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STOCKS | Staff Reporter, Singapore
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Midcap stocks post above-average performance

The Straits Times Index fares better than its Asia Pacific counterparts.

Singapore's 63 mid-cap stocks have averaged a 12% total return as of 19 March.

This is better than the 8% average reported from other APAC stocks of the same market value, between $1b to $5b, according to the Singapore Exchange.

"In the 2021 year to 19 March, the Straits Times Index was the strongest performing benchmark across the APAC majors, largely attributed to the rally in the heavyweight banks. The strength of the banks was in turn on the back of a repricing of global bank stocks on higher long-term US interest rates," the Singapore Exchange said in a statement.

More than half of the mid-cap stocks are in the real estate sector.

Thomson Medical Group, Haw Par Corporation, Riverstone Holdings, Raffles Medical Group, and Tianjin Zhongxin Pharmaceutical generated $94m combined institutional inflows and 12% median total returns.

Overall, the 63 mid-cap stocks posted a combined net institutional outflow of $20m, driven by the $111 m net institutional outflows from the REIT sector.

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