Aoxin Q&M, PC Partner and First REIT Lead SGX Spread Improvements

This report details 30 of the most actively traded stocks in the year to 20 October that recorded five-session average bid-offer spreads below the corresponding measures observed three months earlier (20 July), six months earlier (20 April) and 12 months earlier (20 October 2025).

While many SGX-listed stocks recorded narrower spreads at one of these comparison points, these 30 stocks maintained spreads below all three historical reference levels. Narrower bid-offer spreads can reduce transaction costs and improve trading efficiency, making it easier for investors to enter and exit positions.

The 30 stocks include several of the market's more actively traded counters, including $DBS(D05.SI)$ $YZJ Shipbldg SGD(BS6.SI)$ $CSE Global(544.SI)$ $JMSEA(C07.SI)$ $PC Partner(PCT.SI)$ $IX Biopharma(42C.SI)$ $Haw Par(H02.SI)$ $CapLand India T(CY6U.SI)$ $YZJ Fin Hldg(YF8.SI)$ $Aoxin Q & M(1D4.SI)$. As of 20 October, their ADT ranged from S$4.8 million to S$320.9 million.

DBS Group Holdings recorded a five-session average bid-offer spread of 1.8 basis points, compared with 2.5 basis points 12 months earlier, while Yangzijiang Shipbuilding's spread narrowed to 21.0 basis points from 31.5 basis points. CSE Global's spread of 62.7 basis points was also below the corresponding 74.5, 76.0 and 86.8 basis point readings observed 12, 6 and 3 months earlier, respectively.

The five-session average bid-offer spread is the average of each trading session's time-weighted average bid-offer spread over the preceding five trading sessions, expressed in basis points. Time weighting assigns greater weight to spreads quoted for longer durations. Each observation therefore represents a five-session window ending on the stated reference date rather than the full period between reference dates. As such, the comparisons indicate narrower spreads across the sampled periods rather than a continuous improvement over the intervening months.

The table below lists the 30 stocks whose five-session average bid-offer spreads as of 20 October were below all three historical reference readings, together with their ADT and 12-month spread changes.

Aoxin Q & M Dental Group and PC Partner Group also recorded higher year-to-date ADT than at the corresponding 20 October 2025 observation, while First REIT recorded lower year-to-date ADT despite the narrower spread. More broadly, 25 of the 30 stocks recorded higher year-to-date ADT, while five recorded lower year-to-date ADT.

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