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SGX total securities market down by 25.3% y-o-y to $22.1 bil in February

Felicia Tan
Felicia Tan3/13/2023 07:13 PM GMT+08  • 3 min read
SGX total securities market down by 25.3% y-o-y to $22.1 bil in February
The total market capitalisation value of 648 listed companies stood at $824.3 million as at end-February. Photo: Albert Chua/The Edge Singapore
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During its monthly market statistics report for the month of February, the Singapore Exchange (SGX) Group S68 %

noted higher trading activity, especially in commodities and foreign exchange (forex). This was attributable to China’s reopening, which saw global institutional investors trading on the group’s multi-asset platform.

The total market securities turnover for the month of February fell by 25.3% y-o-y to $22.1 billion, according to the monthly market statistics released by the Singapore Exchange (SGX) Group on March 31.

February 2023 had a total number of 20 trading days, two days more than the 18 days in February 2022.

In cash equities, securities daily average value (SDAV) fell by 32.7% y-o-y to $1.1 billion.

According to SGX, retail turnover rebounded by 10% on a m-o-m basis, with over $811 million in net inflows across all stock segments and led by the constituents in the benchmark Straits Times Index (STI).

During the month, the value of exchange-traded funds (ETFs) fell by 28% y-o-y to $294 million.

See also: Markets at risk of more upheaval as banking uncertainty persists

Structured warrants fell by 3% y-o-y to $288 million.

Daily leveraged certificates (DLCs) increased by 72% y-o-y to $371 million.

On a m-o-m basis, the market turnover value of both structured warrants and DLCs grew by 58% amid “steady institutional trades”. Structured warrants and DLCs saw 33 new listings in the month, up by 43% m-o-m.

See also: Rolex, Patek Investments beat S&P gains over five years

Total derivatives traded volume rose by 7% y-o-y to about 20 million in February, which is the highest in three months.

Derivatives daily average volume (DDAV) fell by 5.5% y-o-y to 1.01 million.

In commodities, iron ore derivatives volume increased 53% y-o-y to about 3.1 million contracts, up 24% month-on-month (m-o-m), while forward freight agreements (FFA) volume climbed 13% m-o-m to 193,797 contracts.

SGX SICOM rubber futures saw volume rise by 26% y-o-y to 179,529 contracts.

In foreign exchange (forex), SGX USD/CNH Futures saw volume jump by 85% y-o-y to 1.5 million contracts. This was partly due to the lower number of trading days in the year before due to the Chinese New Year (CNY) period happening in February.

SGX INR/USD Futures volume increased 2% y-o-y to 1.2 million contracts, as the Indian rupee declined towards the second half of February.

Total forex futures volume climbed 39% y-o-y to 2.9 million contracts.

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On SGX equity derivatives, the SGX FTSE China A50 Index Futures saw traded volume increase by 5% y-o-y to 7.5 million contracts.

SGX MSCI Singapore Index Futures volume gained 7% y-o-y to 1.2 million contracts due to several factors including positive earnings from local banks.

The SGX MSCI Singapore contract saw T+1 overnight volumes accounting for 10% of February’s total, standing at a six-month high.

Total equity futures volume fell by 2% y-o-y to 13.1 million contracts.

On SGX fixed income, the amount issued from 149 new bond listings climbed to $34.1 billion in February. Highlights included Korea Development Bank’s US$2 billion ($2.69 billion) dual-tranche notes offering, Temasek’s EUR1.5 billion dual-tranche notes offering and Korea Housing Finance Corporation’s US$1.3 billion ($2.16 billion) dual-tranche social bonds.

As at end-February, the STI fell by 3.1% to 3,262.63. The total market capitalisation value of 648 listed companies stood at $824.3 million as at end-February.

Shares in SGX closed 18 cents lower or 2.04% down at $8.63 on March 13.

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