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Singapore Stocks Book S$334M Retail Inflows as STI Trades Below 3,200

Posted March 21, 2023
Singapore Exchange

  • The past six sessions (10-17 March) have seen the STI trade below 3,200, with a 105-point range for the STI in rangebound choppy trading conditions. The six sessions saw the Singapore stock market book net institutional outflows of S$133 million and net retail inflows of S$334 million.
     
  • While the KBW Nasdaq Global Bank Index declined 11% over the six 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 net retail inflows over the six sessions included DBS, UOB, OCBC, YZJ Shipbuilding, City Dev, Keppel Corp, Jardine C&C, Suntec REIT, Venture and Jardine Matheson, while averaging 3% declines. Wilmar Intl, Sembcorp Ind and Genting Sing booked the most net institutional inflow over the six sessions, while averaging 5% gains.
     
  • During the six sessions, the Nikko AM Singapore STI ETFSPDR® GOLD SHARESNikkoAM-StraitsTrading Asia ex Japan REITNikkoAM-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 six sessions 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 six sessions with S$133 million of net outflow. During the six sessions through to 17 March, the KBW Nasdaq Global Bank Index declined 11%, while the STI declined 0.7%, with the trio of DBS Group Holdings, Oversea-Chinese Banking Corporation and United Overseas Bank 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 Flows in Singapore

Over the past six sessions, retail have been net buyers of Singapore stocks, with net retail inflows totaling S$334 million. This brought total net retail inflows for the first 11 weeks of 2023 to S$932 million. The 50 stocks that booked the most net retail inflows over the six sessions are tabled below. On a Sector basis, Financial Services, Industrials and Real Estate booked the highest net retail inflows over the six sessions. Among the 100 most traded stocks over the past 11 weeks, the 10 stocks that booked the highest net retail inflows over the six sessions, proportionate to their stock market capitalisation, included Geo Energy Resources, Digital Core REIT, Yangzijiang Shipbuilding (Holdings), Dyna-Mac Holdings, Halcyon Agri Corporation, Prime US REIT, The Place Holdings, Suntec REIT, City Developments and Jiutian Chemical.  

StockCodeMkt Cap S$MTotal Return % YTDNet Inst. Flow YTD S$MNet Retail Flow YTD S$MTotal Return % 10 Mar – 17 Mar (6 sessions)Net Inst. Flow 10 Mar – 17 Mar (6 sessions) S$MNet Retail Flow 10 Mar – 17 Mar (6 sessions) S$MSector
DBSD0583,939-4-550451-3-94.2160.9Financial Services
UOBU1147,812-7-389314-3-86.885.5Financial Services
OCBC BankO3955,105161-82-25.662.1Financial Services
YZJ Shipbldg SGDBS64,820-10-5225-8-31.635.8Industrials
City DevC096,548-12-7861-2-20.616.2Real Estate (excl. REITs)
Keppel CorpBN49,61614-207214-2-4.913.6Industrials
Jardine C&CC0710,968-3-193-5-14.413.3Consumer Cyclicals
Suntec REITT82U4,1576-60603-16.711.7REITs
VentureV034,938-18-220-8.310.6Technology
JMH USDJ3618,382-4-2218-3-0.16.9Industrials
SATSS583,021-4-19235-4.46.4Industrials
HongkongLand USDH7813,048-6-611-4-9.66.3Real Estate (excl. REITs)
Olam GroupVC25,718212-113.15.8Consumer Non-Cyclicals
DigiCore REIT USDDCRU700-13-76-19-6.05.7REITs
SGXS689,5180-431501.75.1Financial Services
Haw ParH022,085-2-209-3-16.65.0Healthcare
Keppel REITK71U3,274-1-2030-1-6.94.9REITs
NetLink NBN TrCJLU3,2731-76-2-4.94.6Telecommunications
ST EngineeringS6310,765330-71-7.24.3Industrials
CapitaLandInvest9CI18,233-419-331-3.13.6Financial Services
Geo Energy ResRE4412-9-88-5-2.33.4Energy/ Oil & Gas
Halcyon Agri5VJ64638-8-10.52.6Consumer Cyclicals
CapLand IntCom TC38U12,898-2-916033.62.1REITs
Prime US REITUSDOXMU571-5-1010-3-2.12.1REITs
ComfortDelGroC522,534-5-4144-3-1.82.1Industrials
Lendlease REITJYEU1,5550-25251-1.62.0REITs
RiverstoneAP4823-6-54-2-3.51.6Healthcare
Mapletree PanAsia Com TrN2IU9,11661-14-2.61.6REITs
Dyna-MacNO4193-11-1-4-0.91.4Industrials
ThaiBevY9215,954-521-20-1-7.61.2Consumer Non-Cyclicals
NIO Inc. USD OVNIO17,529-15-113-7-0.11.1Consumer Cyclicals
Daiwa Hse Log TrDHLU409-3-45-2-1.01.1REITs
ESR-LOGOS REITJ91U2,371-6-5152-0.31.1REITs
SingPostS081,125-44-4-8-1.11.0Industrials
StarHubCC31,763-2-12-1-1.31.0Telecommunications
YZJ Fin HldgYF81,342319-16-81.70.9Financial Services
CDL HTrustJ851,474-23-4-2-1.20.9REITs
ManulifeREIT USDBTOU643-3-771-0.40.8REITs
ParkwayLife REITC2PU2,39673-2-1-0.10.8REITs
Far East HTrustQ5T1,195-11-2-4-1.10.7REITs
SIA EngineeringS592,513-40-1-1-1.20.7Industrials
Del Monte PacD03896 -24-22-19-0.50.6Consumer Non-Cyclicals
Great EasternG078,335-5-44-2-0.60.6Financial Services
UnUsUaL1D1144 6-11-1-0.60.6Consumer Cyclicals
Bumitama AgriP8Z988-3-23-2-0.50.5Consumer Non-Cyclicals
Frasers HTrustACV8671-11-4-0.50.5REITs
StarhillGbl REITP40U1,18101-1-4-1.00.5REITs
BousteadF9D406 6-22-3-0.50.4Industrials
Kep Pac Oak REIT USDCMOU6161-55-4-0.40.4REITs
COSCO SHP SGF83372-7-11-2-0.30.4Industrials

Source: SGX, Refinitiv, Bloomberg (Data as of 17 March 2023)

Recent Institutional Flows in Singapore

Over the past six sessions, institutions have been net sellers of Singapore stocks, with net institutional outflows totaling S$133 million. This brought total net institutional outflow for the first 11 weeks of 2023 to S$1.24 billion. The majority of the 50 stocks that saw the most net institutional outflow over the six sessions were among the 50 stocks that booked the most net retail inflow over the six sessions.  

The 50 stocks that booked the most net institutional inflows over the six sessions are tabled below. Asia’s leading agribusiness group, Wilmar International led the net institutional inflows over the six sessions.

StockCodeMkt Cap S$MTotal Return % YTDNet Inst. Flow YTD S$MNet Retail Flow YTD S$MTotal Return % 10 Mar – 17 Mar (6 sessions)Net Inst. Flow 10 Mar – 17 Mar (6 sessions) S$MNet Retail Flow 10 Mar – 17 Mar (6 sessions) S$MSector
Wilmar IntlF3426,0310-123645.9-25.6Consumer Non-Cyclicals
Sembcorp IndU967,2532082-79742.3-42.2Utilities
Genting SingG1312,79611145-148126.2-26.0Consumer Cyclicals
Golden Agri-ResE5H3,6781636-17-221.5-3.3Consumer Non-Cyclicals
Sembcorp MarineS517,301-2237-33013.2-5.3Industrials
CapLand Ascendas REITA17U11,77150-16412.4-6.1REITs
SIAC6L17,021433-44-111.90.0Industrials
Mapletree Log TrM44U8,187810-2058.4-6.9REITs
SingtelZ7439,940-6-24518416.60.0Telecommunications
Frasers L&C TrBUOU4,7961110-765.8-2.0REITs
OCBC BankO3955,105161-82-25.662.1Financial Services
Golden EnergyAUE2,3611416-12-34.6-0.7Energy/ Oil & Gas
NanofilmMZH1,024127-1004.0-3.0Technology
UOLU145,600-16-123.8-0.4Real Estate (excl. REITs)
CapLand IntCom TC38U12,898-2-916033.62.1REITs
Olam GroupVC25,718212-113.15.8Consumer Non-Cyclicals
TJ DaRenTang USDT144,419279-1132.8-2.6Healthcare
Best WorldCGN1,0002923-2432.6-3.4Consumer Cyclicals
Boustead ProjAVM2981510-1002.3-2.3Industrials
HPH Trust USDNS8U2,33692-322.1-2.7Industrials
Keppel DC REITAJBU3,5091821-2552.0-5.1REITs
Samudera ShippingS567336210-13-51.9-0.5Industrials
Frasers Cpt TrJ69U3,82477-431.9-1.2REITs
AEM SGDAWX923-13-11651.9-5.9Technology
YZJ Fin HldgYF81,342319-16-81.70.9Financial Services
Kep Infra TrA7RU2,72142421.7-2.6Utilities
SGXS689,5180-431501.75.1Financial Services
Sheng SiongOV82,48104-301.5-1.9Consumer Non-Cyclicals
Raffles MedicalBSL2,565-111-1311.5-1.0Healthcare
Food EmpireF03472391-221.4-1.6Consumer Non-Cyclicals
Emperador Inc.EMI8,02600021.4-1.3Consumer Non-Cyclicals
G K GohG41396388-801.3-1.3Financial Services
FrenckenE2844096-721.2-2.1Technology
Hong FokH3084480030.7-0.9Real Estate (excl. REITs)
Top GloveBVA2,042-61-1210.7-1.1Healthcare
PARAGONREITSK6U2,675717-1810.6-0.7REITs
Sasseur REITCRPU9605-2240.5-0.3REITs
Halcyon Agri5VJ64638-8-10.52.6Consumer Cyclicals
Wing TaiW051,125-12-2-20.5-0.5Real Estate (excl. REITs)
Silverlake Axis5CP867-400-10.5-0.5Technology
HPLH151,85601-100.3-0.3Consumer Cyclicals
HPH Trust SGDP7VU2,3087-1120.3-0.3Industrials
Asian Pay Tv TrS7OU20121-100.3-0.3Telecommunications
PropNexOYY699242-200.3-0.4Real Estate (excl. REITs)
AIMS APAC REITO5RU972116-620.30.1REITs
SBS TransitS6184550000.3-0.3Industrials
Straits TradingS201,012-300-20.3-0.3Materials & Resources
CivmecP9D341172-2-60.3-0.3Industrials
UOB Kay HianU101,25631-200.2-0.3Financial Services
OUE Com REITTS0U1,778020-30.20.0REITs

Source: SGX, Refinitiv, Bloomberg (Data as of 17 March 2023)

Originally Posted March 20, 2023 – Singapore stocks book S$334M Retail inflows as STI trades below 3,200

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