1H26 SMID Turnover Growth Outpaced Market Returns
1H26 SMID Participation Growth Outpaced Share Price Gains
The 240 Singapore small and mid-cap (SMID) stocks with market capitalisations ranging from S$100 million to S$10 billion as of 30 June generated a S$696 million average daily turnover (ADT) run rate in 1H26.
SMIDs listed prior to the past 12 months accounted for S$663 million of average daily turnover, while the IPO and secondary fundraising cohort over the past 12 months contributed the balance from their respective listing and fundraising dates.
Trading activity strengthened across three consecutive half-year periods. ADT for constituents already listed prior to the past 12 months increased from S$362 million in 1H25 to S$459 million in 2H25 and S$663 million in 1H26.
The increase in trading activity exceeded the pace of share price appreciation over the same period. ADT for SMIDs listed prior to the past 12 months increased 83% between 1H25 and 1H26, pointing to stronger investor participation and deeper liquidity rather than solely higher share prices.
$AEM SGD(AWX.SI)$ exemplified this trend. The stock generated a 519% total return in 1H26, comprising a 518% share price gain and a S$0.013 dividend. While its share price increased from S$1.72 to S$10.63 over the period, its average daily trading volume also increased from 2.9 million shares in 1H25 to 3.8 million shares in 2H25 and 6.6 million shares in 1H26, according to Bloomberg. This provides an example of trading activity expanding alongside rising valuations.
The IPO and new secondary listing cohort over the past 12 months included $Info-Tech(ITS.SI)$ , $Lum Chang(L19.SI)$ , $Cent Accom REIT(8C8U.SI)$ , $CONCORD NE(SEG.SI)$ , China Medical System Hldgs, $Soon Hock(SHE.SI)$ , $Infinity Dev(ZBA.SI)$ , $AvePoint(AVP.SI)$ $NTT DC REIT USD(NTDU.SI)$ , $YZJ Shipbldg SGD(BS6.SI)$ , $JustCo(JCO.SI)$ , $ULTRAGREEN AI SGD(UGS.SI)$ , $METAOPTICS LTD(9MT.SI)$ , $Toku Ltd(TKU.SI)$ , $Coliwoo Hldgs(W8W.SI)$ and $UIBREIT(UIBU.SI)$ . These new listings saw combined ADT run rates of S$41 million in 2H25 and S$33 million in 1H26.
Technology Attracts S$560 Million of SMID Institutional Inflows
Institutional buying was selective in 1H26. Across the 240 SMIDs, the 37 S-REITs booked net institutional outflow in 1H26 as global rate outlooks turned more hawkish. The remaining 203 SMIDs booked S$473 million in net institutional inflow in 1H26, with the 24 SMIDs representing the technology sector booking S$560 million in net institutional inflow.
Technology and industrial stocks dominated the 40 companies with the highest net institutional inflow relative to market capitalisation, reflecting investor preference for semiconductor, engineering, aviation, infrastructure, and digitalisation-related exposures.
The strongest net institutional inflows relative to market capitalisation in 1H26 were recorded by $AEM SGD(AWX.SI)$ , $Info-Tech(ITS.SI)$ , $Frencken(E28.SI)$ , $ISDN(I07.SI)$ , $Beng Kuang(BEZ.SI)$ , $Aoxin Q & M(1D4.SI)$ and $Nanofilm(MZH.SI)$ . In absolute dollar terms, institutional inflows were led by $AEM SGD(AWX.SI)$ , $SATS(S58.SI)$ , $Frencken(E28.SI)$ , $UOB Kay Hian(U10.SI)$ , $UMS(558.SI)$ and $PC Partner(PCT.SI)$ .
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