Sector outperformers during the month were real estate, services and utilities; while transport, retail and staples underperformed. Among the MSCI Singapore index stocks, the outperformers were Keppel, Singapore Exchange (SGX) and CapitaLand Investment (CLI); while the underperformers were Wilmar, Singapore Airlines (SIA) and Sea.
During the month, institutional investors were net sellers, with outflow from financials, telcos and consumer non-cyclicals. On the other hand, there were inflows into industrials, REITs, developers and tech.
Meanwhile, retail investors were slight net buyers, with inflows into financials, consumer non-cyclicals and telcos; and outflows from industrials, developers and tech.
The MSCI Singapore Index “narrowly reached” CGSI’s one-month short-term target of 417.00 points on June 6, according to a team of CGSI analysts led by Lock Mun Yee.
“Currently, the MSCI Singapore Index is eyeing a possible limited upside targeting 418.00 points in the one-month period as momentum across the long (MACD) and short term (23-period rate of change) is flattening,” they write.
“Moreover, the mid-term stochastic oscillator is showing overbought signs. That said, any correction should find support at 387.00 to 395.50 points. The key major support remains at 372.13 points, while the long-term target (six-month period) is at 420.00 points,” they add.
