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

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<html><body>
<ul>
<li>
Potential market drivers for 2018 remain in place for 2019, with markets expected to move on high frequency data providing cues on global growth, and the ongoing US-China trade negotiations into the 1 March scheduled ending of the US pause on tariff escalation. 
	 </li>
	<li>
Six of the seven least performing STI stocks of 2018 were amongst the STI’s 10 strongest stocks in the 2019 year through to 23 Jan. The six stocks that averaged 30% declines in total return in 2018 have averaged 11% gains over the first three weeks of 2019. 
	 </li>
	<li>
Of these six STI stocks, the two that have been the strongest over the three weeks were Genting and Thai Bev. The two stocks were also amongst the five STI stocks subject to the most net capital inflow by institutional investors from 31 Dec to 18 Jan. 
	 </li>
</ul>
The key financial market themes of downside risks to global growth and uncertainty for global trade relations have carried over from 2018, into 2019. Markets have had a firmer start to the year as US and China officials continue to negotiate trade relations ahead of the 90 day pause on US Tariff escalation ending 1 March. 

On the global growth outlook, the IMF projects that global growth will decelerate as expected, from 3.7% in 2018 to 3.5% in 2019. The 2019 forecast is 0.2% lower than its previous forecast of 3.7% made for 2019. Some additional key points are:

<ul>
<li>The IMF GDP growth forecast for the Advanced Economies in 2019 was shaved by 0.1% from the previous forecast made in October 2018. 
	 </li>
	<li>The IMF GDP growth forecast for Emerging and Developing Asia in 2019 was maintained at 6.3%, as forecast in October 2018. 
	 </li>
	<li>On Developing Asia, the IMF noted that despite fiscal stimulus offsetting some of the impact of higher US tariffs, China’s GDP growth is still expected to slow. This is also due to the potential influence of financial regulatory tightening. China is still projected by the IMF to grow by 6.2% in 2019. 
	 </li>
	<li>The full IMF World Economic Outlook titled Brighter Prospects, Optimistic Markets, Challenges Ahead can be found <a href="https://www.imf.org/en/Publications/WEO/Issues/2019/01/11/weo-update-january-2019">here</a>. 
	 </li>
</ul>
As a consequence of the global outlook, in addition to contained inflation within the US, the Federal Reserve is set to be more patient with interest rates in 2019. The current FOMC dot plot trajectory suggests two hikes in 2019, which is half as many rate hikes as last year. This has seen global equity markets firm over the first three weeks of 2019. 
 

<h4 class="text-h4">Measured Moves by Multiple STI Constituents </h4>

Within the Straits Times Index (“STI”) there has been a degree of counterbalance to the moves in the 2019 year to date compared to the moves of 2018.  Last year, Hutchinson Port Holdings Trust was the least performing STI constituent, whereas in the 2019 year thus far, it has been 25th best performer among the 30 stocks, with a 1.7% price gain. 
 

Moreover, the next six least STI performers in 2018 have been amongst the STI’s 10 best performing stocks in the 2019 year thus far. 
 

<ul>
<li>Thai Beverage PCL, Genting Singapore and City Developments were amongst these six stocks and have been the STI’s strongest stocks from the end of 2018 through to 23 Jan. 
	 </li>
	<li>The other half of the six stocks, Venture Corp, Golden Agri-Resources and UOL Group have ranked fifth, sixth and ninth in the STI’s best performers for the short year to date period. 
	 </li>
	<li>Together these six stocks which averaged 30.3% declines in total return in 2018 have averaged 10.9% gains over the first three weeks of 2019. 
	 </li>
	<li>Both Thai Beverage PCL and Genting Singapore were also amongst the five STI stocks subject to the most net capital inflow by institutional investors in the 2019 year through to 18 Jan. Combined, the two stocks were recipient of S$81 million in net institutional inflow. 
	 </li>
	<li>Two-thirds of the STI stocks are reporting their FY18 results this earnings season. For confirmed and expected reporting dates click <a href="https://www2.sgx.com/research-education/market-updates/20190117-23-sti-constituents-report-fy2018-results-next-2-months">here</a>, with updates to the schedule provided every Friday <a href="https://www.sgxacademy.com/economiccalendar/">here</a>. 
	 </li>
</ul>
The full list of STI stocks is tabled below.

<table class="table table-striped"><tbody>
<tr>
<td>
			30 STI Stocks ranked by 2019 YTD Price Change (%)
			</td>
			<td>
			SGX Code
			</td>
			<td>
			Market Cap (S$ Bn)
			</td>
			<td>
			2019 YTD Price Change (%)
			</td>
			<td>
			Total Return in 2018 (%)
			</td>
			<td>
			Insti net inflow (31.12.18 - 18.01.19)
			</td>
			<td>
			3Y Annualised Total Return (%)
			</td>
			<td>
			ROE LTM (%)
			</td>
		</tr>
<tr>
<td>
			Thai Beverage PCL
			</td>
			<td>
			Y92
			</td>
			<td>
			18.5
			</td>
			<td>
			20.5
			</td>
			<td>
			-31.7
			</td>
			<td>
			42.7
			</td>
			<td>
			6.3
			</td>
			<td>
			15.2
			</td>
		</tr>
<tr>
<td>
			Genting Singapore 
			</td>
			<td>
			G13
			</td>
			<td>
			13.1
			</td>
			<td>
			11.8
			</td>
			<td>
			-23.2
			</td>
			<td>
			38.1
			</td>
			<td>
			20.1
			</td>
			<td>
			9.6
			</td>
		</tr>
<tr>
<td>
			City Developments 
			</td>
			<td>
			C09
			</td>
			<td>
			8.1
			</td>
			<td>
			10.1
			</td>
			<td>
			-33.8
			</td>
			<td>
			19.1
			</td>
			<td>
			11.7
			</td>
			<td>
			6.4
			</td>
		</tr>
<tr>
<td>
			Hongkong Land Holdings
			</td>
			<td>
			H78
			</td>
			<td>
			22.2
			</td>
			<td>
			10.0
			</td>
			<td>
			-6.1
			</td>
			<td>
			14.0
			</td>
			<td>
			6.8
			</td>
			<td>
			10.1
			</td>
		</tr>
<tr>
<td>
			Venture Corp 
			</td>
			<td>
			V03
			</td>
			<td>
			4.4
			</td>
			<td>
			8.8
			</td>
			<td>
			-29.1
			</td>
			<td>
			16.6
			</td>
			<td>
			30.3
			</td>
			<td>
			19.0
			</td>
		</tr>
<tr>
<td>
			Golden Agri-Resources 
			</td>
			<td>
			E5H
			</td>
			<td>
			3.4
			</td>
			<td>
			8.2
			</td>
			<td>
			-33.6
			</td>
			<td>
			4.8
			</td>
			<td>
			-6.8
			</td>
			<td>
			-2.5
			</td>
		</tr>
<tr>
<td>
			Singapore Press Holdings
			</td>
			<td>
			T39
			</td>
			<td>
			4.0
			</td>
			<td>
			6.8
			</td>
			<td>
			-6.9
			</td>
			<td>
			15.3
			</td>
			<td>
			-6.9
			</td>
			<td>
			7.4
			</td>
		</tr>
<tr>
<td>
			Yangzijiang Shipbuilding
			</td>
			<td>
			BS6
			</td>
			<td>
			5.3
			</td>
			<td>
			6.4
			</td>
			<td>
			-11.4
			</td>
			<td>
			17.3
			</td>
			<td>
			17.5
			</td>
			<td>
			12.2
			</td>
		</tr>
<tr>
<td>
			UOL Group 
			</td>
			<td>
			U14
			</td>
			<td>
			5.5
			</td>
			<td>
			6.1
			</td>
			<td>
			-28.8
			</td>
			<td>
			10.1
			</td>
			<td>
			8.3
			</td>
			<td>
			4.1
			</td>
		</tr>
<tr>
<td>
			CapitaLand
			</td>
			<td>
			C31
			</td>
			<td>
			13.6
			</td>
			<td>
			5.1
			</td>
			<td>
			-9.0
			</td>
			<td>
			-20.1
			</td>
			<td>
			6.1
			</td>
			<td>
			8.2
			</td>
		</tr>
<tr>
<td>
			CapitaLand Commercial Trust
			</td>
			<td>
			C61U
			</td>
			<td>
			6.9
			</td>
			<td>
			4.6
			</td>
			<td>
			-5.0
			</td>
			<td>
			0.7
			</td>
			<td>
			19.2
			</td>
			<td>
			7.3
			</td>
		</tr>
<tr>
<td>
			Dairy Farm Intl Hldgs
			</td>
			<td>
			D01
			</td>
			<td>
			17.4
			</td>
			<td>
			4.4
			</td>
			<td>
			20.4
			</td>
			<td>
			2.3
			</td>
			<td>
			17.9
			</td>
			<td>
			24.1
			</td>
		</tr>
<tr>
<td>
			United Overseas Bank
			</td>
			<td>
			U11
			</td>
			<td>
			42.7
			</td>
			<td>
			4.4
			</td>
			<td>
			-3.3
			</td>
			<td>
			56.3
			</td>
			<td>
			17.5
			</td>
			<td>
			11.0
			</td>
		</tr>
<tr>
<td>
			Sembcorp Industries
			</td>
			<td>
			U96
			</td>
			<td>
			4.7
			</td>
			<td>
			4.3
			</td>
			<td>
			-15.0
			</td>
			<td>
			0.8
			</td>
			<td>
			6.7
			</td>
			<td>
			1.7
			</td>
		</tr>
<tr>
<td>
			Ascendas REIT
			</td>
			<td>
			A17U
			</td>
			<td>
			8.3
			</td>
			<td>
			4.3
			</td>
			<td>
			0.3
			</td>
			<td>
			-13.5
			</td>
			<td>
			13.6
			</td>
			<td>
			7.1
			</td>
		</tr>
<tr>
<td>
			Singapore Tech Engineering
			</td>
			<td>
			S63
			</td>
			<td>
			11.3
			</td>
			<td>
			3.7
			</td>
			<td>
			11.8
			</td>
			<td>
			18.2
			</td>
			<td>
			12.0
			</td>
			<td>
			23.5
			</td>
		</tr>
<tr>
<td>
			Singapore Exchange
			</td>
			<td>
			S68
			</td>
			<td>
			7.9
			</td>
			<td>
			3.6
			</td>
			<td>
			0.4
			</td>
			<td>
			20.0
			</td>
			<td>
			7.0
			</td>
			<td>
			38.7
			</td>
		</tr>
<tr>
<td>
			Singapore Telecommunications
			</td>
			<td>
			Z74
			</td>
			<td>
			49.5
			</td>
			<td>
			3.4
			</td>
			<td>
			-13.2
			</td>
			<td>
			-0.8
			</td>
			<td>
			0.7
			</td>
			<td>
			10.8
			</td>
		</tr>
<tr>
<td>
			Keppel Corp
			</td>
			<td>
			BN4
			</td>
			<td>
			11.1
			</td>
			<td>
			3.4
			</td>
			<td>
			-16.4
			</td>
			<td>
			14.1
			</td>
			<td>
			11.2
			</td>
			<td>
			2.8
			</td>
		</tr>
<tr>
<td>
			Jardine Cycle &amp; Carriage
			</td>
			<td>
			C07
			</td>
			<td>
			14.4
			</td>
			<td>
			3.3
			</td>
			<td>
			-10.0
			</td>
			<td>
			8.2
			</td>
			<td>
			4.9
			</td>
			<td>
			13.5
			</td>
		</tr>
<tr>
<td>
			Wilmar International
			</td>
			<td>
			F34
			</td>
			<td>
			20.4
			</td>
			<td>
			3.2
			</td>
			<td>
			4.3
			</td>
			<td>
			3.3
			</td>
			<td>
			8.1
			</td>
			<td>
			9.3
			</td>
		</tr>
<tr>
<td>
			CapitaLand Mall Trust
			</td>
			<td>
			C38U
			</td>
			<td>
			8.5
			</td>
			<td>
			2.2
			</td>
			<td>
			12.7
			</td>
			<td>
			-18.5
			</td>
			<td>
			11.7
			</td>
			<td>
			9.4
			</td>
		</tr>
<tr>
<td>
			DBS Group Holdings
			</td>
			<td>
			D05
			</td>
			<td>
			61.7
			</td>
			<td>
			2.0
			</td>
			<td>
			1.2
			</td>
			<td>
			51.7
			</td>
			<td>
			25.6
			</td>
			<td>
			11.4
			</td>
		</tr>
<tr>
<td>
			SATS
			</td>
			<td>
			S58
			</td>
			<td>
			5.3
			</td>
			<td>
			1.9
			</td>
			<td>
			-7.2
			</td>
			<td>
			8.5
			</td>
			<td>
			10.4
			</td>
			<td>
			15.8
			</td>
		</tr>
<tr>
<td>
			Hutchison Port Holdings Tr-U
			</td>
			<td>
			NS8U
			</td>
			<td>
			3.0
			</td>
			<td>
			1.7
			</td>
			<td>
			-34.7
			</td>
			<td>
			-1.1
			</td>
			<td>
			-14.1
			</td>
			<td>
			3.6
			</td>
		</tr>
<tr>
<td>
			Oversea-Chinese Banking Corp
			</td>
			<td>
			O39
			</td>
			<td>
			48.4
			</td>
			<td>
			1.1
			</td>
			<td>
			-6.2
			</td>
			<td>
			68.4
			</td>
			<td>
			17.9
			</td>
			<td>
			11.9
			</td>
		</tr>
<tr>
<td>
			Singapore Airlines
			</td>
			<td>
			C6L
			</td>
			<td>
			11.2
			</td>
			<td>
			0.9
			</td>
			<td>
			-8.3
			</td>
			<td>
			1.9
			</td>
			<td>
			-1.5
			</td>
			<td>
			3.6
			</td>
		</tr>
<tr>
<td>
			Jardine Strategic Hldgs
			</td>
			<td>
			J37
			</td>
			<td>
			55.7
			</td>
			<td>
			0.6
			</td>
			<td>
			-4.6
			</td>
			<td>
			1.1
			</td>
			<td>
			10.8
			</td>
			<td>
			10.4
			</td>
		</tr>
<tr>
<td>
			ComfortDelGro Corp
			</td>
			<td>
			C52
			</td>
			<td>
			4.7
			</td>
			<td>
			0.5
			</td>
			<td>
			13.7
			</td>
			<td>
			-18.8
			</td>
			<td>
			-5.4
			</td>
			<td>
			11.1
			</td>
		</tr>
<tr>
<td>
			Jardine Matheson Hldgs
			</td>
			<td>
			J36
			</td>
			<td>
			66.5
			</td>
			<td>
			-4.8
			</td>
			<td>
			19.8
			</td>
			<td>
			-5.7
			</td>
			<td>
			10.1
			</td>
			<td>
			10.9
			</td>
		</tr>
</tbody></table>
Source: SGX Stockfacts, Bloomberg, Data as of 23 January 2018, except for Net Institutional Inflow data which is as of 18 Jan and includes inflows on 31 Dec 2018.
</body></html>





Potential market drivers for 2018 remain in place for 2019, with markets expected to move on high frequency data providing cues on global growth, and the ongoing US-China trade negotiations into the 1 March scheduled ending of the US pause on tariff escalation. 
	 
	
Six of the seven least performing STI stocks of 2018 were amongst the STI’s 10 strongest stocks in the 2019 year through to 23 Jan. The six stocks that averaged 30% declines in total return in 2018 have averaged 11% gains over the first three weeks of 2019.  
	 
	
Of these six STI stocks, the two that have been the strongest over the three weeks were Genting and Thai Bev. The two stocks were also amongst the five STI stocks subject to the most net capital inflow by institutional investors from 31 Dec to 18 Jan.  
	 

The key financial market themes of downside risks to global growth and uncertainty for global trade relations have carried over from 2018, into 2019. Markets have had a firmer start to the year as US and China officials continue to negotiate trade relations ahead of the 90 day pause on US Tariff escalation ending 1 March. 

On the global growth outlook, the IMF projects that global growth will decelerate as expected, from 3.7% in 2018 to 3.5% in 2019. The 2019 forecast is 0.2% lower than its previous forecast of 3.7% made for 2019. Some additional key points are:


The IMF GDP growth forecast for the Advanced Economies in 2019 was shaved by 0.1% from the previous forecast made in October 2018. 
	 
	The IMF GDP growth forecast for Emerging and Developing Asia in 2019 was maintained at 6.3%, as forecast in October 2018. 
	 
	On Developing Asia, the IMF noted that despite fiscal stimulus offsetting some of the impact of higher US tariffs, China’s GDP growth is still expected to slow. This is also due to the potential influence of financial regulatory tightening. China is still projected by the IMF to grow by 6.2% in 2019. 
	 
	The full IMF World Economic Outlook titled Brighter Prospects, Optimistic Markets, Challenges Ahead can be found here. 
	 

As a consequence of the global outlook, in addition to contained inflation within the US, the Federal Reserve is set to be more patient with interest rates in 2019. The current FOMC dot plot trajectory suggests two hikes in 2019, which is half as many rate hikes as last year. This has seen global equity markets firm over the first three weeks of 2019. 
 

Measured Moves by Multiple STI Constituents 

Within the Straits Times Index (“STI”) there has been a degree of counterbalance to the moves in the 2019 year to date compared to the moves of 2018.  Last year, Hutchinson Port Holdings Trust was the least performing STI constituent, whereas in the 2019 year thus far, it has been 25th best performer among the 30 stocks, with a 1.7% price gain. 
 

Moreover, the next six least STI performers in 2018 have been amongst the STI’s 10 best performing stocks in the 2019 year thus far.  
 


Thai Beverage PCL, Genting Singapore and City Developments were amongst these six stocks and have been the STI’s strongest stocks from the end of 2018 through to 23 Jan. 
	 
	The other half of the six stocks, Venture Corp, Golden Agri-Resources and UOL Group have ranked fifth, sixth and ninth in the STI’s best performers for the short year to date period. 
	 
	Together these six stocks which averaged 30.3% declines in total return in 2018 have averaged 10.9% gains over the first three weeks of 2019. 
	 
	Both Thai Beverage PCL and Genting Singapore were also amongst the five STI stocks subject to the most net capital inflow by institutional investors in the 2019 year through to 18 Jan. Combined, the two stocks were recipient of S$81 million in net institutional inflow. 
	 
	Two-thirds of the STI stocks are reporting their FY18 results this earnings season. For confirmed and expected reporting dates click here, with updates to the schedule provided every Friday here. 
	 

The full list of STI stocks is tabled below.




			30 STI Stocks ranked by 2019 YTD Price Change (%)
			
			
			SGX Code
			
			
			Market Cap (S$ Bn)
			
			
			2019 YTD Price Change (%)
			
			
			Total Return in 2018 (%)
			
			
			Insti net inflow (31.12.18 - 18.01.19)
			
			
			3Y Annualised Total Return (%)
			
			
			ROE LTM (%)
			
		


			Thai Beverage PCL
			
			
			Y92
			
			
			18.5
			
			
			20.5
			
			
			-31.7
			
			
			42.7
			
			
			6.3
			
			
			15.2
			
		


			Genting Singapore 
			
			
			G13
			
			
			13.1
			
			
			11.8
			
			
			-23.2
			
			
			38.1
			
			
			20.1
			
			
			9.6
			
		


			City Developments 
			
			
			C09
			
			
			8.1
			
			
			10.1
			
			
			-33.8
			
			
			19.1
			
			
			11.7
			
			
			6.4
			
		


			Hongkong Land Holdings
			
			
			H78
			
			
			22.2
			
			
			10.0
			
			
			-6.1
			
			
			14.0
			
			
			6.8
			
			
			10.1
			
		


			Venture Corp 
			
			
			V03
			
			
			4.4
			
			
			8.8
			
			
			-29.1
			
			
			16.6
			
			
			30.3
			
			
			19.0
			
		


			Golden Agri-Resources 
			
			
			E5H
			
			
			3.4
			
			
			8.2
			
			
			-33.6
			
			
			4.8
			
			
			-6.8
			
			
			-2.5
			
		


			Singapore Press Holdings
			
			
			T39
			
			
			4.0
			
			
			6.8
			
			
			-6.9
			
			
			15.3
			
			
			-6.9
			
			
			7.4
			
		


			Yangzijiang Shipbuilding
			
			
			BS6
			
			
			5.3
			
			
			6.4
			
			
			-11.4
			
			
			17.3
			
			
			17.5
			
			
			12.2
			
		


			UOL Group 
			
			
			U14
			
			
			5.5
			
			
			6.1
			
			
			-28.8
			
			
			10.1
			
			
			8.3
			
			
			4.1
			
		


			CapitaLand
			
			
			C31
			
			
			13.6
			
			
			5.1
			
			
			-9.0
			
			
			-20.1
			
			
			6.1
			
			
			8.2
			
		


			CapitaLand Commercial Trust
			
			
			C61U
			
			
			6.9
			
			
			4.6
			
			
			-5.0
			
			
			0.7
			
			
			19.2
			
			
			7.3
			
		


			Dairy Farm Intl Hldgs
			
			
			D01
			
			
			17.4
			
			
			4.4
			
			
			20.4
			
			
			2.3
			
			
			17.9
			
			
			24.1
			
		


			United Overseas Bank
			
			
			U11
			
			
			42.7
			
			
			4.4
			
			
			-3.3
			
			
			56.3
			
			
			17.5
			
			
			11.0
			
		


			Sembcorp Industries
			
			
			U96
			
			
			4.7
			
			
			4.3
			
			
			-15.0
			
			
			0.8
			
			
			6.7
			
			
			1.7
			
		


			Ascendas REIT
			
			
			A17U
			
			
			8.3
			
			
			4.3
			
			
			0.3
			
			
			-13.5
			
			
			13.6
			
			
			7.1
			
		


			Singapore Tech Engineering
			
			
			S63
			
			
			11.3
			
			
			3.7
			
			
			11.8
			
			
			18.2
			
			
			12.0
			
			
			23.5
			
		


			Singapore Exchange
			
			
			S68
			
			
			7.9
			
			
			3.6
			
			
			0.4
			
			
			20.0
			
			
			7.0
			
			
			38.7
			
		


			Singapore Telecommunications
			
			
			Z74
			
			
			49.5
			
			
			3.4
			
			
			-13.2
			
			
			-0.8
			
			
			0.7
			
			
			10.8
			
		


			Keppel Corp
			
			
			BN4
			
			
			11.1
			
			
			3.4
			
			
			-16.4
			
			
			14.1
			
			
			11.2
			
			
			2.8
			
		


			Jardine Cycle &amp; Carriage
			
			
			C07
			
			
			14.4
			
			
			3.3
			
			
			-10.0
			
			
			8.2
			
			
			4.9
			
			
			13.5
			
		


			Wilmar International
			
			
			F34
			
			
			20.4
			
			
			3.2
			
			
			4.3
			
			
			3.3
			
			
			8.1
			
			
			9.3
			
		


			CapitaLand Mall Trust
			
			
			C38U
			
			
			8.5
			
			
			2.2
			
			
			12.7
			
			
			-18.5
			
			
			11.7
			
			
			9.4
			
		


			DBS Group Holdings
			
			
			D05
			
			
			61.7
			
			
			2.0
			
			
			1.2
			
			
			51.7
			
			
			25.6
			
			
			11.4
			
		


			SATS
			
			
			S58
			
			
			5.3
			
			
			1.9
			
			
			-7.2
			
			
			8.5
			
			
			10.4
			
			
			15.8
			
		


			Hutchison Port Holdings Tr-U
			
			
			NS8U
			
			
			3.0
			
			
			1.7
			
			
			-34.7
			
			
			-1.1
			
			
			-14.1
			
			
			3.6
			
		


			Oversea-Chinese Banking Corp
			
			
			O39
			
			
			48.4
			
			
			1.1
			
			
			-6.2
			
			
			68.4
			
			
			17.9
			
			
			11.9
			
		


			Singapore Airlines
			
			
			C6L
			
			
			11.2
			
			
			0.9
			
			
			-8.3
			
			
			1.9
			
			
			-1.5
			
			
			3.6
			
		


			Jardine Strategic Hldgs
			
			
			J37
			
			
			55.7
			
			
			0.6
			
			
			-4.6
			
			
			1.1
			
			
			10.8
			
			
			10.4
			
		


			ComfortDelGro Corp
			
			
			C52
			
			
			4.7
			
			
			0.5
			
			
			13.7
			
			
			-18.8
			
			
			-5.4
			
			
			11.1
			
		


			Jardine Matheson Hldgs
			
			
			J36
			
			
			66.5
			
			
			-4.8
			
			
			19.8
			
			
			-5.7
			
			
			10.1
			
			
			10.9
			
		

Source: SGX Stockfacts, Bloomberg, Data as of 23 January 2018, except for Net Institutional Inflow data which is as of 18 Jan and includes inflows on 31 Dec 2018.



STI’s Least Performers in 2018 amongst STI Leaders in Early 2019 

Golden Agri Resources

STI’s Least Performers in 2018 amongst STI Leaders in Early 2019