To The Moon

Between last Friday’s $Straits Times Index(STI.SI)$ close and Monday’s open, global conditions turned notably tighter, with the US Dollar Index moving back above 100 for the first time in two months, 10-year US Treasury yields rising about 10 basis points, Brent crude up around US$2 per barrel, and $E-mini Nasdaq 100 - main 2606(NQmain)$ futures down about 3.3%, reinforcing a more cautious and selective tone at the start of the week.

The STI declined 1.7%, with the iEdge Singapore Next 50 Index down 1.0% and the iEdge S-REIT Index lower by 0.7%, with institutions overall net sellers and retail net buyers. However, flows were not broad-based, with activity becoming more selective across sectors.

The global rotation pressures at the start of the week also saw overall net outflow to Singapore-listed ETFs, amid the broader risk-off conditions. However, as many as 35 ETFs recorded net inflows, amounting to around S$20 million, while the remaining 10 ETFs saw net outflows of S$41 million. Top inflows were led by $SS SPDR STI ETF(ES3.SI)$ at S$6 million, followed by $Amova STI ETF S$D(G3B.SI)$ and $Lion-OCBC Sec HSTECH S$(HST.SI)$ at S$2.8 million each, $Lion SG Phy Gold S$(GLS.SI)$ at S$2.3 million and $Amova-STC Asia REIT(CFA.SI)$ at S$1.6 million.

The next five ETFs booking net inflows were $Amova SGD IGBond ETF(MBH.SI)$ at S$0.9 million, $SPDR S&P 500 ETF Trust(SPY)$ at S$0.7 million, $LION-PHILLIP S-REIT(CLR.SI)$ at S$0.7 million, $Lion-OSPL APAC Fin S$(YLD.SI)$ at S$0.5 million and $Lion-OSPL Low Carbon S$(ESG.SI)$ at S$0.4 million, with overall net outflows masking broad-based inflows across the majority of ETFs.

Financials and Tech Led Yesterday's Institutional Net Inflows 

Across local stocks, selective institutional flow landscape emerged on Monday, with net inflows concentrated in two primary sectors even as most sectors booked net outflows. Financial Services and Technology (Hardware/Software) anchored the day’s positive net institutional flows, securing S$26 million and S$9 million respectively, reflecting targeted positioning rather than broad-based risk appetite.

Within Financial Services, net institutional inflows were led by $UOB(U11.SI)$ $OCBC Bank(O39.SI)$ $SGX(S68.SI)$, in addition to $YZJ Maritime(8YZ.SI)$ and $UOB Kay Hian(U10.SI)$ . This more than offset net outflow from DBS Group Holdings, that followed strong net inflow over the past week, and more than S$600 million net inflow in May.

Technology flows were similarly selective, with institutional demand focused on capex-linked and semiconductor-facing names including $UMS(558.SI)$ , $Venture(V03.SI)$ , $ISDN(I07.SI)$ , $PC Partner(PCT.SI)$ , $Frencken(E28.SI)$ , $Nanofilm(MZH.SI)$ and $AEM SGD(AWX.SI)$ , while notable outflows in $Addvalue Tech(A31.SI)$ and $CSE Global(544.SI)$ alongside broadly weaker price action across the sector, highlight both stock-level selectivity and a sector-level divergence in performance.

The 20 stocks that booked the highest net institutional inflow yesterday are tabled below. 
 

 The above table exemplifies the recent global institutional positioning in companies with clearer earnings visibility tied to the electronics and investment cycle. The flow pattern also aligns with a still resilient but tightening macro backdrop. Manufacturing conditions remain firm, supporting demand for electronics and capex-linked segments, even as input costs and margins come under pressure. At the same time, higher energy and shipping costs, alongside expected US tariff reinstatement in 2H26 and softer global demand, are reinforcing a more selective investment stance. For Financials, elevated system liquidity and cross-border flows remain supportive, underpinning balance sheet strength and margin resilience in a higher-rate environment. 

Singapore’s outlook remains one of moderating but still resilient growth, supported by firm manufacturing activity and capex demand, even as rising input costs and margin pressures are starting to weigh more broadly across sectors.

At the same time, higher energy and logistics costs, alongside renewed trade frictions, and softer global demand into 2H26, are tightening conditions reinforcing a more selective operating environment and, at times, more erratic investment conditions. 

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