SGX Market Updates

Analysing The Net Institutional Outflows from Singapore’s Stock Market in August


PUBLISHED ON |

12 August 2024

  • The S$506 million net institutional outflow from Singapore stock market last week was driven by Financials and Industrials, and notably concentrated across 2 trading sessions. The US economic outlook shifted from a smooth to a hard landing concern, with FOMC cut expectations fluctuating from 25bps to 50bps, ending the week with divided opinions.

  • ASEAN's most defensive performing sectors last week included Healthcare, Telecommunications, Consumer Non-Cyclicals, Energy, and Utilities. These sectors also booked net institutional inflow over the corresponding 4 trading sessions in Singapore. Telecommunications and Energy Sectors have seen net institutional inflow not only over the past week, but also throughout the month and year to date.

  • Singapore’s Utilities Sector recorded S$7.1 million of net institutional inflow for the week, seeing August reverse close to 20% of the net institutional outflow from the first seven months of the year, with Sembcorp Industries accounting for the majority of the sector flow. On 6 Aug, Sembcorp Industries reported S$532 million of net profit before exceptional items for 1HFY24, with its gas and related services portfolio providing high earnings visibility.




Last week the STI declined 3.5%, with dividend distributions marginally reducing the decline in total return to 3.4%. Combined with the preceding week’s 0.9% decline in total return, the August month-to-date has more than reversed the 3.7% total return posted by the STI in July.

The decline was on the back of global cross-asset repositioning that coincided with the Bank of Japan rate hike, in addition to concerns on US growth, and recent rotation from US technology stocks. The outlook for the US economy's smooth landing has been comparatively fluid in August, initially shifting from confidence of a smooth landing, to concerns of a hard landing. This saw the majority expectations for the 18 Sep FOMC move from a 25bps cut to a 50 bps cut. However, by the end of last week, opinions were divided on the size of the pending cut.

At the same time, local earnings reports, and subsequent corporate and sector outlooks have also impacted local flow, particularly in the Banks which is the key industry of the local Financial Sector.

Last week’s S$506 million in net institutional outflow over 4 sessions was mostly concentrated to 2 sectors and 2 sessions. On the sector front, the two mega-cap sectors of Financials and Industrials respectively booked S$476 million and S$66 million of net institutional outflow. The first two sessions of the week also accounted for 80% of last week’s net institutional outflow.

Amid the notch up in global volatility last week, ASEAN’s most defensive performing sectors included Healthcare, Telecommunications, Consumer Non-Cyclicals, Energy and Utilities. The five sectors also booked net institutional inflow over the shortened trading week in Singapore. Real Estate (excluding REITs) and Consumer Sectors also booked marginal net institutional inflow last week.

Proportionate to sector market capitalisation, the Telecommunications and Energy Sectors continued to lead the net institutional inflow to the local market last week. The 4-session trading week resulted in net institutional inflow for SingTel (SGX:Z74), StarHub (SGX:CC3), and NetLink Trust (SGX:CJLU), which led combined net inflow for the sector to S$48.38 million. This represented 0.090% of the S$53.8 billion combined market capitalisation of the sector as of the August 8 close. In the Energy Sector, Dyna-Mac (SGX:NO4), Mermaid Maritime (SGX:DU4), Pacific Radiance (SGX:RXS), Rex International (SGX:5WH) and MTQ Corp (SGX:M05) led the sector’s S$2.37 million net institutional inflow last week, representing 0.080% of the sector's S$3.0 billion market capitalisation.

As detailed in the table below, both the Telecommunication and Energy Sectors have not only seen net institutional inflow over the past week but also throughout the month and year to date. Additionally, they represent sectors respectively linked to the key structural economic trends of digitalisation and sustainable solutions. The table details the sector net institutional flow as a proportion of each sector’s market capitalisation, and sort by the highest proportionate net institutional inflow last week.


Singapore Stock Market's August Net Institutional Outflow by Sector

NIF refers to Net Institutional Flow. All Data as of 8 August 2024



Meanwhile, Singapore’s Utilities Sector booked S$7.1 million of net institutional inflow over the 4-session week, taking the sector’s combined net institutional inflow over the first six sessions of August to S$8.7 million. This has reversed close to 20% of the net institutional outflow that the sector booked in the first 7 months of the year.

Sembcorp Industries (SGX:U96) has accounted for most of the sector’s net flows, coinciding with the stock comprising 85% of the sector’s market capitalisation. On 6 Aug, Sembcorp Industries reported 1HFY24 net profit before exceptional items of S$532 million, bolstered by the gas and related services portfolio which provided robust earnings visibility. Reflecting this performance, the interim dividend has been raised to 6.0 cents per share, up from the previous 5.0 cents per share. The CEO noted that the group’s 1HFY24 results demonstrated resilience, overcoming challenges like lower wholesale power prices and significant maintenance at the Singapore gas-fired power plant. He added that the strong performance from the gas and renewable energy portfolio anchors the 2024–2028 strategy, positioning the group favorably to cater to the growing demand from corporate clients, including data centers.

The respective net flow and performances for the most traded stocks this year are tabled below.

Performance & Fund Flow of Singapore Most Traded Stocks In YTD

Stock SGX
Code
YTD Average Daily Turnover
S$M
Market Cap
S$M
Last Week Net Institutional Inflow
S$M
Last Week Total Return
%
MTD Net Institutional Inflow
S$M
MTD Total Return
%
YTD Net Institutional Inflow
S$M
YTD Total Return
%
YTD Net Retailer Inflow
S$M
Sector
DBS D05 155.82 95,477 -324.8 -5 -415.0 -8 -542.6 14 555 Financial Services
UOB U11 86.71 50,196 -69.8 -6 -98.0 -7 401.4 8 -311 Financial Services
SingTel Z74 85.66 48,219 46.7 -1 48.8 -3 559.2 21 -611 Telecommunications
OCBC O39 76.75 63,965 -103.8 -4 -88.0 -4 172.1 13 -71 Financial Services
Seatrium 5E2 55.17 4,835 -9.4 -5 -34.2 -15 -281.2 -40 343 Industrials
Yangzijiang BS6 44.13 9,797 10.3 -1 -15.3 -8 138.8 73 -194 Industrials
CapitaLand Integrated Commercial Trust C38U 43.35 14,008 -20.8 -2 4.5 0 -27.5 4 -34 REITs
SIA C6L 39.93 17,497 -55.8 -4 -149.7 -11 -533.9 -5 609 Industrials
CapitaLand Ascendas REIT A17U 34.17 11,652 6.2 -2 16.7 0.2 -134.6 -8 129 REITs
Mapletree Logistics Trust M44U 33.54 6,370 -4.3 -5 -1.6 -2 -250.2 -24 248 REITs
Genting Singapore G13 26.57 9,839 -2.0 -3 -5.7 -4 -144.7 -17 170 Consumer Cyclicals
CapitaLand Investment 9CI 25.82 12,491 -11.2 -7 -12.1 -7 -126.7 -17 177 Financial Services
Keppel BN4 24.61 10,710 -28.8 -5 -65.9 -11 -81.0 -14 126 Industrials
Mapletree Pan Asia Commercial Trust N2IU 22.55 6,466 0.2 -4 3.7 -2 -155.5 -18 136 REITs
Jardine Cycle & Carriage C07 21.36 10,165 3.4 0 4.6 -1 -99.1 -10 124 Consumer Cyclicals
City Developments C09 18.51 4,601 1.8 -2 3.6 -3 -219.7 -22 226 Real Estate (excl. REITs)
ST Engineering S63 17.64 13,161 3.2 -4 2.4 -5 156.8 11 -177 Industrials
Sembcorp U96 17.41 8,472 7.0 3 8.7 0 -46.2 -9 68 Utilities
SGX S68 17.35 10,494 31.1 1 40.0 0 23.0 2 -26 Financial Services
Wilmar F34 17.09 19,165 7.8 -4 14.4 -3 -54.9 -11 104 Consumer Non-Cyclicals
Thai Beverage Y92 16.88 12,564 1.5 0 4.9 -1 59.2 0 -2 Consumer Non-Cyclicals
Jardine Matheson J36 14.85 13,696 0.2 3 0.4 0.1 4.4 -9 25 Industrials
Mapletree Industrial Trust ME8U 13.87 6,351 -6.3 -2 -11.7 -2 -100.6 -7 62 REITs
SATS S58 13.07 4,575 4.3 -6 11.3 -7 99.4 12 -87 Industrials
UOL Group U14 12.42 4,494 3.4 -1 5.6 -1 -115.6 -12 95 Real Estate (excl. REITs)
Frasers Logistics & Commercial Trust BUOU 11.19 3,758 -0.1 -3 3.3 1.0 -69.7 -10 79 REITs
Venture Corp V03 10.97 4,025 -3.6 -8 2.3 -8 95.4 6 -81 Technology
Keppel DC REIT AJBU 10.90 3,515 7.6 0 18.8 3.2 -19.9 10 12 REITs
Hongkong Land H78 8.91 9,758 5.5 4 5.2 2.3 24.3 1 0 Real Estate (excl. REITs)
Suntec REIT T82U 8.54 3,409 0.9 -3 5.8 0.4 8.1 -1 -10 REITs
ComfortDelGro C52 8.04 3,033 6.8 -1 7.0 0 69.4 3 -58 Industrials
Frasers Centrepoint Trust J69U 6.93 4,018 1.1 -1 0.7 0.5 -10.3 1 20 REITs
Frencken E28 6.38 534 -3.7 0 -2.6 -4 2.5 -6 8 Technology
Keppel REIT K71U 6.20 3,188 -2.6 -2 -2.5 -1 -22.9 -4 31 REITs
UMS 558 5.81 732 -3.4 -4 -5.0 -8 -31.8 -21 47 Technology
AEM AWX 5.23 454 -0.4 -6 -1.9 -14 -86.7 -58 91 Technology
CapitaLand Ascott Trust HMN 5.08 3,256 -6.9 -3 -6.0 -2 -74.0 -8 69 REITs
Dyna-Mac NO4 4.22 622 2.5 12 3.7 4.4 29.9 81 -35 Energy/ Oil & Gas
iFAST AIY 4.10 2,050 -0.6 -5 -0.1 -8 8.4 -16 4 Technology
Golden Agri-Resources E5H 3.88 3,361 -9.5 0 -10.2 -4 -39.2 4 50 Consumer Non-Cyclicals
NanoFilm MZH 3.84 472 -0.9 -8 -1.8 -15 -21.5 -20 26 Technology
NetLink Trust CJLU 3.31 3,273 0.6 -1 1.3 -1 -28.2 3 26 Telecommunications
ESR-LOGOS REIT J91U 3.19 1,960 -0.7 -3 -1.1 -3 -10.6 -14 7 REITs
Samudera Shipping S56 3.11 428 1.2 -2 1.1 -4 8.4 35 -7 Industrials
Geo Energy RE4 2.96 400 -0.5 0 -0.8 -2 5.7 -16 -3 Energy/ Oil & Gas
Riverstone AP4 2.78 1,364 1.4 1 0.1 -4 13.1 39 -18 Healthcare
Lendlease REIT JYEU 2.57 1,319 1.2 -8 1.4 -7 -18.5 -11 17 REITs
Great Eastern G07 2.53 12,212 0.0 0 0.0 0 55.1 50 -59 Financial Services
Yoma Strategic Z59 2.46 223 -0.1 -11 -0.3 -19 4.6 38 -4 Real Estate (excl. REITs)
CapitaLand India Trust CY6U 2.45 1,394 -2.9 -5 -2.3 -5 -7.1 -6 8 REITs
Keppel Infra Trust A7RU 2.38 2,504 -1.0 -3 -0.9 -3 -17.3 -5 21 Materials & Resources
Digital Core REIT DCRU 2.36 973 1.4 -3 1.9 -2 5.8 -7 0 REITs
CapitaLand China Trust AU8U 2.33 1,082 -2.1 -4 -3.0 -4 -54.8 -26 57 REITs
Sheng Siong OV8 2.30 2,315 5.6 1 6.6 0 -32.6 -2 33 Consumer Non-Cyclicals
Parkway Life REIT C2PU 2.15 2,130 -1.1 -2 -1.1 -1 -29.1 0 25 REITs
DFI Retail D01 2.00 3,153 0.2 -1 -0.8 -1 -17.4 -25 17 Consumer Non-Cyclicals
Rex International 5WH 1.98 119 0.1 -7 0.1 -13 -5.5 -50 8 Energy/ Oil & Gas
Olam VC2 1.87 4,172 -0.6 -5 -0.3 -5 0.5 9 1 Consumer Non-Cyclicals
Raffles Medical BSL 1.86 1,650 -1.4 -3 -4.8 -5 -59.0 -16 64 Healthcare
Yangzijiang Financial YF8 1.84 1,159 2.5 -3 3.3 -3 14.7 9 -13 Financial Services
CDL Hospitality Trusts J85 1.68 1,090 -2.9 -5 -6.3 -7 -24.0 -17 24 REITs
First Resources EB5 1.67 2,138 -0.3 -5 -0.2 -7 3.3 -1 -1 Consumer Non-Cyclicals
SingPost S08 1.66 945 0.9 -5 3.6 -5 8.6 -10 12 Industrials
Cosco Shipping F83 1.50 293 -0.4 -7 -0.5 -11 -1.2 -1 2 Industrials
NIO NIO 1.29 9,699 -0.7 -8 -0.9 -18 -8.2 -59 28 Consumer Cyclicals
StarHub CC3 1.25 2,164 1.1 -1 1.4 -1 16.3 18 -15 Telecommunications
Best World CGN 1.22 1,083 2.4 0 2.6 0.8 7.6 47 -11 Consumer Cyclicals
Medtecs International 546 1.21 66 0.0 -5 0.0 -8 -0.8 -34 2 Healthcare
AIMS APAC REIT O5RU 1.21 1,006 -1.1 -3 -0.9 -4 -3.2 1 3 REITs
Keppel Pacific Oak US REIT CMOU 1.19 276 1.8 2 1.7 -1 -15.0 -46 16 REITs
Prime US REIT OXMU 1.11 293 0.2 -6 0.0 -12 -3.4 -21 4 REITs
Aztech 8AZ 1.04 725 0.1 -2 -0.4 -7 7.4 12 -4 Technology
Top Glove BVA 1.03 2,203 0.0 -5 -0.2 -10 2.9 8 -11 Healthcare
Chasen 5NV 0.98 37 0.0 -13 0.0 -15 -1.1 13 1 Industrials
Yanlord Z25 0.97 821 0.3 -2 0.3 -6 -4.8 -27 7 Real Estate (excl. REITs)
Beng Kuang Marine ^ BEZ 0.95 42 -0.2 -14 -0.3 -24 1.3 228 -2 Industrials
Mermaid Maritime DU4 0.95 212 0.2 -7 0.3 -13 5.0 58 -5 Energy/ Oil & Gas
Marco Polo Marine 5LY 0.95 195 -0.5 -7 -0.5 -10 3.7 4 -5 Industrials
Food Empire F03 0.93 513 0.0 -2 -0.1 -3 -0.9 -6 7 Consumer Non-Cyclicals
CSE Global 544 0.93 329 0.8 2 1.1 0 -0.7 15 0 Technology
Hutchison Port Holdings Trust NS8U 0.93 1,407 0.1 0 0.2 -1 -7.6 -7 7 Industrials
Cromwell REIT CWBU 0.90 1,146 0.1 0 0.0 0.7 -7.8 4 9 REITs
Far East Hospitality Trust Q5T 0.86 1,217 -1.1 -1 -0.6 0 -10.1 -3 9 REITs
Haw Par H02 0.81 2,223 0.7 -2 0.7 -4 -15.3 5 15 Healthcare
Paragon REIT SK6U 0.70 2,472 0.3 0 0.3 -1 5.2 1 -5 REITs
Starhill Global REIT P40U 0.68 1,064 0.3 -1 0.4 -1 -5.6 -4 5 REITs
Emperador EMI 0.62 6,767 0.0 1 -0.1 0 -2.6 -18 3 Consumer Non-Cyclicals
OUE REIT TS0U 0.61 1,511 0.1 -2 0.8 1.9 -1.7 4 1 REITs
SIA Engineering S59 0.58 2,492 0.7 -1 0.9 -3 2.6 -4 -2 Industrials
Delfi P34 0.54 516 0.1 -1 0.0 0.6 -6.7 -22 7 Consumer Non-Cyclicals
RH PetroGas T13 0.54 105 0.0 -6 0.0 -2 -2.5 -32 2 Energy/ Oil & Gas
Manulife US REIT BTOU 0.54 174 0.2 -5 0.3 -10 1.4 -7 -1 REITs
Nam Cheong 1MZ 0.49 78 0.4 -5 0.2 1.5 -8.2 -50 8 Industrials
Straits Trading S20 0.47 582 0.1 -6 0.3 -6 -17.1 -25 17 Materials & Resources
China Aviation Oil G92 0.47 740 -0.8 -2 -0.8 -3 -3.1 4 3 Industrials
Japfa UD2 0.46 652 0.5 0 -0.7 -3 0.6 45 -1 Consumer Non-Cyclicals
ARA US Hospitality Trust XZL 0.41 180 -0.2 -19 -0.2 -23 43.7 -17 -44 REITs
Soilbuild Construction S7P 0.41 120 0.0 -8 0.0 -12 -1.2 147 1 Industrials
Valuetronics BN2 0.41 243 0.4 -3 0.4 -4 -1.2 4 1 Technology
Bumitama Agri P8Z 0.39 1,240 0.4 1 0.5 0.7 7.3 28 -7 Consumer Non-Cyclicals
The Hour Glass AGS 0.39 979 0.2 -1 0.1 -1 -5.8 -5 6 Consumer Cyclicals
Tianjin Da Ren Tang T14 0.37 4,130 0.4 -2 0.2 -4 10.7 20 -10 Healthcare
Daiwa House Logistics Trust DHLU 0.37 404 0.9 3 0.9 3.6 -6.6 -8 6 REITs
Sasseur REIT CRPU 0.37 835 -0.1 -1 -0.2 0 -2.8 0 3 REITs
GuocoLand F17 0.36 1,704 0.0 -2 -0.1 -3 -0.8 -3 1 Real Estate (excl. REITs)
Wing Tai W05 0.33 952 -0.8 -7 -0.9 -8 -2.7 -3 3 Real Estate (excl. REITs)
ISDN I07 0.30 125 0.2 -2 0.2 -5 -1.5 -24 2 Technology
First REIT AW9U 0.30 501 -0.4 -4 -0.4 -4 -2.8 -3 3 REITs
Centurion OU8 0.27 534 0.2 -1 0.4 0 -9.4 62 9 Real Estate (excl. REITs)
UG Healthcare 8K7 0.26 61 -0.1 -12 -0.1 -13 -0.4 -42 0 Healthcare
Hong Fok H30 0.24 619 -0.1 -6 -0.1 -7 -0.7 -16 1 Real Estate (excl. REITs)
Frasers Hospitality Trust ACV 0.23 809 -0.1 0 -0.6 0 -10.9 -13 11 REITs
Silverlake Axis 5CP 0.22 717 0.1 -2 0.1 -2 3.8 2 -4 Technology
Aspen Group 1F3 0.22 43 0.0 -5 0.0 -5 0.3 82 0 Real Estate (excl. REITs)
UOB Kay Hian U10 0.21 1,262 0.0 -2 0.0 -2 0.9 8 -1 Financial Services
PropNex OYY 0.21 574 -0.2 -4 -0.4 -6 -1.2 -13 2 Real Estate (excl. REITs)
Global Invacom ^ QS9 0.20 8 0.1 -12 0.1 -23 0.4 -36 0 Technology
United Hampshire US REIT ODBU 0.20 328 -0.2 -6 -0.2 -6 -5.1 -12 5 REITs
Bukit Sembawang B61 0.19 852 0.2 -2 0.3 -3 -4.8 -2 5 Real Estate (excl. REITs)
SMI Vantage ^ Y45 0.19 2 0.0 -50 0.0 -83 -0.1 -90 0 Financial Services
Parkson Retail Asia ^ O9E 0.18 50 0.0 -1 0.0 -10 0.0 17 0 Consumer Cyclicals
Ley Choon Q0X 0.17 74 0.0 -4 0.0 -8 0.5 17 0 Industrials
Boustead F9D 0.17 458 0.8 -1 0.8 0 5.5 16 -5 Industrials
Thomson Medical A50 0.17 1,296 0.1 -2 0.1 -2 -0.7 -20 1 Healthcare
Wee Hur E3B 0.16 202 0.1 0 0.1 -4 3.7 15 -4 Industrials
OUE LJ3 0.16 771 0.0 -2 0.0 -2 3.9 -13 -4 Real Estate (excl. REITs)
Frasers Property TQ5 0.14 3,082 0.0 -3 0.1 -4 -2.1 -7 2 Real Estate (excl. REITs)
Broadway Industrial Group B69 0.14 90 0.0 2 0.0 2.1 -1.2 134 1 Technology
Kim Heng 5G2 0.13 63 0.0 0 0.1 -1 0.5 15 0 Energy/ Oil & Gas
NippeCraft N32 0.13 15 0.0 -11 0.0 -14 -0.1 -9 0 Materials & Resources
Hong Leong Finance S41 0.13 1,085 0.2 0 0.2 0 1.4 0 -1 Financial Services
Pacific Radiance RXS 0.13 53 0.1 -8 0.1 -12 -0.2 48 0 Energy/ Oil & Gas
Civmec P9D 0.12 452 0.3 -3 0.3 -9 1.5 17 -1 Industrials
ISOTeam 5WF 0.12 40 0.0 2 0.0 0 -0.2 33 0 Industrials
Jiutian Chemical C8R 0.11 42 0.0 0 0.0 -5 -1.5 -19 1 Materials & Resources
Oceanus Group 579 0.11 232 -0.1 0 -0.1 0 -1.0 0 1 Consumer Non-Cyclicals
IREIT Global UD1U 0.10 403 -0.1 3 -0.2 1.7 -3.3 -23 3 REITs
Isetan I15 0.10 295 0.4 1 0.4 0.8 1.1 155 -2 Consumer Cyclicals
F&N F99 0.10 1,885 0.2 4 0.1 1.7 0.8 20 -1 Consumer Non-Cyclicals
LHN 41O 0.10 134 0.0 -2 0.0 -6 1.7 6 -2 Real Estate (excl. REITs)
Ho Bee Land H13 0.10 1,189 0.0 -1 -0.1 -4 -1.1 3 1 Real Estate (excl. REITs)
ASL Marine ^ A04 0.10 55 0.0 -7 0.0 -13 1.1 -13 -1 Industrials
CNMC Goldmine 5TP 0.10 97 0.0 -2 -0.1 2.1 -1.3 21 1 Materials & Resources
Pan United P52 0.10 356 0.1 -3 0.1 -5 3.4 40 -4 Materials & Resources
IHH Healthcare Q0F 0.09 16,205 0.0 -1 0.1 1.1 0.9 7 -1 Healthcare
Sabana REIT M1GU 0.09 371 0.0 -1 0.0 -4 2.4 -13 -2 REITs
Alset International 40V 0.09 91 0.0 -7 0.0 -4 0.0 -24 0 Real Estate (excl. REITs)
Singapore Land U06 0.09 2,507 0.0 0 0.0 -1 -3.1 -10 3 Real Estate (excl. REITs)
Stamford Land H07 0.08 549 0.1 -1 0.1 -1 0.3 -4 0 Consumer Cyclicals
HRnetGroup CHZ 0.08 657 0.0 -1 -0.1 -1 -0.6 -3 1 Industrials

^ on the SGX Watchlist.
All Data as of 8 August 2024.







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