iEdge Next 50 Liquidity: Where Technology Is Gaining Weight

With a 9.7% total return in the 2026 year through to the April 16 AM trading session, the iEdge Singapore Next 50 Liquidity Weighted Index has edged ahead of the STI 8.9% total return, reflecting the latter’s sustained trading activity, rather than size, driving index leadership.Technology is becoming structurally significant within the index. Technology stocks now account for around one‑fifth of total weight, led by UMS Integration and iFAST Corporation, which currently sit at the top end of the liquidity‑weighted ranking.The 50 constituents of the iEdge Singapore Next 50 Liquidity Weighted Index have recorded average daily turnover of S$275 million in the 2026 year to 15 April, up 43% from 2025 levels, alongside an expansion in median price‑to‑book from 1.05x a year ago, to 1.23x at present. iEdge Next 50: Liquidity Brings Technology to the ForeThe iEdge Singapore Next 50 Liquidity Weighted Index has delivered a 9.7% total return in the 2026 year through to the 16 April AM session, marginally ahead of the 8.9% year to date return of the STI. A key distinction lies in index composition. The two largest weights in the liquidity weighted index sit on different parts of the technology and digital economy, with UMS Integration and iFAST Corporation currently carrying weights of 5.6% and 5.0%, respectively. Frencken Group ranks as the sixth largest constituent at 4.6%. In aggregate, four technology stocks now account for 19% of the index.iEdge Next 50 Liquidity Index with Weights as of April 16CodeWeight %YTD ADT S$M2025 ADT S$MYTD TR %YTD NIF S$MYTD NRFS$M P/B (x)Y-1 P/B (x) UMS5585.617.75.657.664.4-82.73.72.4IFASTAIY5.017.811.00.4-80.397.17.37.3FrenckenE284.615.54.679.757.2-95.12.21.2CSE Global5443.310.23.633.0-0.5-17.23.42.6Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, NRF refers to Net Retail Flow, TR refers to Total Return. Sources: SGX Data as of April 15, 2026. As detailed in the table above, these four constituents have generated an average 43% total return since 2025, alongside a 2.5x increase in average daily turnover (ADT) versus 2025 levels. As a result, technology has emerged as the second largest sector exposure within the index, behind REITs. Adjacent to the technology segment, NetLink NBN Trust, NTT DC REIT, Digital Core REIT, and StarHub together represent a further 6% of the index by weight.By weighting constituents on six-month median traded value rather than market capitalisation, subject to a 5% cap, the iEdge Singapore Next 50 Liquidity Weighted Index increasingly reflects where sustained participation and repeat liquidity are presently forming across the mid cap universe.The 50 constituents of the iEdge Singapore Next 50 Liquidity Weighted Index have recorded average daily turnover of S$275 million in the 2026 year to 15 April, up 43% from 2025 levels. Median price‑to‑book has expanded from 1.05x a year ago, to 1.23x at present. Over the past 16 weeks, more than 100 research reports relevant to Next 50 Index constituents have been published, the majority facilitated by GEMS Research participants, and available here.Full Index methodology is available here, with code SGN50LN Index in Bloomberg.Digital and Technology Economy: OutlookThe near‑term outlook for Singapore’s digital and technology‑enabled economy remains structurally supported, albeit with tighter execution thresholds. MTI data continue to show manufacturing and modern services anchored by electronics, semiconductors, and precision engineering, reflecting Singapore’s position within regional technology supply chains. The IMF has similarly highlighted technology‑related investment as a persistent tailwind for economies embedded in global value chains, even as geopolitical risk and cost pressures rise. In this environment, growth in the digital economy is increasingly shaped by deployment, integration, and utilisation rather than frontier innovation alone. Activity is therefore concentrating in areas linked to data centre infrastructure, automation, AI‑enabled manufacturing, digital services, and enterprise platforms where scale, reliability, and cross‑border connectivity matter. The implication is not slower digital growth, but a shift towards more capital‑intensive, execution‑led expansion that favours economies able to combine technology, financing, and operational coordination. How Weights Can Diverge in the Liquidity Weighted Next 50Differences in index weights between the standard iEdge Singapore Next 50 and the liquidity weighted version reflect how capital is engaging with stocks rather than how large they are on paper. In the free float market capitalisation index, weights are driven primarily by size, which favours companies with larger equity bases regardless of trading intensity. In the liquidity weighted index, weights are instead set by six-month median traded value, subject to caps. Stocks that trade consistently and in size can therefore carry meaningfully higher weights than their market capitalisation would imply, while larger but less actively traded names are scaled down. Where a stock shows sustained turnover, strong traded velocity and repeat participation, its index presence rises accordingly. The result is that the liquidity weighted Next 50 tends to surface where attention is concentrated, rather than where capitalisation alone would suggest it should be. UMS Integration exemplifies this dynamic. While its weight in the market capitalisation version of the Next 50 is constrained by size at 2.4%, its much higher 5.6% weight in the liquidity weighted index reflects sustained traded value and repeat participation rather than headline market capitalisation alone. This week UMS Integration maintained its positioning for the AI‑driven semiconductor upcycle, having invested over S$155 million in expanded and upgraded manufacturing capacity over the past four years to support next‑generation equipment, advanced packaging requirements, and multiple new product introductions from key customers.A similar Index weightage pattern is evident at Frencken Group, which presently carries a 4.6% weight in the liquidity weighted index, roughly three times its 1.5% weight in the standard Next 50 Index. Real estate assets still anchor the index, but the marginal driver has shifted. REITs remain the largest sector by weight, providing balance‑sheet stability and cash‑flow backing, while technology and digital infrastructure exposures increasingly shape liquidity growth. The 50 iEdge Singapore Next 50 Liquidity Weighted Index constituents and their weights going into the April 16 session are tabled below. iEdge Next 50 Liquidity Weighted Index with Weights as of April 16CodeWgt %YTD ADT S$M2025 ADT S$MYTD TR %YTD NIF S$MYTD NRFS$M P/B (x)Y-1 P/B (x) SectorUMS5585.617.75.657.664.4-82.73.72.4Technology (Hardware/ Software)IFASTAIY5.017.811.00.4-80.397.17.37.3Technology (Hardware/ Software)Suntec ReitT82U4.920.47.77.13.5-28.10.70.7REITsComfortDelGroC524.714.715.00.020.916.81.21.2IndustrialsKeppel ReitK71U4.715.68.0-5.3-30.048.90.70.8REITsFrenckenE284.615.54.679.757.2-95.12.21.2Technology (Hardware/ Software)YZJ Fin HldgYF84.66.714.4-30.0-84.590.90.60.8Financial ServicesLendlease ReitJYEU4.510.64.7-6.2-34.436.80.60.6REITsSheng SiongOV84.511.35.316.3-7.423.97.86.7Consumer Non-CyclicalsYZJ Maritime8YZ3.85.99.610.5-24.523.51.21.0Financial ServicesCSE Global5443.310.23.633.0-0.5-17.23.42.6Technology (Hardware/ Software)NetLink NBN TrCJLU3.15.84.54.75.5-10.41.71.4TelecommunicationsCapLand Ascott THMN2.76.55.6-1.2-17.24.30.80.8REITsNTT DC REIT USDNTDU2.64.98.8-7.0-18.821.7N/AN/AREITsCent Accom REIT8C8U2.65.97.35.210.35.2N/AN/AREITsParkwayLife ReitC2PU2.24.34.21.1-35.736.81.61.6REITsFirst ResourcesEB52.16.53.536.410.3-7.72.31.6Consumer Non-CyclicalsHong Leong AsiaH222.04.82.537.513.7-13.22.31.6Consumer CyclicalsGolden Agri-ResE5H2.05.32.612.37.5-19.90.60.5Consumer Non-CyclicalsULTRAGREEN AI USDULG1.94.49.7-7.7-29.630.25.05.4HealthcareKep Infra TrA7RU1.76.42.913.223.1-42.32.01.9UtilitiesHaw ParH021.67.21.912.322.8-22.50.90.8HealthcareESR REIT9A4U1.63.03.1-6.5-12.922.71.01.1REITsRiverstoneAP41.52.83.1-9.4-18.016.72.42.8HealthcareSIA EngineeringS591.53.02.7-8.3-17.518.42.21.4IndustrialsWee HurE3B1.53.73.62.06.02.61.11.1IndustrialsFood EmpireF031.44.12.031.728.9-24.93.72.8Consumer Non-CyclicalsPropNexOYY1.43.72.1-3.2-21.644.111.612.0Real Estate (excl. REITs)AIMS APAC ReitO5RU1.42.52.01.75.4-3.01.21.0REITsSingPostS081.42.54.8-16.0-20.524.30.71.0IndustrialsCenturionOU81.32.22.625.4-1.3-2.71.10.9Real Estate (excl. REITs)CapLand India TCY6U1.36.52.8-11.9-36.939.40.70.9REITsOlam GroupVC21.33.82.2-7.3-39.538.80.50.6Consumer Non-CyclicalsUOB Kay HianU101.14.41.557.682.2-69.61.71.1Financial ServicesDigiCore Reit USDDCRU1.12.12.06.2-6.54.70.60.6REITsChina AviationG920.93.91.330.132.8-33.61.41.0IndustrialsCapLand China TAU8U0.91.61.7-9.5-11.812.30.70.8REITsYanlord LandZ250.82.52.4-8.6-5.56.10.20.2Real Estate (excl. REITs)StarHubCC30.72.31.3-6.3-17.920.16.06.4TelecommunicationsBousteadF9D0.71.80.919.024.2-25.21.70.9IndustrialsRaffles MedicalBSL0.71.71.90.0-4.52.81.81.8HealthcareCDL HTrustJ850.61.21.43.33.0-7.60.60.6REITsStarhillGbl ReitP40U0.41.00.8-2.9-3.12.50.70.7REITsSasseur ReitCRPU0.40.90.71.8-16.816.40.80.9REITsChina SunsineQES0.40.80.7-15.00.7-0.30.80.9Materials & ResourcesGuocoLandF170.31.40.415.711.6-11.80.70.4Real Estate (excl. REITs)Far East HTrustQ5T0.30.70.7-2.7-5.45.40.70.7REITsPan UnitedP520.20.90.544.012.1-14.94.02.8Materials & ResourcesValueMaxT6I0.21.30.212.140.3-40.11.71.5Consumer CyclicalsBRC AsiaBEC0.20.40.212.21.0-1.12.52.3IndustrialsNote ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, NRF refers to Net Retail Flow, TR refers to Total Return. Sources: SGX Data as of April 15, 2026. Enjoying this read?Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.