SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Singapore Telecommunications / Equity Bottom-Up

<ul><li>Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.</li><li>Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.</li><li>Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.</li></ul>

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

<ul><li>Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April.</li><li>Singtel recorded the highest net institutional inflow, with the Telecommunications Sector booking S$522M net inflow in April.</li><li>REITs saw S$74M net institutional outflow, but Frasers Centrepoint Trust led net inflow relative to market cap.</li></ul>

Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April.Singtel recorded the highest net institutional inflow, with the Telecommunications Sector booking S$522M net inflow in April.REITs saw S$74M net institutional outflow, but Frasers Centrepoint Trust led net inflow relative to market cap.

Singapore Stocks Most Net Bought by Institutions in April

<ul><li>Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.</li><li>Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.</li><li>IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.</li></ul>

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.

Retail Investors' Bold Moves Amid STI's Volatile April

<ul><li>Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date.</li><li>Institutions net sold S$145.5 million from STI Banks but net bought S$133 million in the rest of the market, with telecommunications seeing the highest inflow.</li><li>Singtel's ST28 plan aims to enhance customer experiences and shareholder value, identifying S$6 billion in monetisable assets.</li></ul>

Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date.Institutions net sold S$145.5 million from STI Banks but net bought S$133 million in the rest of the market, with telecommunications seeing the highest inflow.Singtel's ST28 plan aims to enhance customer experiences and shareholder value, identifying S$6 billion in monetisable assets.

Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

<ul><li>Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions.</li><li>STI Banks led net retail inflow with a 12.3% average decline; Telecommunications led net retail outflow, driven by Singtel.</li><li>Buybacks by primary-listed companies totaled S$265 million; 20 stocks with highest net retail inflow saw 12.0% average decline.</li></ul>

Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions.STI Banks led net retail inflow with a 12.3% average decline; Telecommunications led net retail outflow, driven by Singtel.Buybacks by primary-listed companies totaled S$265 million; 20 stocks with highest net retail inflow saw 12.0% average decline.

Net Retail Buying Surpasses S$1.24B Amid Recent Volatility

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7. Ten stocks,...

Singapore Exchange Ltd (SGX)

Singapore Stocks Most Net Bought by Institutions in April

Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April. Singtel recorded the...

Singapore Exchange Ltd (SGX)

Retail Investors' Bold Moves Amid STI's Volatile April

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB. Retail net buying reversed by S$253...

Singapore Exchange Ltd (SGX)

Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date. Institutions...

Singapore Exchange Ltd (SGX)

Net Retail Buying Surpasses S$1.24B Amid Recent Volatility

Retail investors net bought S$1.24 billion of Singapore stocks, while institutions net sold S$333 million over eight sessions. STI Banks led net...

Singapore Exchange Ltd (SGX)

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52-week Range

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