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SGX Reports Market Statistics For May 2021

Date 11/06/2021

  • Economic optimism bolsters derivatives demand
  • Singapore stock market continues to outpace global benchmark

Singapore Exchange (SGX) today released its market statistics for May 2021. Optimism of a sustained economic recovery from the global health crisis bolstered derivatives demand, while cash equities were actively traded even as inflation concerns moderated gains.

Derivatives traded volume on SGX rose 6% year-on-year (y-o-y) to 18.1 million contracts in May. SGX’s suite of pan-Asia benchmark equity derivatives climbed 8% y-o-y to 13 million contracts. SGX FTSE China A50 Index Futures increased 13% y-o-y to 6.9 million while SGX FTSE Taiwan Index Futures, launched in July 2020, advanced 28% month-on-month (m-o-m) to a four-month high of 1.8 million. SGX MSCI Singapore Index Futures added 24% y-o-y to over 1 million contracts.

Total foreign exchange (FX) traded volume on SGX increased 2% y-o-y to 2 million contracts in May. China’s economic rebound buoyed institutional demand to risk-manage the renminbi (RMB), with SGX USD/CNH Futures climbing 20% y-o-y to 869,101 contracts. Month-end open interest in the contract, the world’s most widely traded international RMB futures, jumped almost 32% y-o-y to US$9.6 billion.

A recovery in the Indian stock market boosted the rupee’s performance through May, with month-end open interest in SGX INR/USD Futures reaching US$1.9 billion, a gain of 107% m-o-m and 3.9% y-o-y. During the month, SGX introduced its USD/INR (USD) Option contract, following a successful launch of the USD/INR (USD) Futures in November 2020. Both contracts are designed to meet the needs of OTC institutional participants. Separately, SGX USD/SGD (Full-Sized) Futures set a new monthly cumulative T-session volume record of 29,959 contracts or US$3 billion.

Strong Risk-Management Activity

Total commodity volume on SGX rose 8% m-o-m to 2.3 million contracts in May as elevated price volatility spurred hedging demand. SGX’s pioneering iron ore derivatives climbed 13% m-o-m to about 2 million contracts, with record iron ore prices and volatile steel mill margins driving strong risk-management activity. Bellwether 62% Fe Fines iron ore volume increased 14% m-o-m while activity grew 17% m-o-m for the greener, higher-grade 65% Fe Fines contract.

Supply-chain tightness across dry bulks continued to underpin demand for freight derivatives in May, as forward freight agreement (FFA) volume on SGX surged 112% y-o-y to 147,717 contracts. SGX’s unrivalled offering enables market participants to manage bulk cargo and freight risks on a single liquid and capital-efficient platform.

STI Outpaces Global Benchmark

Securities market turnover value on SGX increased 12% y-o-y to S$30.3 billion in May, while securities daily average value (SDAV) climbed 6% y-o-y to S$1.6 billion. The benchmark Straits Times Index (STI) slid 1.7% for the month to 3,164.28. While this ended a six-month streak of gains, the STI continued to outpace the FTSE All World Index on a year-to-date basis, generating a total return of more than 13%.

The market turnover value of exchange-traded funds (ETF) rose 28% y-o-y to S$386 million in May.

During the month, the SGX Mainboard welcomed the secondary listing of Sri Trang Gloves (Thailand) Public Company Limited, one of the world’s largest glove manufacturers. SGX-listed companies continued to tap the equity capital markets with secondary funds raised of S$527 million. The amount issued from 59 bond listings on the exchange, Asia’s leading international bond marketplace, increased 45% y-o-y to S$24.1 billion.

The full market statistics report can be found here.