility ETF, and ABF Singapore Bond Index Fund Portfolio led ETF inflows, with the SPDR® GOLD SHARES seeing a significant increase in trading turnover.
The past 6 trading sessions from 10 March to 17 March have seen the STI break below 3,200, returning to Nov 2022 levels. With a trading range of 3,199.94 to 3,094.28, institutions have been net sellers over the 6 trading days with S$133 million of net outflow. During the 6 trading days, the KBW Nasdaq Global Bank Index declined 11%, while the STI declined 0.7%, with DBS share price, OCBC share price and UOB share price averaging a 2.6% decline.
Recent Central Bank Announcements regarding Financial Stability
Broad Central Bank charters to facilitate price stability has seen the US Fed Reserve lift its Fed Funds Rate by 450bps since March 2022, while the European Central Bank (ECB) has increased its three policy rates by 300 bps since July 2022. Recent market attention on the impact of the tightening financial conditions on mid-tier banks has seen the KBW Nasdaq Global Bank Index decline 11% over the six sessions through to 17 March At the same time, the charter of Central Banks extends to financial stability, which has seen multiple key announcements that have provided market cues since 9 March. These include:
The US Fed Reserve announcing a new Bank Term Funding Program prior to the Monday 13 March Asia open, to bolster the capacity of the banking system, to safeguard deposits, and ensure ongoing provision of money and credit to the US economy.
Close to 24 hours later, the Federal Reserve announced that its Vice Chair for Supervision Michael Barr is leading a review of the supervision and regulation of SVB, considering its failure.
On 15 March, the Swiss National Bank (SNB) and the Swiss Financial Market Supervisory Authority (SFMSA) maintained the problems of certain banks in the US did not pose a direct risk of contagion for the Swiss financial markets, with the SNB affirming strict capital and liquidity requirements applicable to Swiss financial institutions ensure their stability. The SNB and SFMSA also maintained that Credit Suisse (CS) met the capital and liquidity requirements imposed on systemically important banks and if necessary, the SNB would provide CS with liquidity.
On 19 March UBS announced the takeover of Credit Suisse, with the takeover made possible with the support of the Swiss federal government, SFMSA and the SNB. The US Sec of Treasury and US Federal Reserve Chair noted they welcome the announcements by the Swiss authorities to support financial stability, while reiterating the capital and liquidity positions of the US banking system are strong, and the US financial system is resilient.
Also on 19 March, the Bank of Canada, the Bank of England, the Bank of Japan, the ECB, the US Federal Reserve, and the SNB announced a coordinated action to enhance the provision of liquidity via the standing US dollar liquidity swap line arrangements.
This has seen expectations for the 22 March FOMC (decision due 0200 23 March SGT) morph from ~30%/70% for a 25bps hike/50bps hike back on 8 March, to ~40%/60% expectations for a pause/25 bps hike.
Recent Retail Fund Flows in Singapore
Over the past six sessions, retailers have been net buyers of Singapore stocks, with net retail fund inflows totaling S$334 million. This brought net inflow of retail fund for the first 11 weeks of 2023 to S$932 million.
On a Sector basis, Financial Services, Industrials and Real Estate booked the highest net inflow of retail fund over the six sessions.
Among the 100 most traded stocks over the past 11 weeks, the 10 stocks that booked the highest net inflow of retail fund over the 6 sessions, proportionate to their stock market capitalisation, included Geo Energy (SGX:RE4), Digital Core REIT (SGX:DCRU), Yangzijiang Shipbuilding (SGX:BS6), Dyna-Mac (SGX:NO4), Halcyon Agri (SGX:5VJ), Prime US REIT (SGX:OXMU), The Place Holdings (SGX:E27), Suntec REIT (SGX:T82U), City Developments (SGX:C09) and Jiutian Chemical (SGX:C8R).
The 50 Singapore stocks that booked the most net inflow of retail fund over the six sessions are tabled below.
| Stock | SGX Code |
Market Cap S$M |
YTD Total Return % |
YTD Net Institutional Fund Flow S$M |
YTD Net Retail Fund Flow S$M |
10Mar-17Mar Total Return % |
10Mar-17Mar Net Institutional Fund Flow S$M |
10Mar-17Mar Net Retail Fund Flow S$M |
Sector |
|---|---|---|---|---|---|---|---|---|---|
| DBS | D05 | 83,939 | -4 | -550 | 451 | -3 | -94.2 | 160.9 | Financial Services |
| UOB | U11 | 47,812 | -7 | -389 | 314 | -3 | -86.8 | 85.5 | Financial Services |
| OCBC | O39 | 55,105 | 1 | 61 | -82 | -2 | 5.6 | 62.1 | Financial Services |
| Yangzijiang | BS6 | 4,820 | -10 | -52 | 25 | -8 | -31.6 | 35.8 | Industrials |
| City Developments | C09 | 6,548 | -12 | -78 | 61 | -2 | -20.6 | 16.2 | Real Estate (excl. REITs) |
| Keppel Corp | BN4 | 9,616 | 14 | -207 | 214 | -2 | -4.9 | 13.6 | Industrials |
| Jardine Cycle & Carriage | C07 | 10,968 | -3 | -19 | 3 | -5 | -14.4 | 13.3 | Consumer Cyclicals |
| Suntec REIT | T82U | 4,157 | 6 | -60 | 60 | 3 | -16.7 | 11.7 | REITs |
| Venture Corp | V03 | 4,938 | -1 | 8 | -22 | 0 | -8.3 | 10.6 | Technology |
| Jardine Matheson | J36 | 18,382 | -4 | -22 | 18 | -3 | -0.1 | 6.9 | Industrials |
| SATS | S58 | 3,021 | -4 | -19 | 23 | 5 | -4.4 | 6.4 | Industrials |
| Hongkong Land | H78 | 13,048 | -6 | -6 | 11 | -4 | -9.6 | 6.3 | Real Estate (excl. REITs) |
| Olam | VC2 | 5,718 | 2 | 1 | 2 | -11 | 3.1 | 5.8 | Consumer Non-Cyclicals |
| Digital Core REIT | DCRU | 700 | -13 | -7 | 6 | -19 | -6.0 | 5.7 | REITs |
| SGX | S68 | 9,518 | 0 | -43 | 15 | 0 | 1.7 | 5.1 | Financial Services |
| Haw Par | H02 | 2,085 | -2 | -20 | 9 | -3 | -16.6 | 5.0 | Healthcare |
| Keppel REIT | K71U | 3,274 | -1 | -20 | 30 | -1 | -6.9 | 4.9 | REITs |
| NetLink Trust | CJLU | 3,273 | 1 | -7 | 6 | -2 | -4.9 | 4.6 | Telecommunications |
| ST Engineering | S63 | 10,765 | 3 | 30 | -7 | 1 | -7.2 | 4.3 | Industrials |
| CapitaLand Investment | 9CI | 18,233 | -4 | 19 | -33 | 1 | -3.1 | 3.6 | Financial Services |
| Geo Energy | RE4 | 412 | -9 | -8 | 8 | -5 | -2.3 | 3.4 | Energy/ Oil & Gas |
| Halcyon Agri | 5VJ | 646 | 3 | 8 | -8 | -1 | 0.5 | 2.6 | Consumer Cyclicals |
| CapitaLand Integrated Commercial Trust | C38U | 12,898 | -2 | -91 | 60 | 3 | 3.6 | 2.1 | REITs |
| Prime US REIT | OXMU | 571 | -5 | -10 | 10 | -3 | -2.1 | 2.1 | REITs |
| ComfortDelGro | C52 | 2,534 | -5 | -41 | 44 | -3 | -1.8 | 2.1 | Industrials |
| Lendlease REIT | JYEU | 1,555 | 0 | -25 | 25 | 1 | -1.6 | 2.0 | REITs |
| Riverstone | AP4 | 823 | -6 | -5 | 4 | -2 | -3.5 | 1.6 | Healthcare |
| Mapletree Pan Asia Commercial Trust | N2IU | 9,116 | 6 | 1 | -1 | 4 | -2.6 | 1.6 | REITs |
| Dyna-Mac | NO4 | 193 | -1 | 1 | -1 | -4 | -0.9 | 1.4 | Industrials |
| Thai Beverage | Y92 | 15,954 | -5 | 21 | -20 | -1 | -7.6 | 1.2 | Consumer Non-Cyclicals |
| NIO | NIO | 17,529 | -15 | -1 | 13 | -7 | -0.1 | 1.1 | Consumer Cyclicals |
| Daiwa House Logistics Trust | DHLU | 409 | -3 | -4 | 5 | -2 | -1.0 | 1.1 | REITs |
| ESR-LOGOS REIT | J91U | 2,371 | -6 | -5 | 15 | 2 | -0.3 | 1.1 | REITs |
| SingPost | S08 | 1,125 | -4 | 4 | -4 | -8 | -1.1 | 1.0 | Industrials |
| StarHub | CC3 | 1,763 | -2 | -1 | 2 | -1 | -1.3 | 1.0 | Telecommunications |
| Yangzijiang Financial | YF8 | 1,342 | 3 | 19 | -16 | -8 | 1.7 | 0.9 | Financial Services |
| CDL Hospitality Trusts | J85 | 1,474 | -2 | 3 | -4 | -2 | -1.2 | 0.9 | REITs |
| Manulife US REIT | BTOU | 643 | -3 | -7 | 7 | 1 | -0.4 | 0.8 | REITs |
| Parkway Life REIT | C2PU | 2,396 | 7 | 3 | -2 | -1 | -0.1 | 0.8 | REITs |
| Far East Hospitality Trust | Q5T | 1,195 | -1 | 1 | -2 | -4 | -1.1 | 0.7 | REITs |
| SIA Engineering | S59 | 2,513 | -4 | 0 | -1 | -1 | -1.2 | 0.7 | Industrials |
| Del Monte Pacific | D03 | 896 | -24 | -2 | 2 | -19 | -0.5 | 0.6 | Consumer Non-Cyclicals |
| Great Eastern Holdings | G07 | 8,335 | -5 | -4 | 4 | -2 | -0.6 | 0.6 | Financial Services |
| UnUsUaL | 1D1 | 144 | 6 | -1 | 1 | -1 | -0.6 | 0.6 | Consumer Cyclicals |
| Bumitama Agri | P8Z | 988 | -3 | -2 | 3 | -2 | -0.5 | 0.5 | Consumer Non-Cyclicals |
| Frasers Hospitality Trust | ACV | 867 | 1 | -1 | 1 | -4 | -0.5 | 0.5 | REITs |
| Starhill Global REIT | P40U | 1,181 | 0 | 1 | -1 | -4 | -1.0 | 0.5 | REITs |
| Boustead | F9D | 406 | 6 | -2 | 2 | -3 | -0.5 | 0.4 | Industrials |
| Keppel Pacific Oak US REIT | CMOU | 616 | 1 | -5 | 5 | -4 | -0.4 | 0.4 | REITs |
| Cosco Shipping | F83 | 372 | -7 | -1 | 1 | -2 | -0.3 | 0.4 | Industrials |
Source: SGX, Refinitiv, Bloomberg (Data as of 17 March 2023).
Recent Institutional Fund Flows in Singapore
Over the past six sessions, institutions have been net sellers of Singapore stocks, with net outflow of institutional fund totaling S$133 million. This brought total net outflow of institutional fund for the first 11 weeks of 2023 to S$1.24 billion. The majority of the 50 stocks that saw the most outflow of net institutional fund over the six sessions were among the 50 stocks that booked the most inflow of net retail fund over the six sessions.
The 50 Singapore stocks that booked the most net inflow of institutional fund over the six sessions are tabled below. Asia’s leading agribusiness group, Wilmar International led the net institutional inflows over the six sessions.
| Stock | SGX Code |
Market Cap S$M |
YTD Total Return % |
YTD Net Institutional Fund Flow S$M |
YTD Net Retail Fund Flow S$M |
10Mar-17Mar Total Return % |
10Mar-17Mar Net Institutional Fund Flow S$M |
10Mar-17Mar Net Retail Fund Flow S$M |
Sector |
|---|---|---|---|---|---|---|---|---|---|
| Wilmar | F34 | 26,031 | 0 | -1 | 23 | 6 | 45.9 | -25.6 | Consumer Non-Cyclicals |
| Sembcorp | U96 | 7,253 | 20 | 82 | -79 | 7 | 42.3 | -42.2 | Utilities |
| Genting Singapore | G13 | 12,796 | 11 | 145 | -148 | 1 | 26.2 | -26.0 | Consumer Cyclicals |
| Golden Agri-Resources | E5H | 3,678 | 16 | 36 | -17 | -2 | 21.5 | -3.3 | Consumer Non-Cyclicals |
| Sembcorp Marine | S51 | 7,301 | -22 | 37 | -33 | 0 | 13.2 | -5.3 | Industrials |
| CapitaLand Ascendas REIT | A17U | 11,771 | 5 | 0 | -16 | 4 | 12.4 | -6.1 | REITs |
| SIA | C6L | 17,021 | 4 | 33 | -44 | -1 | 11.9 | 0.0 | Industrials |
| Mapletree Logistics Trust | M44U | 8,187 | 8 | 10 | -20 | 5 | 8.4 | -6.9 | REITs |
| SingTel | Z74 | 39,940 | -6 | -245 | 184 | 1 | 6.6 | 0.0 | Telecommunications |
| Frasers Logistics & Commercial Trust | BUOU | 4,796 | 11 | 10 | -7 | 6 | 5.8 | -2.0 | REITs |
| OCBC | O39 | 55,105 | 1 | 61 | -82 | -2 | 5.6 | 62.1 | Financial Services |
| Golden Energy & Resources | AUE | 2,361 | 14 | 16 | -12 | -3 | 4.6 | -0.7 | Energy/ Oil & Gas |
| NanoFilm | MZH | 1,024 | 12 | 7 | -10 | 0 | 4.0 | -3.0 | Technology |
| UOL Group | U14 | 5,600 | -1 | 6 | -1 | 2 | 3.8 | -0.4 | Real Estate (excl. REITs) |
| CapitaLand Integrated Commercial Trust | C38U | 12,898 | -2 | -91 | 60 | 3 | 3.6 | 2.1 | REITs |
| Olam | VC2 | 5,718 | 2 | 1 | 2 | -11 | 3.1 | 5.8 | Consumer Non-Cyclicals |
| Tianjin Da Ren Tang | T14 | 4,419 | 27 | 9 | -11 | 3 | 2.8 | -2.6 | Healthcare |
| Best World | CGN | 1,000 | 29 | 23 | -24 | 3 | 2.6 | -3.4 | Consumer Cyclicals |
| Boustead Project | AVM | 298 | 15 | 10 | -10 | 0 | 2.3 | -2.3 | Industrials |
| Hutchison Port Holdings Trust | NS8U | 2,336 | 9 | 2 | -3 | 2 | 2.1 | -2.7 | Industrials |
| Keppel DC REIT | AJBU | 3,509 | 18 | 21 | -25 | 5 | 2.0 | -5.1 | REITs |
| Samudera Shipping | S56 | 733 | 62 | 10 | -13 | -5 | 1.9 | -0.5 | Industrials |
| Frasers Centrepoint Trust | J69U | 3,824 | 7 | 7 | -4 | 3 | 1.9 | -1.2 | REITs |
| AEM | AWX | 923 | -13 | -11 | 6 | 5 | 1.9 | -5.9 | Technology |
| Yangzijiang Financial | YF8 | 1,342 | 3 | 19 | -16 | -8 | 1.7 | 0.9 | Financial Services |
| Keppel Infra Trust | A7RU | 2,721 | 4 | 2 | 4 | 2 | 1.7 | -2.6 | Utilities |
| SGX | S68 | 9,518 | 0 | -43 | 15 | 0 | 1.7 | 5.1 | Financial Services |
| Sheng Siong | OV8 | 2,481 | 0 | 4 | -3 | 0 | 1.5 | -1.9 | Consumer Non-Cyclicals |
| Raffles Medical | BSL | 2,565 | -1 | 11 | -13 | 1 | 1.5 | -1.0 | Healthcare |
| Food Empire | F03 | 472 | 39 | 1 | -2 | 2 | 1.4 | -1.6 | Consumer Non-Cyclicals |
| Emperador | EMI | 8,026 | 0 | 0 | 0 | 2 | 1.4 | -1.3 | Consumer Non-Cyclicals |
| G K Goh | G41 | 396 | 38 | 8 | -8 | 0 | 1.3 | -1.3 | Financial Services |
| Frencken | E28 | 440 | 9 | 6 | -7 | 2 | 1.2 | -2.1 | Technology |
| Hong Fok | H30 | 844 | 8 | 0 | 0 | 3 | 0.7 | -0.9 | Real Estate (excl. REITs) |
| Top Glove | BVA | 2,042 | -6 | 1 | -1 | 21 | 0.7 | -1.1 | Healthcare |
| Paragon REIT | SK6U | 2,675 | 7 | 17 | -18 | 1 | 0.6 | -0.7 | REITs |
| Sasseur REIT | CRPU | 960 | 5 | -2 | 2 | 4 | 0.5 | -0.3 | REITs |
| Halcyon Agri | 5VJ | 646 | 3 | 8 | -8 | -1 | 0.5 | 2.6 | Consumer Cyclicals |
| Wing Tai | W05 | 1,125 | -1 | 2 | -2 | -2 | 0.5 | -0.5 | Real Estate (excl. REITs) |
| Silverlake Axis | 5CP | 867 | -4 | 0 | 0 | -1 | 0.5 | -0.5 | Technology |
| Hotel Properties Limited | H15 | 1,856 | 0 | 1 | -1 | 0 | 0.3 | -0.3 | Consumer Cyclicals |
| Hutchison Port Holdings Trust SGD | P7VU | 2,308 | 7 | -1 | 1 | 2 | 0.3 | -0.3 | Industrials |
| Asian Pay TV Trust | S7OU | 201 | 2 | 1 | -1 | 0 | 0.3 | -0.3 | Telecommunications |
| PropNex | OYY | 699 | 24 | 2 | -2 | 0 | 0.3 | -0.4 | Real Estate (excl. REITs) |
| AIMS APAC REIT | O5RU | 972 | 11 | 6 | -6 | 2 | 0.3 | 0.1 | REITs |
| SBS Transit | S61 | 845 | 5 | 0 | 0 | 0 | 0.3 | -0.3 | Industrials |
| Straits Trading | S20 | 1,012 | -3 | 0 | 0 | -2 | 0.3 | -0.3 | Materials & Resources |
| Civmec | P9D | 341 | 17 | 2 | -2 | -6 | 0.3 | -0.3 | Industrials |
| UOB Kay Hian Holdings | U10 | 1,256 | 3 | 1 | -2 | 0 | 0.2 | -0.3 | Financial Services |
| OUE Commercial REIT | TS0U | 1,778 | 0 | 2 | 0 | -3 | 0.2 | 0.0 | REITs |
Source: SGX, Refinitiv, Bloomberg (Data as of 17 March 2023).
See also the summary of
