H1 market heatmap: What rallied, what Saxo’s Singapore clients traded, and what it says about H2

The first half of the year was defined by a clear hunt for participation. AI remained the centre of gravity, but client activity also showed interest in broad US exposure, precious metals, Singapore banks, semiconductor leverage and global diversification.

The key message from H1 is simple: investors were not sitting out. They were choosing between three types of exposure — momentum, core allocation and tactical hedges.

1. Best-performing Singapore stocks in H1

Singapore’s strongest performers were not just the usual defensive names. The biggest gains came from semiconductor-linked companies, market infrastructure, commodities, banks, aviation and defence.

Takeaway:

Singapore’s H1 winners show that the local market can still deliver strong upside when it connects to global themes. The biggest moves came from semiconductors, AI infrastructure, commodities, financial-market activity and defence. But after such a sharp run, H2 may demand more than a good story. Earnings delivery and guidance will matter.

2. Most-traded stocks by Singapore clients on Saxo

Saxo’s Singapore clients were heavily focused on US technology and AI-linked names. The most-traded stock list looked like a map of the AI ecosystem: compute, memory, cloud, platforms, software, chips and data infrastructure.

Takeaway:
Singapore clients were not only trading one AI winner. They were trading the entire AI chain — from chips and memory to cloud platforms, software, devices and data infrastructure.

That is powerful, but it also creates a risk. When the same theme dominates client activity and market narratives, expectations rise quickly. In H2, the market may ask a harder question: which AI names are still delivering genuine earnings leverage, and which ones are simply riding the theme?

3. Most-traded ETFs by Singapore clients on Saxo

ETF activity showed a broader mix: core US exposure, Nasdaq exposure, semiconductors, precious metals, crypto, Korea and tactical leveraged products.

Takeaway:
The ETF list shows two very different investor behaviours.

First, clients used ETFs as portfolio building blocks — S&P 500, global equities and Singapore market exposure. Second, they used ETFs as tactical tools — leveraged semiconductors, Nasdaq, gold, silver, bitcoin and sector-specific trades.

That mix tells us H1 was not just about chasing single stocks. Many investors wanted exposure, but they also wanted flexibility.

What H1 tells us

1. AI remained the market’s strongest magnet

From NVIDIA, Micron, AMD and Broadcom to Singapore-listed AEM and UMS, AI-linked exposure dominated both performance and trading activity.

2. The core portfolio still mattered

The most-traded ETF list was led by broad US and global equity ETFs. Even in a momentum-heavy market, investors still used diversified exposure to stay invested.

3. Gold and silver were not sidelined

Precious metals ETFs were among the most-traded instruments, showing that investors were still looking for hedges against inflation, policy uncertainty and market volatility.

4. Singapore’s role was stability plus selective upside

Singapore remained attractive through banks, dividends, market infrastructure and defensives. But the sharpest gains came from names connected to global growth themes.

Bottom line

H1 rewarded investors who stayed engaged. AI led the story, but the trading activity shows a more layered picture: core US exposure, semiconductor conviction, precious metals hedges, Singapore quality and tactical ETF trades.

For H2, the key question is no longer simply what has momentum?
It is: what still has room to surprise positively after such a strong first-half run?

Past performance is not a reliable indicator of future performance. This article is for general market information only and does not constitute investment advice.