The STI had a weak start to 2024, losing 2.7% of its value in January after a strong rally of 5.4% in December. With the exception of the first 30 minutes of trading on 2 January, the entire STI trading range for January 2024 was contained within the December 2023 trading range. Thus, overall stock market trading turnover for January was lower on the month and year. Nonetheless the two STI ETFs recorded their fifth consecutive month of combined net inflows in January 2024, bringing their combined AUM to S$2.2 billion.
In SGD terms, the FTSE APAC Index ended flat in January, somewhat evened out with Japan’s 5.8% gain and China’s 5.8% decline on the month.
The Singapore stock market booked S$384 million of net institutional outflow, led by the S-REIT Sector booking net outflows of S$192 million and the STI Banks booking S$116 million in net outflows. Meanwhile Industrials and Utilities both bucked the trend, booking net institutional inflows of S$80 million and S$30 million respectively. Proportionate to their respective month-end market capitalisation, the S-REIT Sector net outflow amounted to -0.2%, while the STI Banks net outflow amounted to -0.1%. At the same time the iEdge S-REIT Index declined 4.6% in total return and trio of STI Banks averaged 1.9% declines. Similar to the two STI ETFs, in January the two S-REIT focused ETFs recorded their sixth consecutive month of net inflows, with the two ETFs ending January with S$419 million of combined AUM.
In addition to secondary-listing Jardine Matheson Holdings conducting share buybacks in January, another 31 primary-listed companies bought back S$124.7 million in combined share buyback consideration. CapitaLand Investment led the consideration tally for the primary-listed stocks, buying back more than 31 million shares at an average price of S$2.96 per share.
The impact of tighter financial conditions has been an overarching economic driver for multiple sectors, in particular the Bank and REIT Sectors. For the banks, higher rates can have an adverse impact on loan growth, and as relayed in the current slate of S-REIT financial reports, can increase financing costs which can reduce distributions. At the end of 2023, the majority of market outlooks touted less tighter financial conditions for 2024, with the CME FedWatch Tool indicating the market was 90% convinced the Fed Funds Rate (FFR) would be lower than the prevailing 525-550bps band come the 20 March FOMC. Gradually over the course of January, those odds were reduced to 35%, with the majority odds for the first 25bps FFR cut presently set at the 1 May FOMC. Between now and 1 May 2024, the PCE Core Deflator for January, February and March will all be released, which if the momentum of the past 15 months continues, could be around 2.6%.
Singapore’s 50 most traded stocks in January made up more than 90 cents of every dollar that went to work into the Singapore stock market in January. Among the 50, the 10 stocks that posted the strongest gains for the month are tabled below.
Stocks Among 50 Most Traded Stocks by ADT that Bucked Declines in January 2024 |
Code |
Jan 2024 TR % |
ADT Jan 2024 S$M |
Mkt Cap S$M |
NIF Jan 2024 S$M |
Sector |
YANGZIJIANG SHIPBLDG HLDGS |
BS6 |
12.8 |
26.4 |
6,637 |
49.2 |
Industrials |
GEO ENERGY RESOURCES |
RE4 |
7.1 |
2.2 |
521 |
6.4 |
Energy/ Oil & Gas |
SEMBCORP INDUSTRIES |
U96 |
6.8 |
14.4 |
10,092 |
30.7 |
Utilities |
COSCO SHIPPING INTL(S) CO |
F83 |
3.8 |
3.0 |
307 |
-1.5 |
Industrials |
SAMUDERA SHIPPING LINE |
S56 |
3.8 |
4.1 |
369 |
-2.2 |
Industrials |
SINGAPORE AIRLINES |
C6L |
1.8 |
27.7 |
19,869 |
-15.2 |
Industrials |
FRASERS CENTREPOINT TRUST |
J69U |
1.8 |
8.7 |
3,942 |
9.4 |
REITs |
KEPPEL |
BN4 |
1.3 |
23.7 |
12,618 |
20.8 |
Industrials |
GENTING SINGAPORE |
G13 |
1.0 |
21.0 |
12,193 |
11.3 |
Consumer Cyclicals |
NETLINK NBN TRUST |
CJLU |
0.6 |
3.4 |
3,293 |
0.9 |
Telecommunications |
THAI BEVERAGE PUBLIC CO |
Y92 |
0.0 |
14.5 |
13,190 |
-5.1 |
Consumer Non-Cyclicals |
SATS |
S58 |
0.0 |
12.1 |
4,099 |
32.3 |
Industrials |
COMFORTDELGRO CORPORATION |
C52 |
0.0 |
6.3 |
3,032 |
19.5 |
Industrials |
Among the most 50 most traded stocks in Jan 2024, six of them were previously ranked outside the most 50 traded stocks in 2023. COSCO Shipping International (Singapore) Co was ranked as the 43rd most traded stock by turnover, after ranking outside the 100 most traded for the full 2023 year. The six stocks are tabled below.
Stocks that Moved into Top 50 Stocks by ADT in January vs Outside Top 50 by ADT in 2023 |
Code |
Jan 2024 TR % |
ADT Jan 2024 S$ |
Mkt Cap S$M |
NIF Jan 2024 S$M |
Sector |
IFAST CORPORATION |
AIY |
-10.1 |
3.6 |
2,182.5 |
-12.4 |
Technology |
COSCO SHIPPING INTL(S) CO |
F83 |
3.8 |
3.0 |
306.8 |
-1.5 |
Industrials |
NIO INC OV |
NIO |
-37.8 |
2.7 |
14,747.9 |
-4.4 |
Consumer Cyclicals |
DFI RETAIL GROUP HOLDINGS |
D01 |
-15.5 |
2.4 |
3,627.8 |
-7.4 |
Consumer Non-Cyclicals |
CDL HOSPITALITY TRUSTS |
J85 |
-7.2 |
2.4 |
1,283.2 |
-6.6 |
REITs |
GEO ENERGY RESOURCES |
RE4 |
7.1 |
2.2 |
521.4 |
6.4 |
Energy/ Oil & Gas |
NIO Inc also saw the most declines among the 50 most traded stocks in January, followed by Nanofilm Technologies International, AEM Holdings, DFI Retail Group Holdings and Seatrium. The full 50 most traded stocks are tabled below.
Most Traded Stocks in Jan 2024 by ADT |
Code |
Jan 2024 TR % |
ADT Jan 2024 S$ |
Mkt Cap S$M |
NIF Jan 2024 S$M |
Sector |
DBS GROUP HOLDINGS |
D05 |
-4.6 |
104.6 |
82,225.3 |
-211.3 |
Banks |
UNITED OVERSEAS BANK |
U11 |
-0.3 |
61.5 |
47,447.1 |
59.3 |
Banks |
SINGTEL |
Z74 |
-2.8 |
56.1 |
39,608.0 |
-9.6 |
Telecommunications |
OVERSEA-CHINESE BANKING CORP |
O39 |
-0.8 |
48.1 |
57,934.1 |
35.5 |
Banks |
CAPITALAND INTEGRATED COMM TR |
C38U |
-2.4 |
44.9 |
13,382.0 |
-2.2 |
REITs |
CAPITALAND ASCENDAS REIT |
A17U |
-3.6 |
30.1 |
12,829.3 |
-21.6 |
REITs |
SINGAPORE AIRLINES |
C6L |
1.8 |
27.7 |
19,868.7 |
-15.2 |
Industrials |
YANGZIJIANG SHIPBLDG HLDGS |
BS6 |
12.8 |
26.4 |
6,637.0 |
49.2 |
Industrials |
CAPITALAND INVESTMENT |
9CI |
-6.3 |
26.1 |
15,005.4 |
-6.3 |
Financial Services |
SEATRIUM |
S51 |
-15.3 |
25.9 |
6,821.7 |
-12.7 |
Industrials |
MAPLETREE LOGISTICS TRUST |
M44U |
-9.6 |
25.1 |
7,721.9 |
-32.8 |
REITs |
KEPPEL |
BN4 |
1.3 |
23.7 |
12,618.0 |
20.8 |
Industrials |
GENTING SINGAPORE |
G13 |
1.0 |
21.0 |
12,192.8 |
11.3 |
Consumer Cyclicals |
JARDINE MATHESON HOLDINGS |
J36 |
-0.8 |
18.8 |
15,597.8 |
16.6 |
Industrials |
KEPPEL DC REIT |
AJBU |
-13.3 |
15.9 |
2,909.2 |
-57.3 |
REITs |
SINGAPORE TECH ENGINEERING |
S63 |
-4.1 |
15.8 |
11,612.1 |
-24.5 |
Industrials |
WILMAR INTERNATIONAL |
F34 |
-7.6 |
15.0 |
20,601.0 |
-11.4 |
Consumer Non-Cyclicals |
SINGAPORE EXCHANGE |
S68 |
-4.3 |
14.9 |
10,070.7 |
-25.3 |
Financial Services |
THAI BEVERAGE PUBLIC CO |
Y92 |
0.0 |
14.5 |
13,190.5 |
-5.1 |
Consumer Non-Cyclicals |
SEMBCORP INDUSTRIES |
U96 |
6.8 |
14.4 |
10,092.5 |
30.7 |
Utilities |
JARDINE CYCLE & CARRIAGE |
C07 |
-12.6 |
14.1 |
10,280.1 |
-27.4 |
Consumer Cyclicals |
MAPLETREE PANASIA COM TRUST |
N2IU |
-7.0 |
14.0 |
7,664.6 |
-23.6 |
REITs |
MAPLETREE INDUSTRIAL TRUST |
ME8U |
-2.4 |
13.0 |
6,941.8 |
-3.7 |
REITs |
VENTURE CORPORATION |
V03 |
-1.5 |
12.1 |
3,892.3 |
22.5 |
Technology |
SATS |
S58 |
0.0 |
12.1 |
4,099.2 |
32.3 |
Industrials |
UOL GROUP |
U14 |
-0.3 |
11.9 |
5,288.4 |
3.6 |
Real Estate (excl. REITs) |
CITY DEVELOPMENTS |
C09 |
-8.1 |
10.6 |
5,541.2 |
-38.3 |
Real Estate (excl. REITs) |
KEPPEL REIT |
K71U |
-0.5 |
10.3 |
3,498.9 |
4.7 |
REITs |
FRASERS CENTREPOINT TRUST |
J69U |
1.8 |
8.7 |
3,941.6 |
9.4 |
REITs |
FRASERS LOGISTICS & COMMERCIAL TRUST |
BUOU |
-2.6 |
8.5 |
4,193.9 |
-9.2 |
REITs |
HONGKONG LAND HOLDINGS |
H78 |
-8.8 |
8.5 |
9,257.8 |
-3.9 |
Real Estate (excl. REITs) |
AEM HOLDINGS |
AWX |
-22.3 |
7.2 |
830.9 |
-26.6 |
Technology |
SUNTEC REAL ESTATE INV TRUST |
T82U |
-1.7 |
6.9 |
3,462.2 |
0.7 |
REITs |
CAPITALAND ASCOTT TRUST |
HMN |
-3.0 |
6.9 |
3,612.8 |
-15.2 |
REITs |
COMFORTDELGRO CORPORATION |
C52 |
0.0 |
6.3 |
3,032.0 |
19.5 |
Industrials |
FRENCKEN GROUP |
E28 |
-3.7 |
5.5 |
555.1 |
2.7 |
Technology |
UMS HOLDINGS |
558 |
-4.5 |
5.3 |
858.3 |
-4.5 |
Technology |
SAMUDERA SHIPPING LINE |
S56 |
3.8 |
4.1 |
368.6 |
-2.2 |
Industrials |
IFAST CORPORATION |
AIY |
-10.1 |
3.6 |
2,182.5 |
-12.4 |
Technology |
NANOFILM TECHNOLOGIES INTL |
MZH |
-24.6 |
3.4 |
449.1 |
-12.2 |
Technology |
NETLINK NBN TRUST |
CJLU |
0.6 |
3.4 |
3,292.9 |
0.9 |
Telecommunications |
ESR-LOGOS REIT |
J91U |
-3.1 |
3.2 |
2,383.6 |
0.3 |
REITs |
COSCO SHIPPING INTL(S) CO |
F83 |
3.8 |
3.0 |
306.8 |
-1.5 |
Industrials |
REX INTERNATIONAL HOLDING |
5WH |
-12.6 |
2.9 |
208.4 |
-2.0 |
Energy/ Oil & Gas |
CAPITALAND CHINA TRUST |
AU8U |
-10.2 |
2.8 |
1,410.2 |
-8.6 |
REITs |
NIO INC OV |
NIO |
-37.8 |
2.7 |
14,747.9 |
-4.4 |
Consumer Cyclicals |
CAPITALAND INDIA TRUST |
CY6U |
-7.9 |
2.5 |
1,400.5 |
-2.9 |
REITs |
DFI RETAIL GROUP HOLDINGS |
D01 |
-15.5 |
2.4 |
3,627.8 |
-7.4 |
Consumer Non-Cyclicals |
CDL HOSPITALITY TRUSTS |
J85 |
-7.2 |
2.4 |
1,283.2 |
-6.6 |
REITs |
GEO ENERGY RESOURCES |
RE4 |
7.1 |
2.2 |
521.4 |
6.4 |
Energy/ Oil & Gas |
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