Singapore Net Fund Inflows in 3Q22 Led by Banks

• The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the quarter. During the quarter, the trio saw S$969 million of combined net fund inflows with the net fund inflows to DBS and OCBC more than offsetting the net fund outflows booked by UOB.
• Globally, Banks stocks saw less than one-third of the declines of REITs, as the hawkish tone on US interest rates notched higher and the outlook for global growth weakened. This coincided with the S-REIT Sector seeing the most net fund outflows of the Singapore sectors in 3Q22.
• The Sectors that saw the next highest net fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals. This was mostly driven by Singtel, while StarHub also booked net fund inflows. Consumer Cyclical stocks that saw the most net fund inflows over the quarter included Genting Singapore, Jardine C&C and The Hour Glass.   

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