The Singapore Exchange S68 (SGX) Group has reported a total securities market turnover value of $19.7 billion for the month of October, 14.5% lower y-o-y but 14% higher m-o-m.
Securities market turnover value for equities on both the Mainboard and Catalist board fell on a y-o-y basis. On a m-o-m basis, however, securities market turnover value for Mainboard-listed equities rose, offsetting the dip in the securities market turnover value for Catalist-listed equities.
The securities market turnover value for exchange-traded funds (ETFs) fell by 2% y-o-y but rose by 46.8% m-o-m to $323 million. Concern over heightened conflict in the Middle East drove investors to safe-haven assets such as gold, with turnover in the SPDR Gold Shares ETF up 170% m-o-m. The iShares MSCI Asia ex-Japan Climate Action ETF, saw net creations since inception of $600 million through end-October.
Securities daily average value (SDAV) fell by 22.3% y-o-y but rose by 4% m-o-m to $897 million. The m-o-m increase stands in contrast to the declines across the rest of the Southeast Asian markets. According to SGX, the uncertainties over the path of global interest rates and concerns over China’s economic outlook spurred trading activity and risk management across multiple asset classes.
Derivatives daily average volume (DDAV) fell by 12.5% y-o-y and 0.5% m-o-m to 1.1 million contracts.
Index futures traded volume fell by 19% y-o-y but rose by 6% m-o-m to 12.4 million contracts. The m-o-m growth was led by volume traded in the SGX FTSE China A50 Index Futures. Trading activity grew during the golden week holidays in China. SGX FTSE Taiwan Index Futures traded volume gained 17% m-o-m in October to 1.5 million contracts, while SGX MSCI Singapore Index futures volume climbed 16% m-o-m to 1.2 million contracts.
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Trading activity for commodities remained robust due to an accelerating adoption among financial participants amid a growing iron ore market.
Benchmark iron ore derivatives volume increased 56% y-o-y to almost 4 million contracts while forward freight agreement (FFA) volume gained 58% y-o-y to 189,504 contracts.
Total commodity derivatives traded volume rose 57% y-o-y to 4.5 million contracts while petrochemicals volume more than doubled y-o-y to 7,185 contracts.
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Volume for the SGX SICOM Rubber futures, the global pricing bellwether for natural rubber, climbed 85% y-o-y to 257,900 contracts, as improving market fundamentals attracted more hedging and trading demand.
SGX’s total foreign exchange (forex) Futures traded rose by 1% y-o-y but fell by 20.4% m-o-m to 3.3 million contracts.
The volume of SGX USD/CNH Futures increased 33% y-o-y to 2.1 million contracts.
SGX INR/USD Futures volume fell by 33.5% y-o-y to 993,362 contracts amid subdued volatility in the Indian rupee. Month-end open interest in the contract remained strong, up 19% y-o-y and 5% m-o-m at a notional US$2.22 billion ($3.02 billion).
The turnover of structured warrants and daily leverage certificates (DLC) fell by 43.9% y-o-y but increased by 6% m-o-m to $625 million in October.
There were 46 new listings across DLCs, structured warrants and structured certificates, bringing the total number of outstanding products, listed on more than 60 underlying single stocks or indices, to a record high of 615.
On SGX Fixed Income, the amount issued from 93 new bond listings stood at $21.8 billion in October. Highlights included Industrial and Commercial Bank of China’s US$2.03 billion equivalent, four-tranche “Belt and Road Initiative” themed multi-currency green bond offering; the Korea Development Bank’s US$2 billion four-tranche bond offering; as well as Industrial Bank of Korea’s US$600 million gender-equality themed social bond.
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There were 22 trading days in October compared to September’s 20 trading days and October 2022’s 20 trading days. There were also a total of 637 listed securities compared to September’s 635 securities and October 2022’s 656 securities.
As at end-October, the benchmark Straits Times Index (STI) fell 4.7% m-o-m to 3,067.74 points.
Shares in SGX closed 2 cents higher or 0.21% up at $9.71 on Nov 10.
