After ending July at 3,373.98, the STI has since declined 5.2% to 3,199.07 on 10 October, with dividends reducing the decline in total return to 3.5%. The decline has been comparable to the 4.8% and 4.7% declines in total return for the FTSE ASEAN Extended 60 Index and FTSE Asia Pacific Index respectively. Across Asia Pacific, Telecommunication Stocks were generally the most defensive segment over the 10 weeks. In Singapore, the trio of Singtel, NetLink NBN Trust and StarHub averaged a 0.2% total return, led by StarHub’s 7.3% total return.
Regional trade and manufacturing continues to be weighed by the ongoing downcycle in Technology, which has been sustained since July with the outlook for global growth deceleration in 2024. Three key drivers for the recent downgrades to global growth projections in 2024 include the higher for longer outlook for the Fed Funds Rate in 2024, the downward revisions to China growth estimates in 2024, and a lack of evident inroads to turn the trend of economic fragmentation on global geopolitical concerns. This has seen local private-sector economists expecting the Singapore Economy to grow by 2.5% in 2024, with top downside risks including an external growth slowdown, inflationary pressures in addition to economic developments in China. At the same time better than expected external growth and China growth in addition to a recovery in the technology business cycle are the firm upside risks.
Of the 200 most traded Singapore stocks this year, 41 stocks generated positive total returns over the 10 weeks.
Zixin (formerly known as China Star Food Group) is a sweet potato biotech-focused value chain operator in China. The Group reported a RMB 14.2 million loss in FY23 (ended 31 March) amid pandemic-related disruptions, and expects to return to profitability in its FY24. The Group has announced multiple strategic investments from June, summarised in the presentation included in its AGM minutes held on 8 September. The stock now ranks among the 170 most traded Singapore stocks this year, after ranking among the 300 most traded as of 30 June with its average daily trading turnover in 2H23 to 10 Oct, a twelvefold increase to its average daily trading turnover in 1H23.
The 41 of the 200 stocks that generated positive total returns over the past 10 weeks are tabled below and are sorted by highest total returns.
Stock |
Code |
Mkt Cap S$M |
Net Insti Flow S$M |
Net Retail Flow S$M |
Total Returns 31 July - 10 Oct % |
Total Returns YTD % |
AVG Daily T/O YTD S$M |
Board |
Sector |
Alset |
40V |
133 |
0.1 |
-0.1 |
123.5 |
8.6 |
0.1 |
CATALIST |
Real Estate (excl. REITs) |
Geo Energy Res |
RE4 |
417 |
-1.5 |
1.6 |
39.5 |
9.4 |
1.5 |
MAINBOARD |
Energy/ Oil & Gas |
Creative |
C76 |
113 |
-0.1 |
0.1 |
31.1 |
12.7 |
0.1 |
MAINBOARD |
Technology |
Frencken |
E28 |
461 |
14.3 |
-22.3 |
24.9 |
18.4 |
4.6 |
MAINBOARD |
Technology |
Ley Choon |
Q0X |
74 |
1.0 |
-1.1 |
22.5 |
188.2 |
0.2 |
CATALIST |
Industrials |
UMS |
558 |
878 |
43.6 |
-56.0 |
19.1 |
14.3 |
6.1 |
MAINBOARD |
Technology |
Matex Intl |
M15 |
12 |
0.1 |
-0.1 |
13.3 |
41.7 |
0.1 |
CATALIST |
Materials & Resources |
Interra Resource^ |
5GI |
24 |
-5.0 |
5.0 |
12.5 |
5.9 |
0.1 |
MAINBOARD |
Energy/ Oil & Gas |
Aztech Gbl |
8AZ |
637 |
2.3 |
-2.6 |
12.2 |
5.4 |
0.5 |
MAINBOARD |
Technology |
Zixin |
42W |
39 |
-0.2 |
0.2 |
12.0 |
47.4 |
0.1 |
CATALIST |
Consumer Non-Cyclicals |
Envictus |
BQD |
73 |
-1.2 |
1.2 |
11.6 |
42.9 |
0.2 |
MAINBOARD |
Consumer Cyclicals |
DigiCore REIT USD |
DCRU |
790 |
0.0 |
-0.3 |
9.7 |
2.1 |
2.0 |
MAINBOARD |
REITs |
UtdHampsh REIT USD |
ODBU |
341 |
-2.0 |
2.0 |
9.4 |
6.4 |
0.2 |
MAINBOARD |
REITs |
ComfortDelGro |
C52 |
2,880 |
59.6 |
-59.6 |
8.0 |
14.6 |
8.5 |
MAINBOARD |
Industrials |
StarHub |
CC3 |
1,873 |
16.5 |
-17.9 |
7.3 |
10.0 |
1.1 |
MAINBOARD |
Telecommunications |
Best World |
CGN |
743 |
2.4 |
-3.1 |
6.2 |
-3.4 |
1.6 |
MAINBOARD |
Consumer Cyclicals |
YZJ Fin Hldg |
YF8 |
1,270 |
11.8 |
-15.4 |
6.1 |
3.5 |
3.2 |
MAINBOARD |
Financial Services |
Golden Agri-Res |
E5H |
3,361 |
12.7 |
-15.5 |
6.0 |
10.0 |
4.3 |
MAINBOARD |
Consumer Non-Cyclicals |
QAF |
Q01 |
480 |
1.4 |
-1.5 |
5.7 |
6.8 |
0.1 |
MAINBOARD |
Consumer Non-Cyclicals |
Food Empire |
F03 |
598 |
4.1 |
-3.7 |
4.6 |
85.8 |
0.7 |
MAINBOARD |
Consumer Non-Cyclicals |
AIMS APAC REIT |
O5RU |
1,052 |
12.5 |
-8.8 |
4.4 |
11.2 |
1.8 |
MAINBOARD |
REITs |
Haw Par |
H02 |
2,174 |
4.2 |
-2.9 |
4.4 |
6.4 |
1.7 |
MAINBOARD |
Healthcare |
ST Engineering |
S63 |
11,995 |
92.4 |
-72.8 |
4.3 |
18.7 |
15.7 |
MAINBOARD |
Industrials |
Delfi |
P34 |
752 |
1.7 |
-0.8 |
3.9 |
67.1 |
0.9 |
MAINBOARD |
Consumer Non-Cyclicals |
IFAST |
AIY |
1,735 |
9.2 |
-10.0 |
3.9 |
1.3 |
1.5 |
MAINBOARD |
Technology |
YZJ Shipbldg SGD |
BS6 |
6,281 |
28.7 |
-36.5 |
3.2 |
21.7 |
34.1 |
MAINBOARD |
Industrials |
Frasers HTrust |
ACV |
953 |
3.6 |
-3.5 |
3.1 |
14.2 |
0.4 |
MAINBOARD |
REITs |
HRnetGroup |
CHZ |
719 |
1.1 |
-1.1 |
2.5 |
-2.2 |
0.1 |
MAINBOARD |
Industrials |
Hyphens Pharma |
1J5 |
87 |
0.1 |
-0.1 |
2.1 |
-2.3 |
0.1 |
CATALIST |
Healthcare |
HongkongLand USD |
H78 |
10,446 |
13.1 |
6.4 |
1.7 |
-19.0 |
9.9 |
MAINBOARD |
Real Estate (excl. REITs) |
SGX |
S68 |
10,541 |
80.3 |
-41.1 |
1.4 |
12.0 |
16.6 |
MAINBOARD |
Financial Services |
UnUsUaL |
1D1 |
200 |
-0.3 |
0.3 |
1.0 |
47.0 |
0.1 |
CATALIST |
Consumer Cyclicals |
First Resources |
EB5 |
2,350 |
5.3 |
-4.2 |
1.0 |
12.1 |
3.3 |
MAINBOARD |
Consumer Non-Cyclicals |
OCBC Bank |
O39 |
58,426 |
265.3 |
-33.2 |
0.8 |
13.7 |
61.6 |
MAINBOARD |
Banks |
UMW |
U10 |
1,242 |
2.9 |
-2.9 |
0.7 |
4.4 |
0.1 |
MAINBOARD |
Financial Services |
UOB Kay Hian |
U10 |
1,242 |
2.9 |
-2.9 |
0.7 |
4.4 |
0.1 |
MAINBOARD |
Financial Services |
BRC Asia |
BEC |
461 |
0.0 |
0.0 |
0.6 |
-0.4 |
0.1 |
MAINBOARD |
Industrials |
DBS |
D05 |
87,614 |
411.4 |
-113.6 |
0.6 |
5.8 |
123.9 |
MAINBOARD |
Banks |
Rex Intl |
5WH |
237 |
-4.7 |
4.2 |
0.6 |
-12.9 |
2.8 |
MAINBOARD |
Energy/ Oil & Gas |
Bumitama Agri |
P8Z |
971 |
-1.9 |
0.6 |
0.5 |
7.0 |
0.4 |
MAINBOARD |
Consumer Non-Cyclicals |
China Everbright |
U9E |
572 |
-0.1 |
0.2 |
0.4 |
-10.5 |
0.1 |
MAINBOARD |
Utilities |
Source: SGX, Refinitiv, Bloomberg (Data as of 10 October 2023). Note ^ on SGX-ST Watchlist.
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