• Singapore’s 100 most traded stocks averaged a 2.5% gain in Feb, bringing their average 2022 YTD decline to 1.0%, following on from averaging 40% total returns in 2021. The 100 stocks continued to book net institutional inflows in Feb, bringing combined net inflows in Jan and Feb to S$1.3 billion.
   
• As many as eight of the sectors represented by the 100 stocks saw net institutional inflows in both January and February, which included Telecommunications, Real Estate (excl. REITs), Consumer Non-Cyclicals, Consumer Cyclicals, Utilities, Financial Services (excl. Banks),  Energy, and Materials and Resources.
   
• Strength in Commodity markets saw Rex International, Bumitama Agri, Geo Energy Resources, RH Petrogas and Golden-Agri Resources all rank among the top 10 performers of the 100 most active stocks in February, averaging 22.4% gains. Samudera Shipping was also among the stronger performers, gaining 54.0% in Feb.

A decline in global bank stocks in the latter half of February, weighed the STI’s largest sector and brought the STI’s total return for the first two months of the year to 4.0%, which compares to a 2.8% return for the FTSE ASEAN All-share Index, a 4.5% decline for the FTSE Asia Pacific Index and a 6.6% decline for the FTSE All-World Index. The combined AUM of the SPDR® Straits Times Index ETF and the Nikko AM Singapore STI ETF ended February 2022 at S$2.21 billion, compared to S$2.23 billion at the end of December 2021, with the unit creations and redemptions generating S$70 million of net outflows from the two ETFs year to date.

Of the S$1.41 billion in average daily turnover over the first two months of 2022, Singapore’s 100 most traded stocks comprised 95% or S$1.34 billion. The 100 stocks also represent close to 75% of the total market capitalisation of all primary and secondary-listed stocks on the exchange. The 100 stocks represent all 13 Sectors, with representation ranging from 32 stocks representing the REIT Sector to the one stock, Sembcorp Industries, representing Utilities.

As illustrated below, the Energy and Utility Sector, in addition to the Consumer Non-Cyclical Sector were the most consistent performers in terms of average price performance over the first two months of 2022. In terms of net institutional inflows, as many as eight sectors have been recipient to inflows in both January and February, including Telecommunications, Real Estate (excl. REITs), Consumer Non-Cyclicals, Consumer Cyclicals, Utilities, Financial Services (excl. Banks),  Energy, and Materials and Resources.

As illustrated above, while the Technology Sector continued to see net institutional outflows in February following net outflows in January, the REIT Sector booked net institutional inflows in February, following outflows in January. Of the 32 REITs that are a part of the 100 most traded stocks so far in 2022, net institutional flows in February varied from CapitaLand Integrated Commercial Trust booking S$104.3 million in net institutional inflows (while also leading the REIT segment with an 8.8% price gain) to Mapletree Industrial Trust booking net institutional outflows of S$19.2 million for the month.

Other key observations from the month included:

• Samudera Shipping was the second strongest of the 100 most active stocks in February, with a 54.0% price gain, while Yangzijiang Shipbuilding Holdings ranked among the top 20 performing stocks with a 7.0% price gain. Container shipping market rates as represented the Freightos Baltic Global Index continued to consolidate near highs. While down 0.2% in February, the Index remains more than 6x the pre-pandemic norm, on the back of a pandemic induced factors including surging demand for goods, supply chain disruptions and port congestion across the globe.
   
• Rex International, Geo Energy Resources and RH Petrogas ranked among the top 10 performers of the 100 most active stocks in February, generating respective returns of 25.4%, 16.5% and 21.9% in February. Geopolitical tensions extend the gains of Brent Crude Oil from US$91.21 at the end of January, to US$100.99/bbl at the end of February. Golden Energy and Resources also ranked among the top 20 performers of the month.
   
• Among the 100 most actives, Bumitama Agri ranked #5, Golden-Agri Resources ranked #10 and First Resources ranked #12 in share price performance generate respective returns of 31.8%, 16.3%, and 11.5%. The majority of global CPO production is located in Indonesia and Malaysia, which were also the top performing stock markets across Asia in February. Malaysian Crude Palm Oil (CPO) Futures rallied 13% in February to MYR 6,299/MT. The Malaysia and Indonesia stock markets also led the region in February.
   
• Singapore Telecommunications booked the highest net institutional inflows of all Singapore-listed stocks for both February, and the combined first two months of 2022, while gaining 8.6%. The S$437.6 million in combined net institutional inflow for January and February follows S$87.9 million in net institutional inflow in 2H21 (and 4.3% total return) and S$390.9 million in net institutional outflow (and 0.9% decline) in 1H21.
   
• The average P/B of DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank returned to 1.25x at the end of Feb, a marginal 2% premium to global peers. Global peers in this instance are defined as the top quartile of global banks by market capitalisation, which maintained a median P/B of 1.22x at the end of February. This followed the average P/B of the Singapore trio stretching to a 14% premium to the P/B of global peers in mid-February. At the end of 2021, the average P/B of the trio was 1.18x compared to 1.17x for their global peers. Together, DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank make up more than 20% of the total market capitalisation of all stocks listed on SGX, and averaged 3.5% declines in February, following 9.5% average gains in January. The first three weeks of Feb had seen expectations build for a 50 bps hike at the 16 March FOMC, before majority expectations gravitated back to a less hawkish 25 bps hike.
   

The 100 most traded Singapore stocks in the 2022 year to date, ranked by trading turnover are detailed below. Note the table does include the two US-listed stocks that are a part of the MSCI Singapore Index or are Singapore-based. SEA and GRAB Holdings, have averaged 26.6% declines in SGD terms over the past two months, following SEA’s gain of 14.6% in 2021 and Grab Holdings 43.4% decline in 2021. Singapore-based Joyy Inc which is US-listed with a market capitalisation of more than S$5.0 billion has gained 2.5% in SGD terms over the past two months, after declining 40.3% in 2021. 

 Source: SGX, Refinitiv, Bloomberg (Data as of 28 Feb 2022). Note stocks in table above include Catalist-listed stocks and do not include the three SPACS.