First Half of 2023: Top 10 SG Stock & Best Performing Sectors

The first half of 2023 brought both ups and downs for Singapore's stock market, as reflected in the closing figures of the $Straits Times Index(STI.SI)$ and the performance of individual stocks. While the STI closed at 3,205.91 points, down 1.63% from the previous quarter, several Singaporean stocks showed remarkable growth.

Top 10 SG Stocks

During the first half of 2023, three Singaporean stocks stood out for their impressive performance.

$TJ DaRenTang(T14.SI)$ emerged as the best performer, recording a significant growth of 95.13%. $SEMBCORP INDUSTRIES LTD(U96.SI)$ followed closely with a gain of 73.31%, while $KEPPEL CORPORATION LIMITED(BN4.SI)$ experienced a notable increase of 45.97%.

Apart from the top performers, several other Singaporean companies experienced noteworthy gains since the beginning of 2023. $SINGAPORE AIRLINES LTD(C6L.SI)$, $ $JARDINE CYCLE & CARRIAGE LTD(C07.SI)$, $KEPPEL DC REIT(AJBU.SI)$, $YANGZIJIANG SHIPBLDG HLDGS LTD(BS6.SI)$, $Cromwell Reit SGD(CWCU.SI)$, $SINGAPORE TECH ENGINEERING LTD(S63.SI)$ and $FRASERS LOGISTICS & IND TRUST(BUOU.SI)$ surged by at least 10 points.

For more details: Mid-Year Recap | Top 10 Stocks in Singapore: Sembcorp, Keppel, SIA and More

SG Best Performing Sectors

The first half of 2023 has witnessed impressive growth in several sectors within the Singaporean stock market. Beyond individual stock performances, specific industries have stood out for their robust gains. From multi-utilities to pharmaceuticals, these sectors have experienced notable growth and attracted investor attention.

Utilities Industry:

The multi-utilities sector has emerged as one of the best performers in Singapore's stock market during the first half of 2023 with 59.24%.

Companies operating in this sector like $SEMBCORP INDUSTRIES LTD(U96.SI)$ and $SIIC ENVIRONMENT HOLDINGS LTD.(BHK.SI)$, which include providers of gas, water, and electricity services, have experienced significant growth. This success can be attributed to factors such as stable demand, efficient operations, and favorable regulatory frameworks that support the sector's growth prospects.

The utilities industry, encompassing companies involved in electricity generation, transmission, and distribution, has also demonstrated strong performance. The sector has benefited from a steady demand for electricity, driven by Singapore's economic growth and increasing energy needs. Additionally, efforts to enhance energy efficiency and sustainability have contributed to the positive sentiment surrounding utility stocks.

Iron & Steel:

The iron & steel sector has experienced remarkable growth during the first half of 2023 by 39.94%. This can be attributed to a combination of factors like $SouthernAlliance(QNS.SI)$ and $ANNAIK LIMITED(A52.SI)$, including robust global demand for steel, favorable commodity prices, and increased infrastructure projects both domestically and regionally. These factors have provided a conducive environment for iron & steel companies, resulting in their strong market performance.

Cargo Ground Transportation:

The cargo ground transportation sector has also witnessed notable gains in Singapore, rising 36.65%, like $LHN Logistics(GIH.SI)$ jumped 68.45% since YTD. With the rise of e-commerce and the increasing need for efficient logistics and supply chain management, companies in this sector have benefited from growing demand for their services. The sector's performance reflects the importance of efficient transportation networks and logistics infrastructure in supporting Singapore's vibrant trade ecosystem.

Environment & Facilities Services:

The environment & facilities services sector has experienced significant growth, driven by increasing awareness and initiatives related to sustainability and environmental conservation. It surged 33.73% since YTD.

$LEADER ENVIRONMENTAL TECH LTD(LS9.SI)$ and $UNION STEEL HOLDINGS LIMITED(BLA.SI)$ are mainly offering waste management, recycling, and facility management services have capitalized on the demand for sustainable practices and have been rewarded with positive market performance.

Airline Industry:

Despite the challenges posed by the pandemic, the airline industry in Singapore has shown resilience and strong performance. It rose 33.73% in the past six months. $SINGAPORE AIRLINES LTD(C6L.SI)$ lead the sector by 29.29%.

With the gradual recovery of global travel, easing of travel restrictions, and effective cost management strategies, airline companies have been able to regain investor confidence. The sector's performance reflects optimism surrounding the rebound of the travel industry.