Manufacturing-related stocks kick off 2024 with $22m in net institutional inflows

Six stocks post net inflow for every five that booked net outflow.

The indicative iEdge SG Advanced Manufacturing Index posted $21.5m in net institutional inflows as well as diversified returns for the first seven weeks of the year, data from the Singapore Exchange showed.

The market update showed there more stocks in the index that booked net inflow compared to those posting net outflows in the past seven weeks, led by firms in the technology and healthcare sectors. Stocks in the consumer, energy and material, and resources sectors, however, suffered from net outflows at the start of the year.

Tech firm Venture Corp outperformed its peers in the list after booking the largest net inflow at $43m in the past seven weeks. The broad gush of institutional capital follows the forecasted steady recovery of Singapore’s manufacturing sector this year.

“Downside risks remain in the global economy, including escalation of geopolitical tensions, lagged effects of global monetary tightening and idiosyncratic cost shocks,” it cautioned.

Meanwhile, the latest data also showed returns of the 25 biggest stocks in the index ranged from a 31% drop for NIO and a 24% gain for Food Empire, although the majority are trading at P/B ratios that are at a discount from their five-year average.

With the broader manufacturing sector playing a key role in boosting Singapore’s GDP, the report showed stocks at the iEdge SG Advanced Manufacturing Index contributed about 18 cents to every dollar that has gone to work on the Singapore stock exchange market.

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