Retail inflows hit $2.62b amidst ‘Tariff Liberation Day’ volatility

Traders utilised falling prices to scoop $826m in DBS shares within a single fortnight.

Retail investors were net buyers of $2.62b of Singapore equities in 2025, lifting cumulative net retail inflows over the past six years to $17b, according to an SGX market update.

SGX said retail investors recorded net inflows of $2.2b in the first half of 2025, followed by a further $413m in the second half.

Banks accounted for the largest share of inflows, with DBS the top recipient. Nearly 50% of DBS’s full-year net retail inflow was concentrated in the two weeks following the market volatility around “Tariff Liberation Day” in April.

During the period from 1 to 14 April, retail investors net bought $826m of DBS shares as the volume-weighted average price fell to $40.39.

Retail investors added a further $381m over the rest of the year, when the VWAP was $49.12. Across DBS, OCBC, and UOB, retail net buying totalled $1.47b during the 1–14 April period, representing 38% of banks’ full-year net retail inflows.

Outside the banking sector, Mapletree Industrial Trust recorded the highest net retail inflow as a share of market capitalisation among STI constituents, at 6.6%. NTT DC REIT also saw 2025 net retail inflows equivalent to 6.6% of its market capitalisation and experienced periods of range-bound trading in the second half of the year.

The REIT, which was listed on 14 July at US$1.00, attracted $88m of net retail inflows for the remainder of 2025 and averaged $8.8m in daily turnover during its listing period.

The update also highlighted a reversal in retail positioning in City Developments Limited, with retail investors unwinding $350m from 10 April to the end of 2025, offsetting earlier net buying of $354m. SGX said a further $58m was sold in early 2026.

In the exchange-traded fund segment, REIT ETFs led net retail inflows in 2025. SGX cited the Lion-Phillip S-REIT ETF and the Amova-STC Asia ex Japan REIT ETF as the top two ETFs by net retail inflow during the year.

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