Manufacturing stocks lodge weakest January performance since 2016

The iEdge SG Adv Manufacturing Index recorded a 6.4% decline.

January marked the weakest performance of the iEdge SG Adv Manufacturing Index since 2016.

Data from SGX showed that the index recorded a 6.4% decline.

The weak performance of manufacturing stocks coincides with the 5.7% MoM decline in Singapore's January industrial production.

"Since the end of January, that cautious positive business sentiment has seen the iEdge SG Adv Manufacturing Index add a marginal 1.1%. The Index is diversified across multiple sectors, and whilst in the red for the 2024 year through to 26 Feb, its broad base of constituents has comprised two gainers for every three decliners," SGX reported.

"For the 2024 year to 26 February, similar net institutional inflows to the Industrials and Technology segments of the iEdge SG Adv Manufacturing Index have seen the index book overall net institutional inflow of $18m, whilst the rest of the Singapore stock market has booked more than $800m of net institutional outflow," SGX reported.

The three index constituents of the industrial sector that have booked the highest net institutional inflow as of 26 February were Yangzijiang Shipbuilding Holdings, Singapore Technologies Engineering, and SATS.

Meanwhile, the three constituents of the Technology Sector that have booked the highest net institutional inflow were Venture Corporation, Frencken Group, and UMS Holdings.

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