- The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%, ranking the STI among the top three performing APAC benchmarks for the past seven months which include the TAIEX and Nifty 50.
- The Energy Sector led Singapore’s 100 most traded stocks in July, with Rex International Holding and RH Petrogas gaining 15% and 6% respectively. The Technology Sector was the next best performing Sector of the 100 stocks, with Nanofilm Technologies leading the six stocks with a 13% gain over the month.
- Of the 100 stocks, non-STI stocks that led the net institutional inflows in July included AEM Holdings, Raffles Medical, UMS, ARA LOGOS Logistics Trust, Sembcorp Marine, ESR-REIT, Q & M Dental, Lendlease REIT, Suntec REIT and ISDN, with the 10 stocks averaging 6% total returns for the month.
For the month of July, the Straits Times Index (“STI”) gained 1.2%, compared to a 4.0% decline in SGD terms for the FTSE Asia Pacific Index, weighed by China stocks which saw the FTSE China A50 Index decline 12.7% in SGD terms. All major sectors for the China stock market were in the red in July, with the exception of Resources and Materials, which has been the strongest sector of the China stock market in the first seven months of 2021. Interest in the Sector has extended to China-based stocks listed in Singapore, with Jiutian Chemical the most traded Catalist stock over the seven past months while ranking as a top 40 stock by turnover (~S$9M/day). While the stock has generated a 6.3% total return over the seven months, it gained 382% in 2020.
July Sector Performances
The STI’s 1.2% gain in July brought its price gain over the first seven months to 11.4%, with dividends boosting the total return to 13.2%, ranking the STI among the top three performing APAC benchmarks for the seven months with the TAIEX and Nifty 50.
Banks continue to represent 40% of the STI weightages, with the FTSE ST Banks Index 90% correlated to the STI over the past three years. While the US Yield Curve flattened 120 bps to 103 bps in July, coinciding with Bloomberg World Banks Index declining 2.2% in July, the Singapore trio of DBS Group Holdings (“DBS”), Oversea-Chinese Banking Corporation (“OCBC”) and United Overseas Bank (“UOB”) averaged 2.2% gains, with the bulk of the 2.2% gain attributed to the MAS lifting the dividend restrictions introduced in FY20. Theoretically, if the three banks distributed FY19 distributions in FY21, their respective yields based on 30 July closing prices would be 4.0% for DBS (S$1.23/S$30.41), 4.3% for OCBC (S$0.53/S$12.30) and 4.9% for UOB (S$1.30/S$26.28).
Together the 100 most traded stocks over the past seven months represent S$646.9 billion or 72% of the total S$903.8 billion market value of all stocks listed in Singapore. Of the 100 stocks, the S-REIT Sector is represented by as many as 27 stocks that averaged 3% gains in July, bringing their average total return over the past seven months to 13%. The Energy Sector led the 100 stocks in July, with Rex International Holding and RH Petrogas gaining 15% and 6% respectively. RH Petrogas noted in May that key drivers of the global Energy Sector have included the collective efforts of OPEC+ members toward oil rebalancing in providing stability and improvement to the oil markets, the stabilising labour market and falling crude inventories in the United States and optimism of an oil demand recovery in the second half of the year with the global roll-out of COVID-19 vaccinations.
The Technology (Hardware/Software) Sector was the next best performing Sector across the 100 stocks in July, with Nanofilm Technologies International leading the six stocks with a 13% gain over the month.
The average sector performances of the most 100 traded stocks are tabled above. Note the average performance can be skewed significantly by one stock’s performance. For instance, in the 2021 year to 30 July, CFM led the Industrials Sector with a 637% total return, RH Petrogas led the Energy Sector with a 600% total return and The Place Holdings led the Consumer Cyclicals Sector with a 252% total return.
July Net Institutional Flows
Together the 100 most traded stocks over the past seven months booked S$549 million of net institutional outflow over July, bringing the total net institutional outflow for the 100 stocks for the past seven months to S$778 million. STI stocks typically dominate the inflows and outflows based on the comparative size in terms of market value/capitalisation. However, in July, of the 30 stocks that saw the highest net institutional inflows in July, just six were STI stocks. For net institutional outflows, 21 of the 30 stocks that booked the most net institutional outflows in July were STI stocks.
Of the 100 stocks, the non-STI stocks that led the net institutional inflows in July included AEM Holdings, Raffles Medical Group, UMS Holdings, ARA LOGOS Logistics Trust, Sembcorp Marine, ESR-REIT, Q & M Dental Group Singapore, Lendlease REIT, Suntec REIT and ISDN Holdings, with these 10 stocks averaging 6% total returns in July.
Like the July performances in the chart above, Energy led the net institutional inflows proportionate to market value in July, while Telecommunications led the net institutional outflows proportionate to market value in July. Rex International Holding and RH Petrogas booked S$6.8 million in combined net institutional inflow during July, which proportional to their combined market value/capitalisation of S$403 million at the end of July, was 1.7%.
CapitaLand saw the highest net institutional inflows in July with S$83 million of net institutional inflows. CapitaLand also traded at levels in July not seen since October 2010. The Group has attributed its 23% price gain over the first seven months of this year to the significant restructure to sharpen its strategic focus that will create CapitaLand Investment (“CLI”). The EGM and Scheme Meeting is scheduled for 10 August, and if approved, the expected date for the delisting of CapitaLand and listing of CLI Shares is on or around 17 September 2021.
2021 YTD Top Traded 100 Stocks by Turnover
The recent performances of the 100 most traded stocks over the past seven months are tabled below. Together the 100 stocks represent S$646.9 billion or 72% of the total S$903.8 billion market value of all stocks listed in Singapore. The table is sorted by the most traded stock in terms of average daily turnover in the first seven months of 2021.
Of the stocks tabled below the 10 stocks that increased their year-to-date average daily turnover the most in July (in percentage terms) included RH Petrogas, GKE Corporation, Tuan Sing, ESR-REIT, Olam International, Starhill Global REIT, Cromwell REIT, AIMS APAC REIT, Raffles Medical Group and Keppel Pacific Oak REIT.
|Stock||Code||Mkt Cap S$M||July Net Insti Flow S$M||July Net Insti Flow/ Mkt Cap||July Total Return||YTD Net Insti Flow S$M||YTD Total Return||Sector|
|OCBC Bank||O39||55,462||-45.9||-0.1%||3%||440.8||24%||Financial Services|
|YZJ Shipbldg SGD||BS6||5,272||-14.9||-0.3%||-3%||213.9||48%||Industrials|
|Wilmar Intl||F34||27,428||-82.8||-0.3%||-3%||-174.2||-4%||Consumer Non-Cyclicals|
|CapLand Int Com T||C38U||13,923||-18.7||-0.1%||3%||-63.2||0%||REITs|
|CapitaLand||C31||20,969||83.3||0.4%||9%||36.7||26%||Real Estate (excl. REITs)|
|Genting Sing||G13||9,772||-31.8||-0.3%||-3%||-30.4||-4%||Consumer Cyclicals|
|Mapletree Log Tr||M44U||9,050||-12.9||-0.1%||4%||-43.9||8%||REITs|
|Venture||V03||5,525||-10.9||-0.2%||-1%||-165.4||1%||Technology (Hardware/ Software)|
|Mapletree Ind Tr||ME8U||7,978||23.0||0.3%||6%||-77.7||7%||REITs|
|CityDev||C09||6,212||-108.1||-1.7%||-6%||-255.4||-13%||Real Estate (excl. REITs)|
|Keppel DC REIT||AJBU||4,313||-5.5||-0.1%||6%||-180.3||-5%||REITs|
|AEM||AWX||1,103||49.6||4.5%||2%||-64.6||15%||Technology (Hardware/ Software)|
|Mapletree Com Tr||N2IU||7,172||-15.6||-0.2%||0%||-40.6||4%||REITs|
|Frasers L&C Tr||BUOU||5,581||27.3||0.5%||6%||-7.8||12%||REITs|
|HongkongLand USD||H78||14,349||-24.9||-0.2%||-4%||-58.9||16%||Real Estate (excl. REITs)|
|Jardine C&C||C07||8,102||-11.2||-0.1%||-4%||25.7||7%||Consumer Cyclicals|
|UMS||558||859||15.2||1.8%||7%||60.3||51%||Technology (Hardware/ Software)|
|IFAST||AIY||2,218||-21.8||-1.0%||-2%||28.1||168%||Technology (Hardware/ Software)|
|Nanofilm||MZH||4,089||3.3||0.1%||13%||40.2||40%||Technology (Hardware/ Software)|
|Frasers Cpt Tr||J69U||4,112||-4.0||-0.1%||0%||-40.6||1%||REITs|
|NetLink NBN Tr||CJLU||3,800||4.0||0.1%||3%||-53.3||4%||Telecommunications|
|Jiutian Chemical||C8R||167||0.4||0.2%||0%||-3.7||6%||Materials & Resources|
|UOL||U14||6,163||-2.2||0.0%||0%||-26.3||-3%||Real Estate (excl. REITs)|
|Mapletree NAC Tr||RW0U||3,524||-14.9||-0.4%||-3%||-14.7||7%||REITs|
|Sheng Siong||OV8||2,361||-10.9||-0.5%||-1%||-95.1||3%||Consumer Non-Cyclicals|
|CapLand China T||AU8U||2,117||-12.0||-0.6%||2%||0.9||1%||REITs|
|DairyFarm USD||D01||6,889||-13.3||-0.2%||-11%||-26.3||-5%||Consumer Non-Cyclicals|
|Golden Agri-Res||E5H||2,919||1.7||0.1%||0%||26.6||47%||Consumer Non-Cyclicals|
|Frencken||E28||811||6.0||0.7%||2%||30.0||47%||Technology (Hardware/ Software)|
|Rex Intl||5WH||273||6.4||2.4%||15%||7.2||44%||Energy/ Oil & Gas|
|Keppel Infra Tr||A7RU||2,745||-17.8||-0.6%||-1%||-51.2||4%||Utilities|
|Olam Intl||O32||4,871||-14.8||-0.3%||-17%||-13.1||-9%||Consumer Non-Cyclicals|
|Manulife REIT USD||BTOU||1,638||1.2||0.1%||-3%||-26.3||8%||REITs|
|Yanlord Land||Z25||2,163||-6.1||-0.3%||-8%||-20.9||5%||Real Estate (excl. REITs)|
|HPH Trust USD||NS8U||2,772||-4.7||-0.2%||5%||-11.6||27%||Industrials|
|The Place Holdings||E27||682||0.7||0.1%||-11%||2.9||252%||Consumer Cyclicals|
|First Resources||EB5||2,146||3.4||0.2%||1%||-5.9||8%||Consumer Non-Cyclicals|
|ARA LOGOS Log Tr||K2LU||1,305||11.9||0.9%||9%||34.8||57%||REITs|
|CDL H Trust||J85||1,485||-0.6||0.0%||-2%||-8.0||-2%||REITs|
|COSCO SHP SG||F83||661||0.4||0.1%||0%||5.4||5%||Industrials|
|Yoma Strategic||Z59||307||2.3||0.7%||2%||-36.1||-53%||Real Estate (excl. REITs)|
|Avarga||U09||274||0.8||0.3%||-2%||8.9||11%||Materials & Resources|
|Tuan Sing||T24||631||2.7||0.4%||5%||1.7||69%||Real Estate (excl. REITs)|
|MM2 Asia||1B0||158||4.8||3.0%||0%||6.2||-40%||Consumer Cyclicals|
|Hong Fok||H30||680||0.1||0.0%||-3%||-6.9||10%||Real Estate (excl. REITs)|
|AIMS APAC REIT||O5RU||1,118||5.3||0.5%||7%||6.7||31%||REITs|
|Starhill Global REIT||P40U||1,373||3.6||0.3%||11%||10.9||27%||REITs|
|Aspen||1F3||152||0.1||0.1%||-8%||-6.3||-36%||Real Estate (excl. REITs)|
|RH Petrogas||T13||130||0.4||0.3%||6%||-0.8||600%||Energy/ Oil & Gas|
|Frasers Property||TQ5||4,425||-0.4||0.0%||0%||-12.3||-8%||Real Estate (excl. REITs)|
|Sri Trang Agro||NC2||2,412||0.7||0.0%||-8%||43.9||44%||Consumer Cyclicals|
|Cromwell REIT EUR||CWBU||2,237||3.7||0.2%||1%||4.6||9%||REITs|
|LHN||41O||158||1.8||1.1%||0%||0.6||121%||Real Estate (excl. REITs)|
Source: SGX, Bloomberg, Refinitiv (Data as of 30 July 2021) ^Note on SGX Watchlist.
Originally Posted on August 2, 2021 – Key Singapore Market Moves and Flows in July
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