STI Scales New Peak Above 5,500 Mark

Singapore's stocks rose 83 points, or 1.5%, to 5,553 around noon on Wednesday, marking the tenth consecutive session of gains, tracking a rally on Wall Street overnight as softer inflation eased expectations of a Fed interest rate hike. The broader index hit a new record high, breaking decisively above the 5,500 mark, mainly buoyed by gains in financials, technology services, industrial services, and producer manufacturing. Traders sought to maintain the momentum after the index hit a record high a day earlier, fueled by heavy institutional buying. They also awaited June non-oil domestic exports data due on Friday after exports recorded their strongest growth since 2003 in May, supported by robust AI-related demand. Overseas-Chinese Banking Corp. rose 2.2%, DBS Group Holdings gained 2.1%, Hong Kong Land Holdings advanced 2.0%, and United Overseas Bank climbed 1.6%.

Singapore's equities dropped 14 points, or 0.3%, to 5,455 around noon on Monday as traders took profits after the index hit a record high in the previous session. The broader market tracked a decline in US futures ahead of a busy corporate earnings week. Rising oil prices also pressured sentiment amid escalating tensions in the Middle East, as inflation concerns fueled expectations of further interest rate hikes. Investors also awaited the release of US inflation data later this week for clues on the Fed's monetary policy decision at its upcoming meeting. They were also looking ahead to a slew of Chinese data, including Q2 GDP, industrial production, and retail sales, due later this week. Healthcare, distribution services, consumer durables, and non-energy minerals stocks led the declines. Among the early losers were UOL Group, which plunged 3.1%, followed by DFI Retail Group (-2.7%), Jardine Cycle & Carriage (-2.1%), and City Developments (-2.1%).

Singapore stocks rose 28 points, or 0.5%, to 5,462 in Friday morning trade, advancing for the seventh consecutive session and hitting a fresh peak, tracking a rally on Wall Street overnight driven by renewed strength in chipmaker stocks. Retail, industrial services, utilities, technology, and financial stocks mainly drove the broader index. However, traders awaited Singapore's preliminary Q2 GDP data, due next week, with the market expecting economic growth to ease to 5.3% after expanding 6.0% in the previous quarter, the strongest pace in 1-1/2 years. Investors also awaited the release of a slew of data from China, including Q2 GDP, industrial production, and June trade figures. Among the notable gainers were Yangzijiang Shipbuilding Holdings (5.9%), Keppel (4.4%), City Developments (1.9%), Hongkong Land Holdings (1.8%), and Sembcorp (1.3%). For the week, the index is on track for a 4.2% surge, which would mark its second consecutive weekly advance.