Singapore Stocks Pull Back from 3-Week High

The Straits Times Index fell 16 points, or 0.3%, to 4,979 in Thursday morning trade, reversing gains from the previous session. The broader index pulled back from a three-week high reached on Wednesday, when US futures rallied after US President Trump announced a two-week ceasefire between the US-Israel coalition and Iran. The losses followed a decline in US futures amid a fragile US-Iran ceasefire. Traders also awaited the upcoming monetary policy meeting next week, amid rising oil prices in March that could put upward pressure on inflation. Most sectors traded in the red, including non-energy minerals, manufacturing, and retail trade. Among the biggest laggards were Wilmar International (-2.5%), City Developments (-1.9%), Hong Kong Land Holdings (-1.6%), and Singapore Airlines (-1.5%).

The Straits Times Index rose 48 points, or 0.9%, to 5,005 in morning trade on Wednesday, following a rally in US futures, after US President Trump announced a two-week ceasefire between the US-Israel coalition and Iran. The broader index rebounded after declining in the previous session, marking its highest level since February 25. Almost all sectors traded in the green, including commercial services, non-energy minerals, technology, and finance. However, traders focused on the upcoming monetary policy meeting next week, as February inflation eased from a 13-month high in January, amid rising oil prices during the March period that could put upward pressure on the inflation rate. Early gainers included Hong Kong Land Holdings (4.4%), City Developments (3.2%), Mapletree Industrial Trust (2.6%), and Singapore Airlines (2.3%).

STI increased to an all-time high of 4934.00 Index Points. Over the past 4 weeks, FTSE Straits Times Index gained 5.9%, and in the last 12 months, it increased 27.86%.