STI gains 5% with energy and bank stocks leading the market
Also, the SG benchmark ranked the third strongest of all the major benchmarks.
The Straits Time Index reported gains of 5% in a report released by the Singapore Exchange (SGX).
Making up the majority of the growth over the past weeks were energy stocks and bank stocks. As of 31 December, DBS Group Holdings (DBS), Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) made up 45% of the STI weightings, high when compared to the FTSE All-World Index with 7%.
Energy stocks, meanwhile, led global stocks, with Brent Crude Oil gaining 13% since December 31. The two oil and gas explorer and producer stocks listed on SGX, RH Petrogas and Rex International, also reported gains of 11% and 5% over the past three weeks.
The Singapore benchmark, in particular, has ranked the third strongest of the major benchmarks, following Brazil and Hong Kong Indices.
Meanwhile, a decline of 5.5% was observed in the FTSE All-World Index over the same period.
DBS, OCBC, and UOB, which make up 20% of the combined market value of all SGX-listed stocks, have also seen similar net institutional inflows in 2022 with a combined $678m.
Following these top trading banking stocks was Singtel, with a net institutional inflow of $124m in the same period and a 7% gain in its share price. The same group also reported a double in net profit to $954m, due to an ongoing strategic reset to develop new growth engines in information and communications technology.