Beyond the Banks: New Leaders Emerge in STI's Q1 2025 Rally
The $FTSE Singapore Straits Time Index (.STI.SG)$ took nearly two and a half years to oscillate from around the 3,000 mark in October 2022 to surpassing the 4,000 threshold in March 2025.
Finally, investors witnessed the STI achieve a 4.9% gain in the first quarter of 2025, reaching 3,972.43. Including dividend distributions, the total return rate increased to 5.3%, comparable to the returns in 2024.
On the last trading day of Q1 2025, the STI briefly broke through the 4,000-point mark, setting a new all-time high of 4,005.18 points.
In Q1 2025, 22 STI stocks rose while 8 declined. Compared to the top five performers among STI stocks in 2024, the three heavyweight banks - DBS, UOB, and OCBC - ranked eighth, fourteenth, and eighteenth respectively this quarter.
The chart below shows the top 5 STI companies with the strongest performance in Q1 2025. All data is as of 31 March 2025, sourced from SGX.
$ST Engineering (S63.SG)$ led the STI in Q1 2025 with a 46% increase. Analysts significantly upgraded the stock in Q1 2025, with the 12M consensus estimated target price rising 36% from S$5.02 to S$6.85. ST Engineering's order book currently stands at S$28.5 billion, with S$8.8 billion expected to be delivered in 2025. The stock's average daily trading volume (ADT) in Q1 2025 was more than double its 2024 level.
From an institutional net flow perspective, these 30 STI stocks recorded S$1.63 billion in net institutional outflows in Q1 2025, accounting for the largest share of the S$1.66 billion net institutional outflow in the entire Singapore stock market. Most of the institutional net outflows came from STI banks and S-REITs.
Investors are closely watching the outlook for Q2 2025. SGX analysts note that if current upside and downside market risks parallel broader economic risks, then stock performance in Q2 2025 will be influenced by downside risks, including geopolitical tensions, higher tariffs, weak growth in China, and a global resurgence of inflation. On the positive side, stronger growth in China, continued improvement in the tech cycle, and trade tensions weaker than expected all provide possibilities for potential positive developments.
Mooers, who do you think will lead Singapore's stock market trends in the second quarter of this year? Please leave your thoughts in the comments section~
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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