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Key Singapore Market Moves and Flows in July

  • 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.

100 most traded stocks july avg sector performances

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%. 

100 most traded stocks july sector net insti flows proportionate to sector market cap

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.

StockCodeMkt Cap S$MJuly Net Insti Flow S$MJuly Net Insti Flow/ Mkt CapJuly Total ReturnYTD Net Insti Flow S$MYTD Total ReturnSector
DBSD0578,098-65.2-0.1%2%877.023%Financial Services
SingtelZ7437,486-109.1-0.3%-1%-500.0-2%Telecommunications
OCBC BankO3955,462-45.9-0.1%3%440.824%Financial Services
UOBU1144,069-60.6-0.1%2%213.918%Financial Services
SIAC6L15,133-40.2-0.3%5%-242.919%Industrials
YZJ Shipbldg SGDBS65,272-14.9-0.3%-3%213.948%Industrials
Wilmar IntlF3427,428-82.8-0.3%-3%-174.2-4%Consumer Non-Cyclicals
Ascendas REITA17U12,99834.70.3%6%-221.67%REITs
CapLand Int Com TC38U13,923-18.7-0.1%3%-63.20%REITs
CapitaLandC3120,96983.30.4%9%36.726%Real Estate (excl. REITs)
JMH USDJ3658,089-28.10.0%-6%-43.711%Industrials
SGXS6812,69816.90.1%6%143.030%Financial Services
Genting SingG139,772-31.8-0.3%-3%-30.4-4%Consumer Cyclicals
Mapletree Log TrM44U9,050-12.9-0.1%4%-43.98%REITs
ThaiBevY9216,327-20.9-0.1%-4%-345.7-9%Consumer Non-Cyclicals
SPHT392,9926.10.2%10%125.769%Consumer Cyclicals
Keppel CorpBN49,990-42.1-0.4%0%-101.63%Industrials
VentureV035,525-10.9-0.2%-1%-165.41%Technology (Hardware/ Software)
ComfortDelGroC523,403-43.5-1.3%-4%-104.3-5%Industrials
Suntec REITT82U4,1587.40.2%1%-54.52%REITs
Mapletree Ind TrME8U7,97823.00.3%6%-77.77%REITs
Sembcorp MarineS511,4448.30.6%-4%42.1-20%Industrials
CityDevC096,212-108.1-1.7%-6%-255.4-13%Real Estate (excl. REITs)
Keppel DC REITAJBU4,313-5.5-0.1%6%-180.3-5%REITs
AEMAWX1,10349.64.5%2%-64.615%Technology (Hardware/ Software)
Mapletree Com TrN2IU7,172-15.6-0.2%0%-40.64%REITs
Frasers L&C TrBUOU5,58127.30.5%6%-7.812%REITs
ST EngineeringS6312,5031.70.0%4%-53.28%Industrials
HongkongLand USDH7814,349-24.9-0.2%-4%-58.916%Real Estate (excl. REITs)
Keppel REITK71U4,4122.50.1%2%23.711%REITs
Jardine C&CC078,102-11.2-0.1%-4%25.77%Consumer Cyclicals
UMS55885915.21.8%7%60.351%Technology (Hardware/ Software)
SATSS584,498-6.4-0.1%2%-12.21%Industrials
IFASTAIY2,218-21.8-1.0%-2%28.1168%Technology (Hardware/ Software)
Sembcorp IndU963,7342.90.1%-2%80.924%Utilities
NanofilmMZH4,0893.30.1%13%40.240%Technology (Hardware/ Software)
Frasers Cpt TrJ69U4,112-4.0-0.1%0%-40.61%REITs
NetLink NBN TrCJLU3,8004.00.1%3%-53.34%Telecommunications
Jiutian ChemicalC8R1670.40.2%0%-3.76%Materials & Resources
UOLU146,163-2.20.0%0%-26.3-3%Real Estate (excl. REITs)
Medtecs Intl546440-1.2-0.3%-6%7.5-15%Healthcare
Top GloveBVA10,1660.00.0%-7%-54.0-31%Healthcare
Mapletree NAC TrRW0U3,524-14.9-0.4%-3%-14.77%REITs
Sheng SiongOV82,361-10.9-0.5%-1%-95.13%Consumer Non-Cyclicals
Oceanus^5798500.80.1%-8%-13.830%Consumer Non-Cyclicals
ISDNI073337.02.1%6%10.891%Industrials
CapLand China TAU8U2,117-12.0-0.6%2%0.91%REITs
RiverstoneAP41,793-4.0-0.2%-2%20.414%Healthcare
Ascott TrustHMN3,2111.30.0%3%-19.6-3%REITs
DairyFarm USDD016,889-13.3-0.2%-11%-26.3-5%Consumer Non-Cyclicals
Golden Agri-ResE5H2,9191.70.1%0%26.647%Consumer Non-Cyclicals
FrenckenE288116.00.7%2%30.047%Technology (Hardware/ Software)
Thomson MedicalA502,2740.50.0%0%22.572%Healthcare
Aztech Global8AZ983-2.7-0.3%-1%-44.61%Industrials
Rex Intl5WH2736.42.4%15%7.244%Energy/ Oil & Gas
Ascendas-iTrustCY6U1,6710.70.0%4%-7.68%REITs
UG Healthcare8K73480.10.0%-2%-12.9-3%Healthcare
Keppel Infra TrA7RU2,745-17.8-0.6%-1%-51.24%Utilities
Sunpower5GD531-0.20.0%-12%-4.911%Industrials
Olam IntlO324,871-14.8-0.3%-17%-13.1-9%Consumer Non-Cyclicals
Manulife REIT USDBTOU1,6381.20.1%-3%-26.38%REITs
Yanlord LandZ252,163-6.1-0.3%-8%-20.95%Real Estate (excl. REITs)
SingPostS081,440-15.2-1.1%-10%-33.9-8%Industrials
JapfaUD21,566-8.4-0.5%-7%5.4-6%Consumer Non-Cyclicals
ESR-REITJ91U1,7258.00.5%9%-10.219%REITs
HPH Trust USDNS8U2,772-4.7-0.2%5%-11.627%Industrials
Haw ParH022,963-0.20.0%-2%75.627%Healthcare
The Place HoldingsE276820.70.1%-11%2.9252%Consumer Cyclicals
ParkwayLife REITC2PU2,807-3.1-0.1%1%-1.322%REITs
Q&M DentalQC76537.81.2%4%26.088%Healthcare
Lendlease REITJYEU1,0337.80.8%7%9.523%REITs
First ResourcesEB52,1463.40.2%1%-5.98%Consumer Non-Cyclicals
Raffles MedicalBSL2,69026.91.0%22%44.847%Healthcare
StarHubCC32,095-2.0-0.1%-1%-27.4-6%Telecommunications
ARA LOGOS Log TrK2LU1,30511.90.9%9%34.857%REITs
CDL H TrustJ851,485-0.60.0%-2%-8.0-2%REITs
COSCO SHP SGF836610.40.1%0%5.45%Industrials
Sarine TechU77248-1.6-0.6%-7%-6.671%Industrials
SIA EngineeringS592,369-3.6-0.2%-2%-3.27%Industrials
Sasseur REITCRPU1,1521.10.1%1%-3.021%REITs
Yinda Infocomm42F2391.20.5%-23%15.2140%Telecommunications
CFM5EB590.61.0%-3%1.7637%Industrials
Yoma StrategicZ593072.30.7%2%-36.1-53%Real Estate (excl. REITs)
AvargaU092740.80.3%-2%8.911%Materials & Resources
Leader EnvLS91132.32.0%-22%-1.818%Industrials
Tuan SingT246312.70.4%5%1.769%Real Estate (excl. REITs)
GKE5951130.10.1%10%-5.122%Industrials
MM2 Asia1B01584.83.0%0%6.2-40%Consumer Cyclicals
SPHREITSK6U2,5484.30.2%7%-4.513%REITs
Hong FokH306800.10.0%-3%-6.910%Real Estate (excl. REITs)
AIMS APAC REITO5RU1,1185.30.5%7%6.731%REITs
KepPacOakREITUSDCMOU1,0140.30.0%1%-12.223%REITs
Starhill Global REITP40U1,3733.60.3%11%10.927%REITs
Aspen1F31520.10.1%-8%-6.3-36%Real Estate (excl. REITs)
RH PetrogasT131300.40.3%6%-0.8600%Energy/ Oil & Gas
Frasers PropertyTQ54,425-0.40.0%0%-12.3-8%Real Estate (excl. REITs)
Sri Trang AgroNC22,4120.70.0%-8%43.944%Consumer Cyclicals
Cromwell REIT EURCWBU2,2373.70.2%1%4.69%REITs
First REITAW9U4260.60.1%0%7.430%REITs
LHN41O1581.81.1%0%0.6121%Real Estate (excl. REITs)
Total 646,919-549  -778  
Average    0.0% 32.5% 
Median    0.0% 10.4% 

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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