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$500 million, outperformers were Japfa (SGX:UD2) , following a privatisation offer; BRC Asia (SGX:BEC) , with an expected rise in construction projects; and PropNex.
See also: The relation between crude oil, interest rates and equities
On the other hand, underperformers were Yanlord Land, Golden Agri-Resources (SGX:E5H) and Frasers Property (SGX:TQ5) .
In the preceding four weeks, institutional investors were net sellers, selling Financials, REITs, Developers, Tech and Consumer (cyclicals and non-cyclicals), while there were “marginal inflows” into Energy, Telcos, Utilities and Healthcare, say CGSI analysts.
Retail investors, in contrast, were net buyers, taking the opposite side of institutional trade-flows.
See also: PC Partner’s listing of shares on HKEX to be withdrawn on Jan 14, last day of dealing on Jan 8
On the macroeconomic front, the Monetary Authority of Singapore (MAS) announced on Jan 24 in its Monetary Policy Statement that it will slightly reduce the slope of the S$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
