Singapore Equities Hit Over 3-Week Low, Poised for Weekly Loss

The STI Index dropped 35 points, or 0.7%, to 4,908 in morning trade on Friday, falling for a third straight session and tracking declines on Wall Street overnight amid uncertainty over US-Iran ceasefire talks. The broader index lingered at its lowest level since March 30, as market sentiment remained cautious over concerns about oil supply disruptions after US President Trump indicated a naval blockade of Iranian ports. Traders also continued to assess March inflation data, which was the highest in 1½ years, raising expectations that the Monetary Authority of Singapore would further tighten monetary policy. Most sectors traded in the red, including non-energy minerals, technology, and financials. Among early losers were City Developments (-1.3%), SATS (-1.2%), Hongkong Land Holdings (-1.1%), and UOB (-0.9%). For the week, the index is heading for a 1.8% decline, which would mark its first weekly loss in a month, amid rising oil prices driven by the Iran conflict.

The STI Index dropped 46 points, or 0.9%, to 4,956 in Thursday morning trading, extending losses from the previous session and touching its lowest level since March 31, ahead of the release of March inflation data later today. Traders were cautious after the Monetary Authority of Singapore (MAS) tightened monetary policy last week due to a surge in oil prices. The MAS on April 14 tightened its monetary policy for the first time since 2022, amid rising oil and natural gas prices due to the impact of the Iran war. The central bank raised its all-items and core inflation forecasts for 2026 to an average of 1.5% to 2.5%, up from an earlier projection of a 1–2% range. However, a rally on Wall Street overnight capped the decline. Non-energy minerals, technology services, and consumer durables mainly dragged the index. Among early losers were Keppel (-3.4%), Singapore Technologies Engineering (-2.6%), Hongkong Land Holdings (-2.4%), Sembcorp Industries (-1.7%), and Venture Corp (-1.5%).

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%).