Between 31 December 2025 and 15 January 2026, the overall SGX universe of 558 stocks showed a mild upward bias. On average, prices across the full list rose about 2 per cent, but the median move sat around zero, which suggests that gains were uneven and driven by a subset of counters rather than a broad rally. The more actively traded stocks did noticeably better. The 93 most liquid names in the “Top value” and “Top volume” lists rose about 4 per cent on average, roughly three times the average gain of the less-traded counters. In other words, money flowed into liquid large and mid caps rather than illiquid small caps.
Sector-wise, the data points to clear rotation. Among all 558 stocks, Basic Materials, Real Estate, Industrials, Technology and Healthcare showed the strongest average price gains over the period. Within the liquid group, Real Estate stood out with average gains of more than 10 per cent, followed by Healthcare, Energy, Consumer Cyclical and Technology. In contrast, Consumer Defensive, Utilities and Communication Services lagged, with small average declines. This pattern suggests that investors have been willing to take a bit more risk in property, cyclicals and selected growth names, while trimming defensive positions like telcos, utilities and some consumer staples.
The top-30 list by average daily trading value remained very stable. Twenty-eight of the previous top-30 counters by value stayed in the top-30 on 15 January. Only two counters, Ultragreen AI (ULG.SI) and DFI Retail (D01.SI), slipped out of the top-30 value list, although DFI remained within the top-60. Two new names, UMS (558.SI) and Frencken (E28.SI), climbed into the top-30 by trading value. This change, together with higher traded value in AEM (AWX.SI), points to fresh interest in semiconductor-related counters. On the volume side, most of the heavy-traded names also remained in place, with a handful of smaller, more speculative counters rotating in and out.
The three local banks continued to act as a steady anchor. DBS (D05.SI), UOB (U11.SI) and OCBC (O39.SI) rose about 3 to 4½ per cent over the period, with modest increases in both average trading value and volume. UOB currently trades on roughly a low double-digit price-to-earnings multiple, with an earnings yield close to 10 per cent and a forward dividend yield around 4½ per cent, while OCBC and DBS sit on mid-teens earnings multiples with forward yields around 4 to 5 per cent. Balance sheets remain strong, with modest or negative net debt-to-equity numbers. From the data alone, the banks still look reasonably priced for income investors, although each stock already trades closer to its 52-week highs than its lows. Further upside in the coming weeks would probably depend on continued confidence in the interest rate path and credit quality.
Property-related counters saw a strong resurgence. Hongkong Land (H78.SI), City Developments (C09.SI), UOL (U14.SI), CapitaLand Investment (9CI.SI) and PropNex (OYY.SI) all posted double-digit gains between 31 December and 15 January, with a sharp pickup in trading activity. CapitaLand Investment now trades at a higher earnings multiple but shows a positive free cash flow yield to market capitalisation and a forward dividend yield slightly above 4 per cent, supported by a moderate net debt-to-equity ratio. PropNex also shows decent cash generation and runs with a net cash position, though it now trades further above its 52-week low after a near 15 per cent rise. These property and property-service names may continue to do well if sentiment on the Singapore and regional property market stays constructive and if interest rate expectations remain benign, but after a strong two-week run, short-term consolidation would not be surprising.
Selected cyclicals and energy names also attracted capital. Seatrium (5E2.SI) gained about 6 per cent over the period, with both average daily value and volume rising more than 10 per cent. On this snapshot, Seatrium still looks expensive on a standard price-to-earnings view, but it shows a strong free cash flow yield to market capitalisation of around 10 per cent, with only moderate leverage and a small forward dividend yield below 1 per cent. This profile suits investors who are comfortable with project-cycle volatility and who prioritise free cash flow over headline dividends. In the plantation space, First Resources (EB5.SI) stands out as a contrarian idea. The counter fell about 6 per cent in the period, but it trades on a single-digit earnings multiple, with an earnings yield above 12 per cent and a forward dividend yield around 5 to 6 per cent. Its free cash flow reading in this short window is soft, and leverage is moderate, so any recovery would likely depend on palm oil prices and supply-demand dynamics rather than pure valuation.
Technology and semiconductor-related counters show early signs of renewed interest. Frencken (E28.SI), AEM (AWX.SI) and UMS (558.SI) all moved up the liquidity rankings, with Frencken and UMS entering the top-30 by trading value. Frencken rose about 17 per cent in the two-week period, with trading value and volume up more than 50 per cent. It trades on a high-teens price-to-earnings multiple, with a mid-single-digit earnings yield, positive free cash flow yield and a small dividend yield of below 2 per cent, plus a slight net cash position. AEM has also rallied strongly with increased turnover, but it trades on a much richer earnings multiple above 40 times in this snapshot and does not yet show a strong free cash flow yield; it is more of a pure growth and recovery story. UMS offers a mid-20s earnings multiple with a modest dividend yield above 2 per cent and a small net cash balance, but its free cash flow to market capitalisation is currently slightly negative. Based on the data, these semiconductor names appear to be in the early stages of a sentiment and liquidity recovery, which could extend if the global chip cycle and AI-related demand remain supportive, but their higher valuations also mean that price swings can be large in both directions.
Outside the banks and growth names, a few yield-oriented counters show a more balanced mix of income and cash flow. Riverstone (AP4.SI) offers a mid-teens earnings multiple, an earnings yield above 5 per cent, a very strong free cash flow yield in the low-teens range and a forward dividend yield around 5½ per cent, all supported by a clear net cash position. Singapore Exchange (S68.SI) and SIA Engineering (S59.SI) both carry higher earnings multiples in the mid-20s to high-20s range, with moderate dividend yields of 2 to 3 per cent and positive free cash flow yields, backed by net cash. In this short period, SGX rose about 4 per cent, while SIA Engineering slipped slightly despite improved liquidity. From the numbers alone, these three names look more like steady compounders and income plays rather than short-term trading ideas, though Riverstone’s combination of strong free cash flow and higher yield may draw attention from investors looking for defensive cash-rich businesses.
On balance, the data from 31 December 2025 to 15 January 2026 points to a market that is quietly constructive but selective. Liquidity has chased banks, property, semiconductors and selected cyclicals, while more defensive sectors have lagged. For investors thinking about what may rise in the coming weeks, the screens from these files point towards three broad groups: core financials such as the three local banks; property-linked names like CapitaLand Investment, City Developments, UOL and PropNex which have just enjoyed a strong leg higher; and selective cash-generative cyclicals and tech counters such as Seatrium and Riverstone, with semiconductor names like Frencken, AEM and UMS as higher-beta plays. However, this analysis relies only on two points in time and on derived metrics from market data. It does not substitute for proper work on earnings outlook, order books, regulatory risk or macro conditions. Any “may rise” comment here should be treated as an initial screen, not as a prediction or a recommendation to buy.
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