‘Punching above their weight’: The most traded small and mid-caps on SGX this year
22 non-big-cap stocks rank among 100 most traded, driven by industrials, technology and energy sectors
[SINGAPORE] While large-cap stocks typically dominate liquidity rankings, small and mid-cap (SMID) companies are breaking through on the Singapore Exchange (SGX).
This year, 22 stocks ranking outside the top 100 by market capitalisation have secured spots among the 100 most traded stocks.
“These non-big-cap names are punching above their weight in liquidity and investor attention,” said an SGX report on Oct 22.
Together, these 22 stocks represent a combined market capitalisation of S$8.15 billion, yet they have generated a combined average daily turnover (ADT) of S$42.9 million in the year to Oct 21.
The table below shows the top 10 out of the 22 stocks by year-to-date turnover:
“These trends underscore that liquidity leadership is not limited to large-cap stocks, as smaller names are increasingly attracting institutional flows and active trading,” said the report.
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Catalist-listed ISOTeam, for example, has a market capitalisation of S$64 million, ranking it only within the largest 300, but its ADT of S$678,789 places it among the top 100 most traded.
Sector-specific momentum
The concentration of these liquid, non-large-cap stocks is skewed towards the industrials, technology and energy sectors. Some of the stocks include AEM, Frencken, Wee Hur and CNMC Goldmine.
“Industrials, technology and energy make up nearly 80 per cent of the group of 20+ stocks, despite representing less than 40 per cent of all SGX listings,” said the report.
This trend mirrors global economic drivers, the SGX report stated. Industrials are benefiting from infrastructure demand and efforts to strengthen supply chains. Technology is being accelerated by widespread artificial intelligence (AI) adoption, and the energy sector is continuing its pivot towards renewables amid energy security concerns and regionalisation.
Within this group, several names have shown a significant percentage surge in trading activity. CNMC Goldmine, Oiltek International, Parkson Retail Asia and LHN rank among the top five for growth in trading turnover, both in H2 2025 versus H1 2025, and in 2025 compared with 2024.
Institutional interest and MAS tailwinds
The 22 stocks booked a combined net institutional inflow of S$132.35 million in the 2025 year to Oct 21.
Leading the pack was CSE Global, which saw the most net institutional inflow at S$32.1 million. It was followed by Geo Energy Resources (S$28.37 million) and Wee Hur Holdings (S$26.75 million).
This surge in institutional interest aligns directly with a broader, deliberate push by the Monetary Authority of Singapore (MAS) to revitalise the SMID cap segment.
On Jul 21, MAS announced it will inject S$5 billion into Singapore equities through its Equity Market Development Plan.
The first S$1.1 billion tranche was allocated to Fullerton Fund Management, JP Morgan Asset Management and Avanda Investment Management. The fund strategies were designed to improve liquidity and broaden participation in Singapore equities, with significant allocation to small and mid-cap stocks.
Outlook clouded by trade policy
Looking ahead, the ability of these non-large-cap industrials and technology sectors to maintain their dominance in ADT rankings will hinge on the impact of persistent trade policy uncertainty, the SGX report stated.
Further escalation of protectionist measures, such as tariffs, could disrupt supply chains and stifle investment.
Still, the establishment of new, clearer multilateral trade agreements, combined with AI-driven productivity gains, could quickly lift global output and trade, further benefiting these active smaller-cap names.
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