• The STI has seen its 30-day volatility return to Dec 2020 levels. Within the Index, the past 12 sessions have seen the average volatility of STI stocks increase by as much as a third, with the three Banks seeing the greatest pick-up in volatility, while the seven REITs saw the lowest increase in volatility.
   
• The seven STI REITs booked $42 million of net institutional inflow in the 12 sessions since 23 Feb, while averaging a 1.9% total return. Five of the seven REITs booked net institutional inflows, led by CapitaLand Commercial Trust with S$36 million of net inflow, while Frasers L&C Trust led the returns of the seven REITs with a 3.5% total return.
   
• Within the STI, Singtel, ST Engineering, Wilmar Int, Sembcorp Ind and Keppel Corp also led net institutional inflows over the 12 sessions, while averaging 3.2% total returns. Outside of the STI, Keppel REIT, SPH, Geo Energy Resources, Suntec REIT booked the most net institutional inflows, while averaging 5.7% gains.

Since Russian President Vladimir Putin authorised special military operations in Ukraine on 24 Feb, the global stock market has seen heightened volatility, with measured reactions across the stock sectors. This has seen the oil & gas sector lead global stocks, while fuel and travel dependent airlines have been the least performing stocks over the 12 trading sessions. With expectations for the pending US FOMC rate hike (2am 17 Mar SGT) declining from 50 bps to 25 bps, banks have also been among the least performing sectors, while the REIT Sector has ranked among the most defensive sectors alongside the energy and utility sectors.

Between 23 Feb and 11 Mar, the STI declined 4.2%, weighed by both global bank stocks declining 6.8% and the FTSE Asia Pacific Index declining 5.7%. Like the recent global sector moves, the past 12 sessions saw Sembcorp Industries lead the STI, with five of the seven STI REITs among the STI’s top 10 performers, while banks ranked among the least performing stocks for the period. 

During the 12 sessions, the STI booked S$740 million of net institutional outflow, however more STI stocks booked net inflows (16), than net outflows (14) over the period. Oversea-Chinese Banking Corporation, DBS Group Holdings and United Overseas Bank led the net outflows, while averaging 7.5% declines. However, with the Hang Seng Index declining 12.1% since 23 Feb, Dairy Farm International, Hongkong Land have been the least performing STI constituents over the 12 sessions.

Within the STI, Singapore Telecommunications, Singapore Technologies Engineering, Wilmar International, CapitaLand Integrated Commercial Trust, and Sembcorp Industries led net institutional inflows of the 16 stocks that booked net inflows over the past 12 sessions. Together these 16 stocks, averaged 2.0% gains, with the 12-session annualised volatility at 23.6%, compared to 19.5% annualised volatility for the past 12 months. This compared to the 14 STI stocks that booked net institutional outflows over the 12 sessions, that averaged 5.6% declines, and 12-session annualised volatility at 28.5%, compared to 19.4% annualised volatility for the past 12 months. As discussed above, sector and country exposures within the highly diversified index were key drivers for the flows and performances, while more than handful of the 16 stocks that attracted net inflows have also embarked on strategic restructure initiatives in recent years.

The 30 STI stocks ranked by highest net institutional inflow over the past 12 sessions are tabled below.

 Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)

Non-STI stocks that booked the highest net institutional inflows over the 12 sessions are tabled below.

 Source: SGX, Refinitiv, Bloomberg (Data as of 11 March 2022)