• In January, the STI outperformed the region, rising by 1.8% to end the month at 3,855.82, driven primarily by banks (DBS, OCBC, and UOB) which averaged returns of 3.2%, and now account for 54% of the STI's weight. The trio are scheduled to report their FY24 results between 10 and 26 February. 
   
• The 100 most traded Singapore-listed stocks in January also averaged 1.8% returns in January and with Japfa, LHT Holdings, GKE Corporation, Keppel Pacific Oak US REIT, Wee Hur Holdings, PropNex, Rex International Holding, Grand Venture Technology, and Yangzijiang Financial Holding, posting the strongest gains on the month. 
   
• Primary-listed stocks bought back in total S$111 million in shares in January, while UOB, Singtel, and Seatrium recorded the highest net institutional inflows for the month. However, overall, institutions were net sellers of Singapore stocks, with a net outflow exceeding S$500 million.
   

In January, the STI outperformed the region, rising by 1.8% to close the month at 3,855.82. In contrast, the FTSE ASEAN All-Share Index fell by 2.9%, while the FTSE APAC Index gained 0.3% in total return. The STI's growth was driven by banks, with DBS Group Holdings (DBS), Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) averaging returns of 3.2% and now collectively accounting for 54% of the STI's weight. The outlook for the Fed Funds Rate remained largely unchanged over the month, with most estimates predicting a total cut of 25 basis points in the first half of 2025. However, according to the CME FedWatch Tool, a third of the market now expects no cuts over the next six months, compared to a quarter of the market back at the end of 2024. For their FY24 financials (ended 31 Dec), the reporting dates are as follows: DBS on 10 February before market open, UOB on 19 February before market open, and OCBC on 26 February before market open. Investors will be looking for more signs of enhanced capital management, following DBS launching its S$3 billion buyback programme in November, and UOB noting it would explore utilising excess capital to return to shareholders at its 3QFY24 business update.

Singapore Telecommunications (Singtel), the next highest-weighted stock in the STI after the trio of banks, which has been on an asset optimisation and cost reduction drive since 2021, rose by 8.1% in January. Seatrium, which is in the lower half of the STI weights, and pressing on with its transition to offshore renewables and new energies and developing cleaner offshore and marine solutions, also saw an increase of 7.7%. Both stocks led the STI in total returns for January. In contrast, for 2024, Singtel was the 8th strongest performer in the STI, while Seatrium was the 8th least performing constituent. 

After UOB, the two stocks, Singtel and Seatrium, also recorded the highest net institutional inflows for the month. Despite this, institutions were net sellers of Singapore stocks in January, with a net outflow exceeding S$500 million, with approximately seven stocks experiencing net outflows for every six stocks with net inflows. The on-market share buyback consideration tally for primary listed companies in January amounted to S$111 million, led by OCBC, Sembcorp Industries, Singapore Technologies Engineering, Seatrium, and Venture Corporation. DBS did not conduct any buybacks in January, after it repurchased 4.55 million shares in November and December at an average price of S$43.63 per share. 

Among the 100 most traded Singapore stocks in January, the 15 strongest performers for the month are tabled below. The Japfa price gains coincided with a privatisation offer, while LHT Holdings saw a the filing of a relatively large married deal.

All Data as of 31 January 2025, Source: SGX & Refinitiv. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow and prices are rounded to the nearest 1 cent.

On January 21, Lan Ruilong acquired 9,671,205 shares, representing an 18.16% substantial shareholding in the company, from Executive Director Tan Kim Sing through a married deal. LHT Holdings, established in 1977, has been in the timber industry for over 40 years, growing into one of Singapore's largest manufacturers of high-quality wooden pallets, boxes, and crates and is scheduled to report its FY24 results after the February 27 close. 

Keppel Pacific Oak REIT led the S-REIT Sector in January with a 17.1% return in USD terms, which followed US President Trump signing into law an order for all federal employees to no longer work from home. The order declared heads of all executive branch departments and agencies should promptly end remote work and require employees to return to full-time, in-person work, with necessary exemptions allowed by department and agency heads. 

The full 100 most traded Singapore-listed stocks in January are tabled below.  

All Data as of 31 January 2025, Source: SGX & Refinitiv. Note ADT refers to Average Daily Trading Turnover; NIF refers to Net Institutional Flow and prices are rounded to the nearest 1 cent.

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