Flows, Positioning and Sector Dispersion Across Singapore Equities in May Global equities edged higher in May, with US and European benchmarks firmer, while Asia remained mixed with clear dispersion across markets. Strength in North Asia was offset by softer trends in Southeast Asia and China‑related indices. Singapore equities traded in a range through much of the month, with the $Straits Times Index(STI.SI)$ finishing modestly higher, as gains in selected large caps were offset by more mixed performance across industrials and smaller capitalisation segments, with S-REIT Indices marginally softer over the period. The STI generated a 3.3% total return with around a quarter of that contributed by dividends. On 25 May, the benchmark also formed a