SGX Market Updates

Singapore's August Net Institutional Outflow: a Closer Look

SGX
Publish date: Mon, 12 Aug 2024, 09:30 AM
  • The S$506 million net institutional outflow from local stocks last week was driven by Financials and Industrials, and notably concentrated across two trading sessions. The US economic outlook shifted from a smooth to a hard landing concern, with FOMC cut expectations fluctuating from 25bps to 50bps, ending the week with divided opinions.
     
  • ASEAN's most defensive performing sectors last week included Healthcare, Telecommunications, Consumer Non-Cyclicals, Energy, and Utilities. These sectors also booked net institutional inflow over the corresponding four trading sessions in Singapore. Telecommunications and Energy Sectors have seen net institutional inflow not only over the past week, but also throughout the month and year to date. 
     
  • Singapore’s Utilities Sector recorded S$7.1 million of net institutional inflow for the week, seeing August reverse close to 20% of the net institutional outflow from the first seven months of the year, with Sembcorp Industries accounting for the majority of the sector flow. On 6 Aug, Sembcorp Industries reported S$532 million of net profit before exceptional items for 1HFY24, with its gas and related services portfolio providing high earnings visibility. 
     

Last week the STI declined 3.5%, with dividend distributions marginally reducing the decline in total return to 3.4%. Combined with the preceding week’s 0.9% decline in total return, the August month-to-date has more than reversed the 3.7% total return posted by the STI in July. 

The decline was on the back of global cross-asset repositioning that coincided with the Bank of Japan rate hike, in addition to concerns on US growth, and recent rotation from US technology stocks. The outlook for the US economy's smooth landing has been comparatively fluid in August, initially shifting from confidence of a smooth landing, to concerns of a hard landing. This saw the majority expectations for the 18 Sep FOMC move from a 25bps cut to a 50 bps cut. However, by the end of last week, opinions were divided on the size of the pending cut. 

At the same time, local earnings reports, and subsequent corporate and sector outlooks have also impacted local flow, particularly in the Banks which is the key industry of the local Financial Sector. 

Last week’s S$506 million in net institutional outflow over four sessions was mostly concentrated to two sectors and two Sessions. On the sector front, the two mega-cap sectors of Financials and Industrials respectively booked S$476 million and S$66 million of net institutional outflow. The first two sessions of the week also accounted for 80% of last week’s net institutional outflow.

Amid the notch up in global volatility last week, ASEAN’s most defensive performing sectors included Healthcare, Telecommunications, Consumer Non-Cyclicals, Energy and Utilities. The five sectors also booked net institutional inflow over the shortened trading week in Singapore. Real Estate (excluding REITs) and Consumer Sectors also booked marginal net institutional inflow last week. 

Proportionate to sector market capitalisation, the Telecommunications and Energy Sectors continued to lead the net institutional inflow to the local market last week. The four-session trading week resulted in net institutional inflow for Singapore Telecommunications, StarHub, and NetLink NBN Trust, which led combined net inflow for the sector to S$48.38 million. This represented 0.090% of the S$53.8 billion combined market capitalisation of the sector as of the August 8 close. In the Energy Sector, Dyna-Mac, Mermaid Maritime, Pacific Radiance, Rex International, and MTQ led the sector’s S$2.37 million net institutional inflow last week, representing 0.080% of the sector's S$3.0 billion market capitalisation.

As detailed in the table below, both the Telecommunication and Energy Sectors have not only seen net institutional inflow over the past week but also throughout the month and year to date. Additionally, they represent sectors respectively linked to the key structural economic trends of digitalisation and sustainable solutions. The table details the sector net institutional flow as a proportion of each sector’s market capitalisation, and sort by the highest proportionate net institutional inflow last week.   

 

Singapore

Meanwhile, Singapore’s Utilities Sector booked S$7.1 million of net institutional inflow over the four-session week, taking the sector’s combined net institutional inflow over the first six sessions of August to S$8.7 billion. This has reversed close to 20% of the net institutional outflow that the sector booked in the first 7 months of the year. 

Sembcorp Industries has accounted for most of the sector’s net flows, coinciding with the stock comprising 85% of the sector’s market capitalisation. On 6 Aug, Sembcorp Industries reported 1HFY24 net profit before exceptional items of S$532 million, bolstered by the gas and related services portfolio which provided robust earnings visibility. Reflecting this performance, the interim dividend has been raised to 6.0 cents per share, up from the previous 5.0 cents per share. The CEO noted that the group’s 1HFY24 results demonstrated resilience, overcoming challenges like lower wholesale power prices and significant maintenance at the Singapore gas-fired power plant. He added that the strong performance from the gas and renewable energy portfolio anchors the 2024–2028 strategy, positioning the group favorably to cater to the growing demand from corporate clients, including data centers.

The respective net flow and performances for the most traded stocks this year are tabled below.

StockCodeYTD ADT S$MMkt Cap S$MLast Week NIF S$MLast Week TR %MTD NIF S$MMTD TR %YTD NIF S$MYTD TR %YTD NRF S$MSector
DBSD05155.8295,477-324.8-5-415.0-8-542.614555Financial Services
UOBU1186.7150,196-69.8-6-98.0-7401.48-311Financial Services
SingtelZ7485.6648,21946.7-148.8-3559.221-611Telecommunications
OCBC BankO3976.7563,965-103.8-4-88.0-4172.113-71Financial Services
Seatrium Ltd5E255.174,835-9.4-5-34.2-15-281.2-40343Industrials
YZJ Shipbldg SGDBS644.139,79710.3-1-15.3-8138.873-194Industrials
CapLand IntCom TC38U43.3514,008-20.8-24.50-27.54-34REITs
SIAC6L39.9317,497-55.8-4-149.7-11-533.9-5609Industrials
CapLand Ascendas REITA17U34.1711,6526.2-216.70.2-134.6-8129REITs
Mapletree Log TrM44U33.546,370-4.3-5-1.6-2-250.2-24248REITs
Genting SingG1326.579,839-2.0-3-5.7-4-144.7-17170Consumer Cyclicals
CapitaLandInvest9CI25.8212,491-11.2-7-12.1-7-126.7-17177Financial Services
KeppelBN424.6110,710-28.8-5-65.9-11-81.0-14126Industrials
Mapletree PanAsia Com TrN2IU22.556,4660.2-43.7-2-155.5-18136REITs
Jardine C&CC0721.3610,1653.404.6-1-99.1-10124Consumer Cyclicals
CityDevC0918.514,6011.8-23.6-3-219.7-22226Real Estate (excl. REITs)
ST EngineeringS6317.6413,1613.2-42.4-5156.811-177Industrials
Sembcorp IndU9617.418,4727.038.70-46.2-968Utilities
SGXS6817.3510,49431.1140.0023.02-26Financial Services
Wilmar IntlF3417.0919,1657.8-414.4-3-54.9-11104Consumer Non-Cyclicals
ThaiBevY9216.8812,5641.504.9-159.20-2Consumer Non-Cyclicals
JMH USDJ3614.8513,6960.230.40.14.4-925Industrials
Mapletree Ind TrME8U13.876,351-6.3-2-11.7-2-100.6-762REITs
SATSS5813.074,5754.3-611.3-799.412-87Industrials
UOLU1412.424,4943.4-15.6-1-115.6-1295Real Estate (excl. REITs)
Frasers L&C TrBUOU11.193,758-0.1-33.31.0-69.7-1079REITs
VentureV0310.974,025-3.6-82.3-895.46-81Technology
Keppel DC REITAJBU10.903,5157.6018.83.2-19.91012REITs
HongkongLand USDH788.919,7585.545.22.324.310Real Estate (excl. REITs)
Suntec REITT82U8.543,4090.9-35.80.48.1-1-10REITs
ComfortDelGroC528.043,0336.8-17.0069.43-58Industrials
Frasers Cpt TrJ69U6.934,0181.1-10.70.5-10.3120REITs
FrenckenE286.38534-3.70-2.6-42.5-68Technology
Keppel REITK71U6.203,188-2.6-2-2.5-1-22.9-431REITs
UMS5585.81732-3.4-4-5.0-8-31.8-2147Technology
AEM SGDAWX5.23454-0.4-6-1.9-14-86.7-5891Technology
CapLand Ascott THMN5.083,256-6.9-3-6.0-2-74.0-869REITs
Dyna-MacNO44.226222.5123.74.429.981-35Energy/ Oil & Gas
IFASTAIY4.102,050-0.6-5-0.1-88.4-164Technology
Golden Agri-ResE5H3.883,361-9.50-10.2-4-39.2450Consumer Non-Cyclicals
NanofilmMZH3.84472-0.9-8-1.8-15-21.5-2026Technology
NetLink NBN TrCJLU3.313,2730.6-11.3-1-28.2326Telecommunications
ESR-LOGOS REITJ91U3.191,960-0.7-3-1.1-3-10.6-147REITs
SamuderaShippingS563.114281.2-21.1-48.435-7Industrials
Geo Energy ResRE42.96400-0.50-0.8-25.7-16-3Energy/ Oil & Gas
RiverstoneAP42.781,3641.410.1-413.139-18Healthcare
Lendlease REITJYEU2.571,3191.2-81.4-7-18.5-1117REITs
Great EasternG072.5312,2120.000.0055.150-59Financial Services
Yoma StrategicZ592.46223-0.1-11-0.3-194.638-4Real Estate (excl. REITs)
CapLand India TCY6U2.451,394-2.9-5-2.3-5-7.1-68REITs
Kep Infra TrA7RU2.382,504-1.0-3-0.9-3-17.3-521Materials & Resources
DigiCore REIT USDDCRU2.369731.4-31.9-25.8-70REITs
CapLand China TAU8U2.331,082-2.1-4-3.0-4-54.8-2657REITs
Sheng SiongOV82.302,3155.616.60-32.6-233Consumer Non-Cyclicals
ParkwayLife REITC2PU2.152,130-1.1-2-1.1-1-29.1025REITs
DFIRG USDD012.003,1530.2-1-0.8-1-17.4-2517Consumer Non-Cyclicals
Rex Intl5WH1.981190.1-70.1-13-5.5-508Energy/ Oil & Gas
Olam GroupVC21.874,172-0.6-5-0.3-50.591Consumer Non-Cyclicals
Raffles MedicalBSL1.861,650-1.4-3-4.8-5-59.0-1664Healthcare
YZJ Fin HldgYF81.841,1592.5-33.3-314.79-13Financial Services
CDL HTrustJ851.681,090-2.9-5-6.3-7-24.0-1724REITs
First ResourcesEB51.672,138-0.3-5-0.2-73.3-1-1Consumer Non-Cyclicals
SingPostS081.669450.9-53.6-58.6-1012Industrials
COSCO SHP SGF831.50293-0.4-7-0.5-11-1.2-12Industrials
NIO Inc. USD OVNIO1.299,699-0.7-8-0.9-18-8.2-5928Consumer Cyclicals
StarHubCC31.252,1641.1-11.4-116.318-15Telecommunications
Best WorldCGN1.221,0832.402.60.87.647-11Consumer Cyclicals
Medtecs Intl5461.21660.0-50.0-8-0.8-342Healthcare
AIMS APAC REITO5RU1.211,006-1.1-3-0.9-4-3.213REITs
KepPacOakREITUSDCMOU1.192761.821.7-1-15.0-4616REITs
Prime US REITUSDOXMU1.112930.2-60.0-12-3.4-214REITs
Aztech Gbl8AZ1.047250.1-2-0.4-77.412-4Technology
Top GloveBVA1.032,2030.0-5-0.2-102.98-11Healthcare
Chasen5NV0.98370.0-130.0-15-1.1131Industrials
Yanlord LandZ250.978210.3-20.3-6-4.8-277Real Estate (excl. REITs)
Beng Kuang^BEZ0.9542-0.2-14-0.3-241.3228-2Industrials
Mermaid MaritimeDU40.952120.2-70.3-135.058-5Energy/ Oil & Gas
MarcoPolo Marine5LY0.95195-0.5-7-0.5-103.74-5Industrials
Food EmpireF030.935130.0-2-0.1-3-0.9-67Consumer Non-Cyclicals
CSE Global5440.933290.821.10-0.7150Technology
HPH Trust USDNS8U0.931,4070.100.2-1-7.6-77Industrials
Cromwell REIT EURCWBU0.901,1460.100.00.7-7.849REITs
Far East HTrustQ5T0.861,217-1.1-1-0.60-10.1-39REITs
Haw ParH020.812,2230.7-20.7-4-15.3515Healthcare
PARAGONREITSK6U0.702,4720.300.3-15.21-5REITs
StarhillGbl REITP40U0.681,0640.3-10.4-1-5.6-45REITs
Emperador Inc.EMI0.626,7670.01-0.10-2.6-183Consumer Non-Cyclicals
OUEREITTS0U0.611,5110.1-20.81.9-1.741REITs
SIA EngineeringS590.582,4920.7-10.9-32.6-4-2Industrials
DelfiP340.545160.1-10.00.6-6.7-227Consumer Non-Cyclicals
RH PetrogasT130.541050.0-60.0-2-2.5-322Energy/ Oil & Gas
ManulifeREIT USDBTOU0.541740.2-50.3-101.4-7-1REITs
Nam Cheong1MZ0.49780.4-50.21.5-8.2-508Industrials
Straits TradingS200.475820.1-60.3-6-17.1-2517Materials & Resources
China AviationG920.47740-0.8-2-0.8-3-3.143Industrials
JapfaUD20.466520.50-0.7-30.645-1Consumer Non-Cyclicals
ARA HTrust USDXZL0.41180-0.2-19-0.2-2343.7-17-44REITs
Soilbuild ConstS7P0.411200.0-80.0-12-1.21471Industrials
ValuetronicsBN20.412430.4-30.4-4-1.241Technology
Bumitama AgriP8Z0.391,2400.410.50.77.328-7Consumer Non-Cyclicals
The Hour GlassAGS0.399790.2-10.1-1-5.8-56Consumer Cyclicals
TJ DaRenTang USDT140.374,1300.4-20.2-410.720-10Healthcare
Daiwa House Log TrDHLU0.374040.930.93.6-6.6-86REITs
Sasseur REITCRPU0.37835-0.1-1-0.20-2.803REITs
GuocoLandF170.361,7040.0-2-0.1-3-0.8-31Real Estate (excl. REITs)
Wing TaiW050.33952-0.8-7-0.9-8-2.7-33Real Estate (excl. REITs)
ISDNI070.301250.2-20.2-5-1.5-242Technology
First REITAW9U0.30501-0.4-4-0.4-4-2.8-33REITs
CenturionOU80.275340.2-10.40-9.4629Real Estate (excl. REITs)
UG Healthcare8K70.2661-0.1-12-0.1-13-0.4-420Healthcare
Hong FokH300.24619-0.1-6-0.1-7-0.7-161Real Estate (excl. REITs)
Frasers HTrustACV0.23809-0.10-0.60-10.9-1311REITs
Silverlake Axis5CP0.227170.1-20.1-23.82-4Technology
Aspen1F30.22430.0-50.0-50.3820Real Estate (excl. REITs)
UOB Kay HianU100.211,2620.0-20.0-20.98-1Financial Services
PropNexOYY0.21574-0.2-4-0.4-6-1.2-132Real Estate (excl. REITs)
G Invacom^QS90.2080.1-120.1-230.4-360Technology
UtdHampshREITUSDODBU0.20328-0.2-6-0.2-6-5.1-125REITs
Bukit SembawangB610.198520.2-20.3-3-4.8-25Real Estate (excl. REITs)
SMI Vantage^Y450.1920.0-500.0-83-0.1-900Financial Services
Parkson Retail^O9E0.18500.0-10.0-100.0170Consumer Cyclicals
Ley ChoonQ0X0.17740.0-40.0-80.5170Industrials
BousteadF9D0.174580.8-10.805.516-5Industrials
Thomson MedicalA500.171,2960.1-20.1-2-0.7-201Healthcare
Wee HurE3B0.162020.100.1-43.715-4Industrials
OUELJ30.167710.0-20.0-23.9-13-4Real Estate (excl. REITs)
Frasers PropertyTQ50.143,0820.0-30.1-4-2.1-72Real Estate (excl. REITs)
Broadway IndB690.14900.020.02.1-1.21341Technology
Kim Heng5G20.13630.000.1-10.5150Energy/ Oil & Gas
NippecraftN320.13150.0-110.0-14-0.1-90Materials & Resources
Hong Leong FinS410.131,0850.200.201.40-1Financial Services
PacificRadianceRXS0.13530.1-80.1-12-0.2480Energy/ Oil & Gas
CivmecP9D0.124520.3-30.3-91.517-1Industrials
ISOTeam5WF0.12400.020.00-0.2330Industrials
Jiutian ChemicalC8R0.11420.000.0-5-1.5-191Materials & Resources
Oceanus5790.11232-0.10-0.10-1.001Consumer Non-Cyclicals
IREIT Global SGDUD1U0.10403-0.13-0.21.7-3.3-233REITs
IsetanI150.102950.410.40.81.1155-2Consumer Cyclicals
F & NF990.101,8850.240.11.70.820-1Consumer Non-Cyclicals
LHN41O0.101340.0-20.0-61.76-2Real Estate (excl. REITs)
Ho Bee LandH130.101,1890.0-1-0.1-4-1.131Real Estate (excl. REITs)
ASL Marine^A040.10550.0-70.0-131.1-13-1Industrials
CNMC Goldmine5TP0.10970.0-2-0.12.1-1.3211Materials & Resources
Pan UnitedP520.103560.1-30.1-53.440-4Materials & Resources
IHHQ0F0.0916,2050.0-10.11.10.97-1Healthcare
Sabana REITM1GU0.093710.0-10.0-42.4-13-2REITs
Alset40V0.09910.0-70.0-40.0-240Real Estate (excl. REITs)
Singapore Land GrpU060.092,5070.000.0-1-3.1-103Real Estate (excl. REITs)
Stamford LandH070.085490.1-10.1-10.3-40Consumer Cyclicals
HRnetGroupCHZ0.086570.0-1-0.1-1-0.6-31Industrials

NIF refers to Net Institutional Flow, NRF refers to Net Retail Flow, TR refers to Total Return, ADT refers to Average Daily Turnover. 

^Note on the SGX Watchlist

All Data as of 8 August 2024.

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