STI posts 11.8% YTD gain as mid-cap activity boosts performance

Between end-May and mid-July, the STI rose 6.2%, whilst the iEdge S-REIT Index closely followed with a 5.6% gain.

The Straits Times Index (STI) has delivered a year-to-date return of 11.8% as of 16 July 2025, bolstered by a surge in trading activity across mid-cap stocks.

Between end-May and mid-July, the STI rose 6.2%, whilst the iEdge S-REIT Index closely followed with a 5.6% gain.

However, it was a group of 50 under-the-radar stocks that stole the spotlight, posting average returns of 31% and median gains of 19%, largely driven by sharper turnover and tighter bid-ask spreads.

The rise in trading activity extended beyond the headline index constituents. Whilst approximately 80 stocks maintained average daily turnover (ADT) above $1m, an additional 120 counters in the $0.05m to $1m ADT tier showed renewed momentum.

Two-thirds of these stocks recorded higher turnover over the six to seven weeks spanning June through mid-July, indicating growing investor interest and broader market participation.

Sanli Environmental and mDR each saw ADT soar from around $3,000 to more than $300,000 in that short span.
Other notable stocks with sharp turnover gains included CapAllianz, Oxley, Koh Brothers, Addvalue Tech, Banyan Tree, and Stamford Land. Each saw both increased trading activity and improved liquidity as reflected in their tighter bid-ask spreads.

Institutional flows also favored a select group of stocks. Q&M Dental led with $7.68m in net inflows over the review period, buoyed by share buybacks and increased CEO ownership.

Grand Venture Technology followed closely with $6.54m in inflows and a pending acquisition proposal via a scheme of arrangement.

Stock performance highlights from this cohort further reinforced the momentum. LHN posted the highest return at 78.1%, aided by a proposed spin-off of its co-living business and strong 1HFY25 earnings.

The sharp rise in turnover was accompanied by visibly tighter bid-ask spreads, signaling improved market liquidity. For example, mDR’s average 5-day spread narrowed dramatically from 603 basis points to 142, and Sanli’s spread contracted from 313 bps to 71.

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