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Singapore stocks have booked net retail inflow of S$1.01 billion in the 2024 year to 13 June, comprised of S$959 million in 1Q24 and S$50 million in 2Q24. While the 2Q24 net inflow looks to have slowed considerably, S$597 million of net retail outflow in the trio of Banks has offset S$646 million of net retail inflow to other Singapore stocks.
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The 2Q24 (to 13 June) saw the STI Banks average 10% total returns. UOB experienced a substantial shift in retail flows, with net retail outflow reaching S$366 million, reversing the net buying in the previous two quarters. UOB's VWAP for 2Q24 (to 13 June) was S$30.25, up 6% from S$28.53 in 1Q24, and 9% from S$27.65 in 4Q23.
Singapore's stock market has seen net retail inflow of S$1.01 billion in the 2024 year through to June 13, with the first quarter accounting for the majority of this sum. The second quarter experienced a modest inflow, due to a substantial net retail outflow from the outperforming STI Banks. Nevertheless, the overall inflow to nine other sectors remained robust, indicating a dynamic and active investment landscape in Singapore's financial markets.
The net retail inflow into Singapore stocks in the 2024 year through to June 13, follows consistent net inflow by retail investors for each of the four preceding years. Over the preceding four years, the most net retail inflow was generally observed during times of market or price weakness, with the least net inflow to net outflow in the sessions with stronger market or price performances.
Net Retail Flows in 2Q24
Retail Investors have increased their net outflow in the Singapore Banks from S$109 million in 1Q24 to S$597 million in 2Q24 through to 13 June. This has coincided with the trio of STI Banks averaging 10.0% total returns in 2Q24 (to 13 June).
- UOB (SGX:U11) has seen the most net selling by retail investors in the 2Q24 (to 13 June) at S$366 million, which followed S$10 million of net retail buying in 1Q24 and S$179 million of net retail buying in 4Q23. This coincided with the UOB's Volume Weighted Average Price (VWAP) at a higher level of S$30.25 in the 2Q24 (to 12 June), compared to S$28.53 in 1Q24 and S$27.65 in 4Q23.
On the other hand, Singapore Airlines (SIA, SGX:C6L) and Keppel (SGX:BN4) have seen the most net retail inflow in 2Q24 (to 13 June) at S$129 million.
- For Keppel, this followed S$145 million of net retail selling in 1Q24. This flow reversal coincided with the Keppel VWAP at a lower level of S$6.84 in the 2Q24 (to 13 June), compared to a higher VWAP of S$7.14 in 1Q24.
- Singapore Airlines meanwhile maintained a similar pace in net retail inflow to 1Q24, with similar VWAPs of S$6.61 in 2Q24 (to 13 June) and S$6.65 in 1Q24.
Despite the two Industrial stocks leading the net retail inflow in 2Q24 (to 13 June), Industrials booked S$70 million of net retail outflow for the 10 weeks. This was led by S$193 million of net retail outflow from Yangzijiang Shipbuilding (SGX:BS6), which saw its VWAP saw soar to S$1.94 in in 2Q24 (to 13 June) from S$1.71 in 1Q24 and S$1.49 in 4Q23.
Like 1Q24, the S-REIT Sector has booked the highest net retail inflow at S$404 million in 2Q24 (to 13 June). This follows S$486 million of net retail inflow into the S-REIT Sector in 1Q24.
Other Sectors that have seen reasonably consistent flows across the two quarters in terms of direction and extent, have included Consumer Non-Cyclicals, and Materials and Resources.
The 20 stocks that booked the highest net retail inflow and highest net retail outflow in 2Q24 (to 13 June) are tabled below.
| SGX Listed Stocks | SGX Code |
4Q23 Net Retail Inflow S$ |
4Q23 Total Return % |
1Q24 Net Retail Inflow S$ |
1Q24 Total Return % |
2Q24 (to 13 June) Net Retail Inflow S$ |
2Q24 (to 13 June) Total Return % |
Sector |
|---|---|---|---|---|---|---|---|---|
| SIA | C6L | 56,525,387 | 3 | 140,772,310 | -2 | 129,103,609 | 6 | Industrials |
| Keppel | BN4 | -36,607,851 | 7 | -144,664,326 | 4 | 129,079,263 | -7 | Industrials |
| City Developments | C09 | 19,038,742 | 1 | 104,659,725 | -12 | 103,639,504 | -7 | Real Estate (excl. REITs) |
| Mapletree Logistics Trust | M44U | 16,562,345 | 5 | 119,797,170 | -15 | 96,419,892 | -7 | REITs |
| CapitaLand Ascendas REIT | A17U | -51,113,517 | 10 | 51,671,830 | -6 | 72,500,094 | -6 | REITs |
| Wilmar | F34 | 18,685,766 | -4 | 17,768,957 | -4 | 64,279,462 | -7 | Consumer Non-Cyclicals |
| Mapletree Pan Asia Commercial Trust | N2IU | 13,896,096 | 12 | 55,779,298 | -17 | 58,353,664 | -2 | REITs |
| CapitaLand Investment | 9CI | 2,622,351 | 2 | 125,298,247 | -15 | 52,676,070 | 3 | Financial Services |
| Frasers Logistics & Commercial Trust | BUOU | 10,157,120 | 11 | 30,334,907 | -8 | 51,621,914 | -6 | REITs |
| Mapletree Industrial Trust | ME8U | -9,151,098 | 13 | 8,606,883 | -5 | 34,967,562 | -5 | REITs |
| UOL Group | U14 | 15,761,137 | -2 | 60,152,707 | -8 | 34,352,860 | -5 | Real Estate (excl. REITs) |
| Genting Singapore | G13 | -76,107,546 | 18 | 68,622,402 | -12 | 30,750,074 | 1 | Consumer Cyclicals |
| Golden Agri-Resources | E5H | -6,483,056 | -2 | 17,764,710 | 4 | 30,735,124 | 0 | Consumer Non-Cyclicals |
| AEM | AWX | -6,329,446 | 1 | 51,303,941 | -37 | 27,302,382 | -10 | Technology |
| UMS | 558 | -25,639,717 | 5 | 3,796,592 | 1 | 26,390,995 | -7 | Technology |
| Raffles Medical | BSL | 15,491,144 | -14 | 19,965,126 | -4 | 19,728,769 | -2 | Healthcare |
| Seatrium | 5E2 | 111,947,156 | -12 | 158,345,163 | -33 | 19,625,318 | 8 | Industrials |
| CapitaLand China Trust | AU8U | 13,577,762 | 5 | 27,897,820 | -18 | 19,414,221 | -10 | REITs |
| CapitaLand Ascott Trust | HMN | 14,469,931 | 3 | 23,713,093 | -1 | 17,334,323 | -5 | REITs |
| NetLink Trust | CJLU | 19,819,254 | 3 | 3,682,792 | 2 | 16,073,321 | 0 | Telecommunications |
| Total | 1,034,348,420 | |||||||
| Average | -3 |
Source: SGX. All Data as of 13 June 2024.
| SGX Listed Stocks | SGX Code |
4Q23 Net Retail Inflow S$ |
4Q23 Total Return % |
1Q24 Net Retail Inflow S$ |
1Q24 Total Return % |
2Q24 (to 13 June) Net Retail Inflow S$ |
2Q24 (to 13 June) Total Return % |
Sector |
|---|---|---|---|---|---|---|---|---|
| UOB | U11 | 178,914,799 | 0 | 10,429,684 | 3 | -366,434,951 | 8 | Financial Services |
| Yangzijiang Shipbuilding | BS6 | 48,580,693 | -10 | -125,909,542 | 28 | -192,750,367 | 33 | Industrials |
| DBS | D05 | 390,578,445 | 1 | 89,152,276 | 8 | -176,476,015 | 13 | Financial Services |
| SATS | S58 | -47,935,509 | 6 | 42,113,927 | -5 | -57,413,192 | 12 | Industrials |
| OCBC | O39 | -56,929,073 | 1 | -208,671,452 | 4 | -53,876,383 | 9 | Financial Services |
| ST Engineering | S63 | -16,213,370 | 1 | -52,157,846 | 3 | -46,551,440 | 2 | Industrials |
| Great Eastern | G07 | 2,419,175 | -2 | 5,476,870 | 4 | -41,014,213 | 47 | Financial Services |
| SGX | S68 | -26,715,887 | 3 | 68,311,525 | -5 | -38,359,913 | 5 | Financial Services |
| ComfortDelGro | C52 | -63,298,486 | 8 | -20,469,155 | 0 | -24,405,011 | -2 | Industrials |
| Samudera Shipping | S56 | 1,162,574 | -12 | 2,177,928 | 14 | -14,711,613 | 44 | Industrials |
| Thai Beverage | Y92 | 55,211,257 | -9 | 18,728,404 | -4 | -14,199,046 | -1 | Consumer Non-Cyclicals |
| Best World | CGN | -4,580,488 | 2 | 2,966,477 | 23 | -13,671,263 | 17 | Consumer Cyclicals |
| Dyna-Mac | NO4 | 11,562,329 | -17 | -5,997,774 | 12 | -10,226,570 | 3 | Energy/ Oil & Gas |
| iFAST | AIY | -50,257,445 | 47 | 17,565,187 | -19 | -10,024,949 | 9 | Technology |
| Top Glove | BVA | 1,497,433 | 13 | -1,733,547 | -12 | -9,092,913 | 49 | Healthcare |
| Keppel DC REIT | AJBU | 35,836,252 | -6 | 54,032,772 | -9 | -8,955,244 | 5 | REITs |
| Hongkong Land | H78 | 5,518,218 | -6 | 14,812,833 | -5 | -8,761,688 | 7 | Real Estate (excl. REITs) |
| Riverstone | AP4 | -3,194,488 | 20 | -9,039,057 | 23 | -8,553,007 | 16 | Healthcare |
| Jardine Cycle & Carriage | C07 | 23,832,984 | -7 | 101,699,902 | -19 | -8,519,859 | 17 | Consumer Cyclicals |
| SingPost | S08 | -2,529,091 | -2 | 5,327,264 | -12 | -8,120,767 | 11 | Industrials |
| Total | -1,112,118,402 | |||||||
| Average | 15 |
Source: SGX. All Data as of 13 June 2024.
The UOB Daily Leveraged Certificates (DLCs) long-short ratio also declined from 3.0 in 1Q24 to 0.5 in 2Q24 (to 13 June), indicating net selling by retail investors. UOB 5x Short DLCs daily trading turnover by retail was up 73%, while UOB Structured Put Warrants was up 211%, from 1Q24.
Meanwhile, net retail inflow to SGX-listed ETFs paralleled Singapore stocks, with the bulk of the net retail inflow so far in 2024 booked in 1Q24.
Singapore Depository Receipts on Thai companies have also seen retail investors net buyers, with Kasikornbank SDR booking the highest retail net inflows in 2Q24 (to 13 June), followed by Delta Electronics SDR.
