Mid-cap trading surges 35% in Q1 2025

Mid-cap stocks attracted $71m in net institutional inflows YtD.

Trading activity in Singapore’s mid-cap stocks surged in the first quarter of 2025, with average daily turnover (ADT) rising 35% to $67m, up from S$50 million in 2024, according to SGX.

Mid-cap stocks, defined as those with a market capitalisation between $1b and $3b, attracted $71m in net institutional inflows YtD. In contrast, the broader market recorded $1.4b in net institutional outflows.

Amongst the top-performing stocks, Yangzijiang Financial Holding (YZJ Financial) saw the greatest increase in trading activity, with its ADT jumping from $2.4m in 2024 to $14.1m in 2025.

The stock also posted a 61% gain in share price and recorded $94.3m in net institutional inflows, the highest in the segment. Other stocks with notable trading volume increases included UOB Kay Hian Holdings and Frasers Hospitality Trust.

The mid-cap segment also maintained an average Return on Equity (ROE) of 6.7%, with Sheng Siong, StarHub, and CapitaLand India Trust leading in profitability. Sheng Siong, in particular, retained a 26.7% ROE, supported by 4.5% revenue growth in FY24, driven by new store openings and increased same-store sales.

Real estate and financial services stocks continued to attract strong investor interest, with Frasers Hospitality Trust seeing its ADT climb to $1.33m from $400,000 in 2024. Meanwhile, ParkwayLife REIT and Paragon REIT also recorded positive trading trends.

As Singapore’s mid-cap stocks posted a 2% total return in 1Q25, following a 15% total return in 2024, analysts suggest that investor interest in financial services, technology, and REITs is likely to persist throughout the year.

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