Institutions flee banks with $701m in April outflows

The Straits Times Index (STI) declined 3.5% during the month, with dividends easing the total return loss to 2.3%.

Institutional investors took a selective approach to Singapore equities in April, with strong buying interest in telecommunications and industrial stocks, even as the broader market faced sharp volatility.

The Straits Times Index (STI) declined 3.5% during the month, with dividends easing the total return loss to 2.3%.

The index saw a steep 15% drop in early April due to global trade concerns, followed by a 13% rebound by month-end.

Despite the choppy market, Singtel stood out as the top institutional buy. It recorded a net inflow of $512m in April alone, maintaining its position as the most bought stock by institutions both for the month and year-to-date.

The telecommunications sector overall attracted $522m in institutional inflows, making it the strongest-performing group. NetLink NBN Trust and StarHub also saw positive flows, and the FTSE ST Telecommunications Index posted a 9.5% total return in April.

SGX, ST Engineering, and Singapore Airlines were among the other top names drawing institutional capital. SGX recorded $96.4m in inflows, whilst ST Engineering saw $95.6m.

The industrials sector as a whole benefited from its defensive profile, with companies like ComfortDelGro and Sembcorp Industries also showing up among the top net buys.

REITs, however, faced $74m in institutional outflows. Still, several names in the sector, including Frasers Centrepoint Trust, CapitaLand Ascendas REIT, and CapitaLand Integrated Commercial Trust, managed to attract institutional interest and ranked among the top 25 most net bought stocks for the month.

Overall, institutions were net sellers of $73m in Singapore equities in April, largely driven by $701m in outflows from the banking sector. However, the inflows into non-bank sectors suggest a measured confidence in sectors offering stable returns amid global uncertainty.

With earnings season approaching, investor focus is expected to stay on defensive plays and high-yielding assets.

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