Singapore stocks gain 3.3% in May; STI up 10.8% YTD

STI gains were supported by ETF inflows and large-cap strength.

Singapore equities continued to attract inflows in May, with the Straits Times Index (STI) delivering a 3.3% total return for the month and bringing year-to-date gains to 10.8%, according to a 2 June market.

The update noted that performance came alongside continued ETF and institutional inflows, as well as a resilient macroeconomic backdrop.

Singapore’s economy grew 6.0% year on year in the first quarter of 2026, according to the Ministry of Trade and Industry (MTI), supported by wholesale trade, manufacturing and finance and insurance, alongside strong non-oil domestic exports.

Within the STI, gains were led by select large caps. SATS rose 16.7% after reporting record FY26 revenue and a 17.0% increase in net profit. Venture Corporation gained 11.1%, supported by a return to year-on-year revenue growth and stable margins.

The STI reached an all-time high of 5,102.07 on 25 May, whilst broader gains were partially offset by mixed performance across industrial and smaller-cap stocks. S-REITs ended marginally lower for the month.

ETF flows remained positive, with State Street (ES3) and Amova (G3B/GAB) STI ETFs recording $129m of net inflows in May.

This brought year-to-date inflows to $687m, marking 15 consecutive months of inflows and cumulative inflows of $1.2b since March 2025. Combined assets under management stood at $4.7b.

The iEdge Next 50 Liquidity Index rose 2.5% in May, whilst the iEdge S-REIT Index declined 0.7%.

Gold ETFs listed on SGX recorded $150m of net inflows in May, bringing year-to-date inflows to $1.1b.

On the macro side, MTI maintained its 2026 GDP growth forecast at 2.0% to 4.0%, whilst UOB raised its forecast to 3.2% following stronger first-quarter performance. Non-oil domestic exports rose 24.5% year on year in April, Enterprise Singapore data showed.

Brent crude futures were broadly stable through May before easing later in the month. Fed funds expectations remained centred on the 350–375 basis point range for upcoming meetings, according to the update.

Institutional flows showed $637m of net inflows into DBS Group Holdings in May, whilst combined STI constituents recorded $78m of net inflows.

Corporate activity during the month included placements, stake changes, share buybacks and index rebalancing across multiple listed companies, according to the market update.