STI Falls from Record High on Profit-Taking

Singapore's stocks fell 40 points, or 0.7%, to 5,555 around noon, erasing the previous two sessions' gains, as traders took profits after the benchmark index hit a record high a day earlier. The STI reached a new record high, closing at 5,595 on Wednesday, up 1.2%, mainly boosted by the banking sector as the earnings season begins. Traders were cautious ahead of the release of June inflation data, with the market expecting headline inflation to accelerate to 2.0%, the highest since August 2024, while core inflation is expected to rise to 1.6%, the highest in three months, raising expectations of further monetary tightening. Singapore tightened monetary policy for the first time since 2022 in mid-April 2026. Communications, electronic technology, and transportation stocks mainly weighed on the index, with notable losses from Sembcorp (-2.8%), OCBC (-1.9%), Jardine Cycle & Carriage (-1.9%), Jardine Matheson Holdings (-1.4%), and Venture Corp (-1.4%).

Singapore's stocks fell 21 points, or 0.4%, to 5,538 in Thursday morning trade, snapping a ten-session winning streak, as traders took profits after the index hit a new record high a day earlier. Rising oil prices pressured sentiment, as concerns over inflation raised expectations of further interest rate hikes. Disappointing data from China also pressured sentiment after Wednesday's figures showed that the country's economy grew at its slowest pace in 3-1/2 years. Health services led the decline, followed by producer manufacturing, energy minerals, utilities, and consumer non-durables. However, resilient expectations of non-oil export growth capped the fall, with the market expecting exports to increase 30.2% in June, though growth eased from 38.4% in May, driven by a surge in AI-related demand. Among the early losers were Venture Corp. (-1.4%), Yangzijiang Shipbuilding Holdings (-0.4%), United Overseas Bank (-1.4%), Singapore Tech (-1.1%), and Keppel (-1.1%).

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%.