Singapore Stocks Hit Near 3-Month High

The STI Index rose 31 points, or 0.6%, to 5,028 around noon, advancing for the second straight session, mainly supported by gains in technology services, finance, energy minerals, communication, and retail trade. The broader index hit its highest level since February 23, amid easing oil prices after President Trump postponed a planned strike on Iran. Local data also lifted sentiment after Monday's report showed Singapore's non-oil domestic exports grew at the fastest pace since February 2012, supported by robust AI-related demand. However, traders remained cautious ahead of the PBOC’s interest rate decision due Wednesday, following disappointing Chinese economic data released on Monday. Among the top performers were City Developments Limited (3.8%), CapitaLand Investment (2.7%), Singapore Airlines (1.7%), Singapore Telecommunications (1.4%), ST Engineering (1.2%), and United Overseas Bank (0.8%).

Singapore’s benchmark index rose 38 points or 0.8% to 4,985 on Wednesday, extending gains for a third session and reaching a three-week peak. Optimism was lifted by April’s forex reserves, which hit a four-year high at SGD 544 billion. Meanwhile, anticipation grew over President Trump’s state visit to China from Wednesday to Friday, his first since 2017, raising hopes for a reset in Sino-U.S. ties. However, upside was capped by expectations of softer tourism spending this year, as Middle East conflicts threaten consumer and business mood. On the policy front, the central bank tightened monetary settings in April, warning that an Iran war-driven energy shock could stoke core inflation, even as Singapore rolled out a support package to cushion the blow. Gains were led by process industries, industrial services, and utilities, offset by weakness in consumer non-durables and retail trade. Notable movers included DBS Group (0.7%), OCBC (1.7%), Singtel (1.1%), and Wilmar Intl. (2.7%).

The STI Index rose 35 points, or 0.7%, to 4,896 in morning trade on Thursday, erasing losses from the previous six sessions and moving off its lowest level since March 23, reached a day earlier. The broader index tracked gains in US futures following earnings reports from major tech companies. Latest data from China also lifted sentiment, after a private survey showed factory activity on the mainland grew at its fastest pace since 2020, though government data indicated a slight moderation. However, the Fed’s decision to hold interest rates and rising oil prices limited gains. Energy minerals, electronic technology, health technology, and commercial services led the index, with notable gains from DBS Group Holdings (3.6%), OCBC (0.7%), UOB (0.5%), Singapore Technologies Engineering (0.3%), and Keppel (0.3%). For the month, the index is heading for a 0.2% gain, after falling in the previous month.