Within the index, last month’s outperformers were Singtel, Oversea-Chinese Banking Corporation (OCBC) and New York Stock Exchange-listed Sea.
Meanwhile, the underperformers were CapitaLand Investment, Singapore Exchange (SGX:S68
) and Nasdaq-listed Grab.
Outside of the index and among listed companies with market capitalisation of above US$500 million, outperformers were Japfa (SGX:UD2) , following a privatisation offer; BRC Asia (SGX:BEC) , with an expected rise in construction projects; and PropNex.
See also: Hong Kong’s capital markets resurgence: Asia’s pre-eminent financial powerhouse
On the other hand, underperformers were Yanlord Land, Golden Agri-Resources (SGX:E5H) and Frasers Property (SGX:TQ5) .
In the preceding four weeks, institutional investors were net sellers, selling Financials, REITs, Developers, Tech and Consumer (cyclicals and non-cyclicals), while there were “marginal inflows” into Energy, Telcos, Utilities and Healthcare, say CGSI analysts.
Retail investors, in contrast, were net buyers, taking the opposite side of institutional trade-flows.
See also: Key theme: Someone wants the market higher
On the macroeconomic front, the Monetary Authority of Singapore (MAS) announced on Jan 24 in its Monetary Policy Statement that it will slightly reduce the slope of the S$NEER to 1%.
CGSI’s economists estimate a 0.5 percentage point reduction, and also believe there is still room for further easing by the MAS, “though this would depend on actualisation of risks to inflation and growth”.
Charts: CGSI
