07 February 2018
Recent Highs and Lows of STI Stocks
  • A surprise US Jan wage growth report on Friday night, followed by an algorithm-driven systematic sell-off on Monday night saw the Dow Jones decline 6.4% in SGD terms over two sessions. On Tuesday night the Dow Jones recovered 2.4% in SGD terms.
  • Following suit on the Monday and Tuesday sessions the regional MSCI AC Asia Pacific Index declined 4.9% while the STI declined 3.5%. One third of the STI stocks traded at 3M lows yesterday.
  • The remaining 20 STI stocks are on average 7.0% off their 3M highs, with a majority of those highs made in Jan 2018. The 20 stocks include SATS, Singapore Airlines and Thai Beverage which on average declined the least, at -1.1%, over the two sessions of 5 Feb to 6 Feb.

Over the past three sessions, global equity and fixed income markets have seen a return of volatility. In some cases it has been referred to as somewhat of a normalisation to volatility which was comparatively low in 2017.

 

While the mode of global benchmarks was generally weak for most of last week, selling momentum picked up on the evening of Friday 2 February following a report that in the US average hourly earnings grew at the highest rate since June 2009 - at an annualised rate of 2.9%. The basic interpretation was that US employers are having to pay employees a high wage, hence creating an inflationary impact in addition to a sign of labour market tightening. The Federal Reserve this watches closely, in addition to recent ‘solid growth’ readings as drivers for higher interest rates.

 

The following session on Monday 5 February in the US saw selling from algorithm-driven systematic orders and trend-following strategies as discussed here. In addition, the unwinding of positions which anticipated continued low volatility contributed to the decline. Over the two sessions the Dow Jones Industrial Average declined 7.0%, or 6.4% in SGD terms. The regional MSCI AC Asia Pacific Index declined 4.9% while the Straits Times Index (STI) declined 3.5%. Last night the Dow Jones recovered 2.3% or 2.4% in SGD terms.

 

STI Recent Highs and Lows

 

One third of the STI stocks traded at three month lows yesterday. These stocks included Jardine Strategic Holdings, Singapore Telecommunications, Wilmar International, Jardine Cycle & Carriage, Ascendas REIT, CapitaLand Mall Trust, CapitaLand Commercial Trust, Yangzijiang Shipbuilding Holdings, Golden Agri-Resources and Hutchison Port Holdings Trust.

 

These 10 stocks are on average 12% off their respective three month highs, of which six were formed in November, two in December and two in January. Hutchison Port Holdings Trust has declined the most from its three month high while CapitaLand Mall Trust and Jardine Cycle & Carriage have declined the least.

 

The remaining two-thirds of the STI stocks did not revisit three month lows. The three STI stocks that were last impacted by the two days of volatility were SATS, Singapore Airlines and Thai Beverage PCL. The sum of declines for these three stocks over the two sessions of 5 February to 6 February was -0.5% for SATS, -1.2% for Singapore Airlines and -1.6% for Thai Beverage PCL. Thai Beverage PCL is the largest capitalised stock of the more defensive Consumer Staples Sector, while SATS and Singapore Airlines are a part of the Industrials Sector, which was the least performing of the Cyclical Sectors in 2017.

 

The three STI stocks that lost the most ground over the two sessions were Golden Agri-Resources, Yangzijiang Shipbuilding Holdings and Keppel Corp. The sum of declines for these three stocks over the two sessions of 5 to 6 February was -6.6% for Golden Agri-Resources, -6.5% for Yangzijiang Shipbuilding Holdings and -6.0% for Keppel Corp. These three stocks have averaged a 2.9% price gain in the 2018 year through to the 6 February close, following an average price gain of 32.5% in 2017.

 

Price changes for the two sessions of 5 February to 6 February, in addition to 3 month highs and lows are tabled below. To see more details on each STI stock click on the stock name to see its profile in SGX StockFacts.

 

Name

SGX Code

Market Cap S$M

Close Price 6 Feb 18*

Price Change %  5 Feb 18

Price Change %  6 Feb 18

Price Change YTD %

Price Change 12M %

DBS Group Hldgs

D05

65,943

25.720

-2.0

-1.6

3.5

35.9

Jardine Matheson Hldgs*

J36

59,618

82.090

-1.0

-3.1

1.1

-7.0

Jardine Strategic Hldgs*

J37

56,376

50.894

0.1

-3.5

-3.8

-6.1

Singapore Telecommunications

Z74

55,846

3.420

-0.3

-1.7

-4.2

-10.9

Oversea-Chinese Banking Corp

O39

51,148

12.220

-2.0

-2.7

-1.4

28.5

United Overseas Bank

U11

44,271

26.620

-1.3

-2.0

0.6

29.8

Thai Beverage PCL

Y92

22,725

0.905

-1.1

-0.5

-1.6

5.2

Hongkong Land Hldgs*

H78

21,961

9.334

-0.9

-0.9

-0.8

-2.7

Wilmar International 

F34

19,294

3.050

-1.9

-1.6

-1.3

-22.4

Genting Singapore PLC

G13

15,290

1.270

-0.8

-3.8

-3.1

31.6

Jardine Cycle & Carriage

C07

15,181

38.410

-1.4

-2.6

-5.6

-8.6

Keppel Corp

BN4

14,859

8.190

-1.7

-4.3

11.4

32.3

CapitaLand

C31

15,332

3.610

-1.9

-1.1

2.3

5.2

Singapore Airlines

C6L

13,221

11.180

-1.1

-0.1

4.8

14.0

City Developments

C09

11,603

12.760

-1.7

-2.7

2.2

34.7

Singapore Tech Engineering

S63

10,064

3.230

-0.9

-2.7

-0.9

-3.3

Singapore Exchange

S68

8,440

7.880

-1.5

-2.0

5.9

4.1

Ascendas REIT

A17U

7,595

2.630

-1.5

-1.5

-3.3

7.8

UOL Group

U14

7,334

8.710

-2.0

-1.7

-1.8

31.8

CapitaLand Mall Trust

C38U

7,093

2.000

-1.9

-1.5

-6.1

2.0

Venture Corp

V03

6,423

22.480

-1.1

-3.5

9.8

120.4

CapitaLand Commercial Trust

C61U

6,242

1.730

0.0

-2.8

-10.4

16.9

Sembcorp Industries

U96

6,085

3.410

-0.6

-3.9

12.5

9.6

SATS

S58

6,100

5.450

-1.1

0.6

4.8

4.6

Yangzijiang Shipbuilding

BS6

5,834

1.470

-3.2

-3.3

0.0

80.4

StarHub

CC3

4,790

2.770

-1.4

-1.8

-2.8

-1.1

Golden Agri-Resources

E5H

4,585

0.360

-2.6

-4.0

-2.7

-15.3

ComfortDelGro

C52

4,457

2.060

0.0

-3.7

4.0

-13.4

Hutchison Port Hldgs Trust*

NS8U

4,198

0.482

-1.2

-2.6

-13.1

-20.6

SPH

T39

4,127

2.580

-1.1

-2.6

-2.6

-26.1

Average:

 

 

 

-1.3

-2.3

-0.1

11.9

*SGD equivalents shown for Jardine Matheson Hldgs, Jardine Strategic Hldgs, Hongkong Land Holding, Hutchison Port Hldgs Trust traded in USD. Source: SGX StockFacts 7 Bloomberg (Data as 6 February 2018).

 

Name

SGX Code

Close Price 6 Feb 18*

3M High Price

3M High Date

3M Low Price

3M Low Date

GICS Sector

DBS Group Hldgs

D05

25.72

27.400

01/25/2018

22.610

11/06/2017

Financials

Jardine Matheson Hldgs*

J36

82.09

89.789

11/09/2017

78.742

01/05/2018

Industrials

Jardine Strategic Hldgs*

J37

50.89

58.915

11/08/2017

49.990

02/06/2018

Industrials

Singtel

Z74

3.42

3.769

11/07/2017

3.410

02/06/2018

Telco Services

Oversea-Chinese Bank Corp

O39

12.22

13.320

01/25/2018

11.450

11/16/2017

Financials

United Overseas Bank

U11

26.62

28.460

01/25/2018

24.690

11/06/2017

Financials

Thai Beverage PCL

Y92

0.90

0.985

11/28/2017

0.900

12/26/2017

Consumer Staples

Hongkong Land Hldgs*

H78

9.33

9.835

11/07/2017

9.202

12/22/2017

Real Estate

Wilmar International 

F34

3.05

3.400

11/07/2017

3.010

02/06/2018

Consumer Staples

Genting Singapore PLC

G13

1.27

1.410

01/24/2018

1.205

11/06/2017

Consumer Discr.

Jardine Cycle & Carriage

C07

38.41

41.470

12/14/2017

38.070

02/06/2018

Consumer Discr.

Keppel Corp

BN4

8.19

8.920

01/30/2018

7.090

12/26/2017

Industrials

CapitaLand

C31

3.61

3.880

01/30/2018

3.420

12/07/2017

Real Estate

Singapore Airlines

C6L

11.18

11.500

01/25/2018

10.280

11/06/2017

Industrials

City Developments

C09

12.76

13.600

01/18/2018

11.740

12/06/2017

Real Estate

Singapore Tech Engineering

S63

3.23

3.510

11/06/2017

3.160

12/20/2017

Industrials

Singapore Exchange

S68

7.88

8.500

01/23/2018

7.380

12/20/2017

Financials

Ascendas REIT

A17U

2.63

2.860

01/29/2018

2.580

02/06/2018

Real Estate

UOL Group

U14

8.71

9.380

01/15/2018

8.370

12/06/2017

Real Estate

CapitaLand Mall Trust

C38U

2.00

2.160

12/19/2017

1.950

02/06/2018

Real Estate

Venture Corp

V03

22.48

24.490

01/19/2018

19.660

12/07/2017

Information Technology

CapitaLand Commercial Trust

C61U

1.73

2.050

01/05/2018

1.690

02/06/2018

Real Estate

Sembcorp Industries

U96

3.41

3.600

02/02/2018

2.980

12/07/2017

Industrials

SATS

S58

5.45

5.850

01/19/2018

4.710

11/06/2017

Industrials

Yangzijiang Shipbuilding

BS6

1.47

1.740

11/17/2017

1.430

02/06/2018

Industrials

StarHub

CC3

2.77

2.990

01/24/2018

2.700

11/08/2017

Telco Services

Golden Agri-Resources

E5H

0.36

0.410

11/10/2017

0.360

02/06/2018

Consumer Staples

ComfortDelGro

C52

2.06

2.180

01/23/2018

1.890

12/18/2017

Industrials

Hutchison Port Hldgs Trust*

NS8U

0.48

0.573

11/06/2017

0.468

02/06/2018

Industrials

SPH

T39

2.58

2.790

01/04/2018

2.560

12/15/2017

Consumer Disc.

*SGD equivalents shown for Jardine Matheson Hldgs, Jardine Strategic Hldgs, Hongkong Land Holding, Hutchison Port Hldgs Trust traded in USD. Source: SGX StockFacts 7 Bloomberg (Data as 6 February 2018).


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