SGX daily average value dipped 18% to $1.1b in May

Total derivatives traded volume however surged 46% YoY to 24.2 million contracts.

Securities daily average value (SDAV) in the Singapore Exchange (SGX) fell 18% YoY but picked up at a faster pace at 5% MoM to $1.1b in May, according to an announcement. Meanwhile, market turnover value for structured warrants and daily leverage certificates crashed 42% YoY but climbed 56% MoM to $814m.

Total derivatives traded volume grew 46% YoY to 24.2 million contracts, as global investors managed overall Asian exposures and macro risks. SGX iron ore derivatives volumes surged 87% YoY, reaching 1.9 million contracts traded in May, whilst freight derivatives were up 54% YoY. Overall SGX commodity derivatives volume increased 78% YoY to over 2.2 million contracts.

Amidst market uncertainty, the month of May saw broad-based declines across most Asian equity indices. In Singapore, total securities market turnover value was up 5% MoM to $23.1b.

Against a backdrop of market volatility, defensive sectors like communication services, REITs and consumer staples were the top net buy sectors for institutional investors in May.

“Communication Services (+0.6% total returns) and REITs (+0.4%) were the only sectors with positive returns. Total share buyback consideration in May also hit a 9-month high, totalling $123.1m,” SGX noted.

For the first five months of 2019, IT was the best sector generating 18.2% in total returns, followed by REITs (13.9%), Utilities (12.5%) and Consumer Staples (+10.3%).

The report also noted that fundraising activities were high during the month, with four equity listings raising close to $1.5b. According to Dealogic, Eagle Hospitality Trust and ARA US Hospitality Trust were the third and fifth largest IPO in Asia ex-Japan in 2019 YTD.

In terms of debt fundraising, there were 39 bond listings raising $13.2b. SGX also welcomed the listing of a US$300m first-of-its-kind sustainability bond in Korea, issued by Mirae Asset Daewoo.

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