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.

Asia’s leading multi-asset exchange

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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<ul>
<li>
With three sessions remaining for the March 2021 Quarter, the STI has generated an 11.1% price gain, outpacing all the major world benchmarks, with the next best performers the S&amp;P/Toronto Stock Exchange Composite Index (+10.8%) and the Taiwan Stock Exchange Weighted Index (+10.7%). 
	 </li>
	<li>
The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index. 
	 </li>
	<li>
As many as eleven of the STI stocks - Jardine Strategic, Yangzijiang, Singapore Airlines, Hongkong Land, Jardine Matheson, CapitaLand, OCBC, Wilmar, Jardine Cycle &amp; Carriage, DBS and UOB have generated double digit gains in the quarter-to-date. Globally, banks were the strongest of the sectors for the past 12 weeks. 
	 </li>
	<li>Jardine Strat is scheduled to be deleted from the STI effective 13 April, should Jardine Math’s cash acquisition of Jardine Strat be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Log &amp; Com Trust) will join the benchmark.  </li>
</ul>
 

With three sessions remaining for the March 2021 Quarter, the Straits Times Index (“STI”) has generated an 11.1% price gain, outpacing all the major world benchmarks, with the next best performers the S&amp;P/Toronto Stock Exchange Composite Index and the Taiwan Stock Exchange Weighted Index. These returns are on a price-alone basis and in SGD terms. Commodity price gains have supported the S&amp;P/Toronto Stock Exchange Composite Index and strong global demand for semiconductors has supported the Taiwan Stock Exchange Weighted Index. For the overarching market driver, globally administered vaccine doses are set to quadruple the number of globally recorded COVID-19 cases this week. 
For the STI, rotation into global banks buoyed the Index through much of the past 12 weeks while two constituents, Jardine Strategic Holdings and CapitaLand, have seen significant corporate actions through strategic restructures. The top quartile of global banks have generated a median gain of 15% in the March quarter-to-date, with the three Singapore-listed banks moving in unison, also averaging 15% gains.  
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-03/Capture_8.PNG' alt='YTD % Price Return' />
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 <div class='content-caption'>YTD % Price Return</div>
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The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index. As many as eleven of the STI stocks have generated double digit gains in the quarter-to-date.  
On the economic front, Singapore reported strong Industrial Production numbers on Friday, with the preliminary housing price data, which has also been comparatively robust, due this Thursday. Singapore’s Industrial Production in February grew 16.4% year-on-year, and on a seasonally adjusted month-on-month basis, manufacturing output increased 1.6%. On Thursday, URA will report its preliminary gauge on Singapore’s private residential property prices for 1Q21, which gained 2.1% in 4Q20 and 0.8% in 3Q20. . In Washington, President Biden has just announced he wants to double up his target to 200 million vaccine doses in his first 100 days, and this week his administration is expected to start obtaining buy-ins for the ambitious, potentially ~US$3 trillion Infrastructure and climate plan. 
The STI stocks and STI Reserve List is tabled below and sort by market capitalisation.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Stocks
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$B
			</td>
			<td>
			5 Day Px Chg %
			</td>
			<td>
			MTD Px Chg %
			</td>
			<td>
			YTD Px Chg %
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS
			</td>
			<td>
			D05
			</td>
			<td>
			73.08
			</td>
			<td>
			0
			</td>
			<td>
			7
			</td>
			<td>
			14
			</td>
			<td>
			14
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			JARDINE MATHESON HLDGS
			</td>
			<td>
			J36
			</td>
			<td>
			64.87
			</td>
			<td>
			-2
			</td>
			<td>
			27
			</td>
			<td>
			19
			</td>
			<td>
			22
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORP
			</td>
			<td>
			O39
			</td>
			<td>
			52.80
			</td>
			<td>
			2
			</td>
			<td>
			7
			</td>
			<td>
			17
			</td>
			<td>
			17
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			JARDINE STRATEGIC HLDGS
			</td>
			<td>
			J37
			</td>
			<td>
			49.64
			</td>
			<td>
			-1
			</td>
			<td>
			30
			</td>
			<td>
			36
			</td>
			<td>
			36
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			U11
			</td>
			<td>
			42.96
			</td>
			<td>
			0
			</td>
			<td>
			4
			</td>
			<td>
			14
			</td>
			<td>
			14
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			Z74
			</td>
			<td>
			40.29
			</td>
			<td>
			2
			</td>
			<td>
			4
			</td>
			<td>
			6
			</td>
			<td>
			6
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			F34
			</td>
			<td>
			34.27
			</td>
			<td>
			3
			</td>
			<td>
			3
			</td>
			<td>
			17
			</td>
			<td>
			17
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			CAPITALAND
			</td>
			<td>
			C31
			</td>
			<td>
			20.03
			</td>
			<td>
			16
			</td>
			<td>
			21
			</td>
			<td>
			17
			</td>
			<td>
			17
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			THAI BEVERAGE PCL
			</td>
			<td>
			Y92
			</td>
			<td>
			18.09
			</td>
			<td>
			0
			</td>
			<td>
			-2
			</td>
			<td>
			-2
			</td>
			<td>
			0
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			SINGAPORE AIRLINES
			</td>
			<td>
			C6L
			</td>
			<td>
			16.43
			</td>
			<td>
			-3
			</td>
			<td>
			11
			</td>
			<td>
			29
			</td>
			<td>
			29
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			HONGKONG LAND HOLDINGS
			</td>
			<td>
			H78
			</td>
			<td>
			15.49
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			22
			</td>
			<td>
			26
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INT COMMERCIAL TRUST
			</td>
			<td>
			C38U
			</td>
			<td>
			13.85
			</td>
			<td>
			-2
			</td>
			<td>
			2
			</td>
			<td>
			-1
			</td>
			<td>
			0
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			ASCENDAS REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			12.59
			</td>
			<td>
			-2
			</td>
			<td>
			3
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECH ENGINEERING
			</td>
			<td>
			S63
			</td>
			<td>
			12.04
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			1
			</td>
			<td>
			1
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			GENTING SINGAPORE
			</td>
			<td>
			G13
			</td>
			<td>
			10.98
			</td>
			<td>
			-3
			</td>
			<td>
			6
			</td>
			<td>
			7
			</td>
			<td>
			7
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			S68
			</td>
			<td>
			10.60
			</td>
			<td>
			0
			</td>
			<td>
			-1
			</td>
			<td>
			7
			</td>
			<td>
			8
			</td>
			<td>
			Financial Services
			</td>
		</tr>
<tr>
<td>
			KEPPEL CORP
			</td>
			<td>
			BN4
			</td>
			<td>
			9.46
			</td>
			<td>
			1
			</td>
			<td>
			2
			</td>
			<td>
			-3
			</td>
			<td>
			-3
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			JARDINE CYCLE &amp; CARRIAGE
			</td>
			<td>
			C07
			</td>
			<td>
			8.96
			</td>
			<td>
			-1
			</td>
			<td>
			8
			</td>
			<td>
			16
			</td>
			<td>
			16
			</td>
			<td>
			Consumer Cyclicals
			</td>
		</tr>
<tr>
<td>
			MAPLETREE LOGISTICS TRUST
			</td>
			<td>
			M44U
			</td>
			<td>
			8.27
			</td>
			<td>
			3
			</td>
			<td>
			4
			</td>
			<td>
			-4
			</td>
			<td>
			-3
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			DAIRY FARM INTL HLDGS
			</td>
			<td>
			D01
			</td>
			<td>
			7.92
			</td>
			<td>
			-2
			</td>
			<td>
			2
			</td>
			<td>
			6
			</td>
			<td>
			9
			</td>
			<td>
			Consumer Non-Cyclicals
			</td>
		</tr>
<tr>
<td>
			CITY DEVELOPMENTS
			</td>
			<td>
			C09
			</td>
			<td>
			7.18
			</td>
			<td>
			3
			</td>
			<td>
			8
			</td>
			<td>
			-1
			</td>
			<td>
			-1
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			MAPLETREE COMMERCIAL TRUST
			</td>
			<td>
			N2IU
			</td>
			<td>
			7.00
			</td>
			<td>
			1
			</td>
			<td>
			3
			</td>
			<td>
			-1
			</td>
			<td>
			-1
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			UOL GROUP
			</td>
			<td>
			U14
			</td>
			<td>
			6.63
			</td>
			<td>
			1
			</td>
			<td>
			6
			</td>
			<td>
			2
			</td>
			<td>
			2
			</td>
			<td>
			Real Estate (excl. REITs)
			</td>
		</tr>
<tr>
<td>
			MAPLETREE INDUSTRIAL TRUST
			</td>
			<td>
			ME8U
			</td>
			<td>
			6.44
			</td>
			<td>
			1
			</td>
			<td>
			3
			</td>
			<td>
			-5
			</td>
			<td>
			-4
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			VENTURE CORP
			</td>
			<td>
			V03
			</td>
			<td>
			5.79
			</td>
			<td>
			-1
			</td>
			<td>
			4
			</td>
			<td>
			3
			</td>
			<td>
			3
			</td>
			<td>
			Technology (Hardware/ Software)
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			BS6
			</td>
			<td>
			4.93
			</td>
			<td>
			4
			</td>
			<td>
			20
			</td>
			<td>
			34
			</td>
			<td>
			34
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			4.83
			</td>
			<td>
			-4
			</td>
			<td>
			-2
			</td>
			<td>
			8
			</td>
			<td>
			8
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			AJBU
			</td>
			<td>
			4.43
			</td>
			<td>
			0
			</td>
			<td>
			-1
			</td>
			<td>
			-4
			</td>
			<td>
			-2
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORP
			</td>
			<td>
			C52
			</td>
			<td>
			3.73
			</td>
			<td>
			1
			</td>
			<td>
			7
			</td>
			<td>
			3
			</td>
			<td>
			3
			</td>
			<td>
			Industrials
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			U96
			</td>
			<td>
			3.28
			</td>
			<td>
			3
			</td>
			<td>
			6
			</td>
			<td>
			8
			</td>
			<td>
			8
			</td>
			<td>
			Utilities
			</td>
		</tr>
</tbody></table>
 Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)

 

Jardine Strategic Holdings is scheduled to be deleted from the STI effective 13 April, should Jardine Matheson’s cash acquisition of Jardine Strategic be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Log &amp; Com Trust) will join the benchmark.  Currently Frasers Logistic &amp; Commercial Trust has a market capitalisation of S$4.90 billion, with Keppel REIT maintaining a market capitalisation of S$4.51 billion. Click <a href="http://research.ftserussell.com/products/index-notices/home/getnotice?id=2599789&amp;_ga=2.262513807.2046493879.1616733527-875071171.1608699665">here</a> for more details.

<table class="table table-striped"><tbody>
<tr>
<td>
			STI Reserve List
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Mkt Cap S$B
			</td>
			<td>
			5 Day Px Chg %
			</td>
			<td>
			MTD Px Chg %
			</td>
			<td>
			YTD Px Chg %
			</td>
			<td>
			YTD Total Return %
			</td>
			<td>
			Sector
			</td>
		</tr>
<tr>
<td>
			FRASERS LOG &amp; COMMERCIAL TRUST
			</td>
			<td>
			BUOU
			</td>
			<td>
			4.90
			</td>
			<td>
			-5
			</td>
			<td>
			4
			</td>
			<td>
			1
			</td>
			<td>
			1
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			K71U
			</td>
			<td>
			4.51
			</td>
			<td>
			3
			</td>
			<td>
			6
			</td>
			<td>
			10
			</td>
			<td>
			13
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			SUNTEC REIT
			</td>
			<td>
			T82U
			</td>
			<td>
			4.46
			</td>
			<td>
			0
			</td>
			<td>
			8
			</td>
			<td>
			5
			</td>
			<td>
			7
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			FRASERS CENTREPOINT TRUST
			</td>
			<td>
			J69U
			</td>
			<td>
			4.20
			</td>
			<td>
			-4
			</td>
			<td>
			-2
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			REITs
			</td>
		</tr>
<tr>
<td>
			NETLINK NBN TRUST
			</td>
			<td>
			CJLU
			</td>
			<td>
			3.70
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			-2
			</td>
			<td>
			-2
			</td>
			<td>
			Telecommunications
			</td>
		</tr>
</tbody></table>
 Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)
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With three sessions remaining for the March 2021 Quarter, the STI has generated an 11.1% price gain, outpacing all the major world benchmarks, with the next best performers the S&amp;P/Toronto Stock Exchange Composite Index (+10.8%) and the Taiwan Stock Exchange Weighted Index (+10.7%). 
	 
	
The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index.  
	 
	
As many as eleven of the STI stocks - Jardine Strategic, Yangzijiang, Singapore Airlines, Hongkong Land, Jardine Matheson, CapitaLand, OCBC, Wilmar, Jardine Cycle &amp; Carriage, DBS and UOB have generated double digit gains in the quarter-to-date. Globally, banks were the strongest of the sectors for the past 12 weeks.  
	 
	Jardine Strat is scheduled to be deleted from the STI effective 13 April, should Jardine Math’s cash acquisition of Jardine Strat be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Log &amp; Com Trust) will join the benchmark.  

 

With three sessions remaining for the March 2021 Quarter, the Straits Times Index (“STI”) has generated an 11.1% price gain, outpacing all the major world benchmarks, with the next best performers the S&amp;P/Toronto Stock Exchange Composite Index and the Taiwan Stock Exchange Weighted Index. These returns are on a price-alone basis and in SGD terms. Commodity price gains have supported the S&amp;P/Toronto Stock Exchange Composite Index and strong global demand for semiconductors has supported the Taiwan Stock Exchange Weighted Index. For the overarching market driver, globally administered vaccine doses are set to quadruple the number of globally recorded COVID-19 cases this week.  
For the STI, rotation into global banks buoyed the Index through much of the past 12 weeks while two constituents, Jardine Strategic Holdings and CapitaLand, have seen significant corporate actions through strategic restructures. The top quartile of global banks have generated a median gain of 15% in the March quarter-to-date, with the three Singapore-listed banks moving in unison, also averaging 15% gains.  



      
    
    YTD % Price Return


The March quarter is also poised to be the STI’s best start to a calendar year since 2012, when the STI gained 13.8% in 1Q12. Similar to the 10.2% start to 1Q17, the STI has more than doubled the gains of the FTSE Asia Pacific Index. As many as eleven of the STI stocks have generated double digit gains in the quarter-to-date.   
On the economic front, Singapore reported strong Industrial Production numbers on Friday, with the preliminary housing price data, which has also been comparatively robust, due this Thursday. Singapore’s Industrial Production in February grew 16.4% year-on-year, and on a seasonally adjusted month-on-month basis, manufacturing output increased 1.6%. On Thursday, URA will report its preliminary gauge on Singapore’s private residential property prices for 1Q21, which gained 2.1% in 4Q20 and 0.8% in 3Q20. . In Washington, President Biden has just announced he wants to double up his target to 200 million vaccine doses in his first 100 days, and this week his administration is expected to start obtaining buy-ins for the ambitious, potentially ~US$3 trillion Infrastructure and climate plan.  
The STI stocks and STI Reserve List is tabled below and sort by market capitalisation.




			STI Stocks
			
			
			SGX Code
			
			
			Mkt Cap S$B
			
			
			5 Day Px Chg %
			
			
			MTD Px Chg %
			
			
			YTD Px Chg %
			
			
			YTD Total Return %
			
			
			Sector
			
		


			DBS GROUP HOLDINGS
			
			
			D05
			
			
			73.08
			
			
			0
			
			
			7
			
			
			14
			
			
			14
			
			
			Financial Services
			
		


			JARDINE MATHESON HLDGS
			
			
			J36
			
			
			64.87
			
			
			-2
			
			
			27
			
			
			19
			
			
			22
			
			
			Industrials
			
		


			OVERSEA-CHINESE BANKING CORP
			
			
			O39
			
			
			52.80
			
			
			2
			
			
			7
			
			
			17
			
			
			17
			
			
			Financial Services
			
		


			JARDINE STRATEGIC HLDGS
			
			
			J37
			
			
			49.64
			
			
			-1
			
			
			30
			
			
			36
			
			
			36
			
			
			Industrials
			
		


			UNITED OVERSEAS BANK
			
			
			U11
			
			
			42.96
			
			
			0
			
			
			4
			
			
			14
			
			
			14
			
			
			Financial Services
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			Z74
			
			
			40.29
			
			
			2
			
			
			4
			
			
			6
			
			
			6
			
			
			Telecommunications
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			34.27
			
			
			3
			
			
			3
			
			
			17
			
			
			17
			
			
			Consumer Non-Cyclicals
			
		


			CAPITALAND
			
			
			C31
			
			
			20.03
			
			
			16
			
			
			21
			
			
			17
			
			
			17
			
			
			Real Estate (excl. REITs)
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			18.09
			
			
			0
			
			
			-2
			
			
			-2
			
			
			0
			
			
			Consumer Non-Cyclicals
			
		


			SINGAPORE AIRLINES
			
			
			C6L
			
			
			16.43
			
			
			-3
			
			
			11
			
			
			29
			
			
			29
			
			
			Industrials
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			15.49
			
			
			0
			
			
			3
			
			
			22
			
			
			26
			
			
			Real Estate (excl. REITs)
			
		


			CAPITALAND INT COMMERCIAL TRUST
			
			
			C38U
			
			
			13.85
			
			
			-2
			
			
			2
			
			
			-1
			
			
			0
			
			
			REITs
			
		


			ASCENDAS REIT
			
			
			A17U
			
			
			12.59
			
			
			-2
			
			
			3
			
			
			2
			
			
			2
			
			
			REITs
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.04
			
			
			0
			
			
			3
			
			
			1
			
			
			1
			
			
			Industrials
			
		


			GENTING SINGAPORE
			
			
			G13
			
			
			10.98
			
			
			-3
			
			
			6
			
			
			7
			
			
			7
			
			
			Consumer Cyclicals
			
		


			SINGAPORE EXCHANGE
			
			
			S68
			
			
			10.60
			
			
			0
			
			
			-1
			
			
			7
			
			
			8
			
			
			Financial Services
			
		


			KEPPEL CORP
			
			
			BN4
			
			
			9.46
			
			
			1
			
			
			2
			
			
			-3
			
			
			-3
			
			
			Industrials
			
		


			JARDINE CYCLE &amp; CARRIAGE
			
			
			C07
			
			
			8.96
			
			
			-1
			
			
			8
			
			
			16
			
			
			16
			
			
			Consumer Cyclicals
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			8.27
			
			
			3
			
			
			4
			
			
			-4
			
			
			-3
			
			
			REITs
			
		


			DAIRY FARM INTL HLDGS
			
			
			D01
			
			
			7.92
			
			
			-2
			
			
			2
			
			
			6
			
			
			9
			
			
			Consumer Non-Cyclicals
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			7.18
			
			
			3
			
			
			8
			
			
			-1
			
			
			-1
			
			
			Real Estate (excl. REITs)
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			7.00
			
			
			1
			
			
			3
			
			
			-1
			
			
			-1
			
			
			REITs
			
		


			UOL GROUP
			
			
			U14
			
			
			6.63
			
			
			1
			
			
			6
			
			
			2
			
			
			2
			
			
			Real Estate (excl. REITs)
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			6.44
			
			
			1
			
			
			3
			
			
			-5
			
			
			-4
			
			
			REITs
			
		


			VENTURE CORP
			
			
			V03
			
			
			5.79
			
			
			-1
			
			
			4
			
			
			3
			
			
			3
			
			
			Technology (Hardware/ Software)
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			4.93
			
			
			4
			
			
			20
			
			
			34
			
			
			34
			
			
			Industrials
			
		


			SATS
			
			
			S58
			
			
			4.83
			
			
			-4
			
			
			-2
			
			
			8
			
			
			8
			
			
			Industrials
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			4.43
			
			
			0
			
			
			-1
			
			
			-4
			
			
			-2
			
			
			REITs
			
		


			COMFORTDELGRO CORP
			
			
			C52
			
			
			3.73
			
			
			1
			
			
			7
			
			
			3
			
			
			3
			
			
			Industrials
			
		


			SEMBCORP INDUSTRIES
			
			
			U96
			
			
			3.28
			
			
			3
			
			
			6
			
			
			8
			
			
			8
			
			
			Utilities
			
		

 Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)

 

Jardine Strategic Holdings is scheduled to be deleted from the STI effective 13 April, should Jardine Matheson’s cash acquisition of Jardine Strategic be approved at the 12 April Special General Meeting. This means the stock of the STI Reserve List with the highest market cap as of 8 April (currently Frasers Log &amp; Com Trust) will join the benchmark.  Currently Frasers Logistic &amp; Commercial Trust has a market capitalisation of S$4.90 billion, with Keppel REIT maintaining a market capitalisation of S$4.51 billion. Click here for more details.




			STI Reserve List
			
			
			SGX Code
			
			
			Mkt Cap S$B
			
			
			5 Day Px Chg %
			
			
			MTD Px Chg %
			
			
			YTD Px Chg %
			
			
			YTD Total Return %
			
			
			Sector
			
		


			FRASERS LOG &amp; COMMERCIAL TRUST
			
			
			BUOU
			
			
			4.90
			
			
			-5
			
			
			4
			
			
			1
			
			
			1
			
			
			REITs
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			4.51
			
			
			3
			
			
			6
			
			
			10
			
			
			13
			
			
			REITs
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			4.46
			
			
			0
			
			
			8
			
			
			5
			
			
			7
			
			
			REITs
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			4.20
			
			
			-4
			
			
			-2
			
			
			0
			
			
			0
			
			
			REITs
			
		


			NETLINK NBN TRUST
			
			
			CJLU
			
			
			3.70
			
			
			0
			
			
			0
			
			
			-2
			
			
			-2
			
			
			Telecommunications
			
		

 Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 26 March 2021)



Mapletree Pan Asia Commercial Trust (MCT SP)

Dairy Farm International Holdings (DFI SP)

STI Currently Leading World Benchmarks for March 