Singapore Stocks Hit Over 7-Week High

Singapore's equities climbed 29 points, or 0.6%, to 5,036 in Wednesday morning deals, extending gains from the previous session and tracking a rise on Wall Street overnight amid hopes over US-Iran peace talks. The FTSE Straits Times Index reached its highest level since February 23, mainly boosted by the services sector, finance, and retail trade. Traders were optimistic that renewed US-Iran peace talks could ease oil supply disruptions, particularly regarding the blockage of the Strait of Hormuz. However, Tuesday's economic data limited the gains, as annual Q1 GDP growth came in below market expectations. Traders also assessed that Singapore's central bank tightened its monetary policy settings on Tuesday. Among early gainers were Sembcorp Industries (1.5%), CapitaLand Investment (1.1%), Mapletree Industrial Trust (1.0%), Oversea-Chinese Banking Corp (0.4%), and UOB (0.2%).

The Straits Times Index slipped 0.3% to 4,975 on Monday, trimming gains from the previous week and tracking Asian peers lower amid renewed geopolitical concerns following the breakdown of US–Iran peace talks. Over the weekend, the two sides failed to reach an agreement, while US President Donald Trump announced a full naval blockade of the strategically vital Strait of Hormuz, a move that heightens the risk of renewed global market volatility. Despite the modest pullback, Singapore equities remained relatively resilient, with losses milder than those of regional peers and the index still seen as capable of retesting record highs. Support came from a strong Singapore dollar and expectations surrounding the Equity Market Development Programme, which could boost local market inflows. Among individual stocks, losses were seen in DBS Group Holdings (-0.2%), United Overseas Bank (-0.5%), Singapore Exchange (-1.4%), and Hongkong Land Holdings (-1.4%).

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%).