Singapore Stocks Hit Record High After GDP Data

Singapore's stocks rose 47 points, or 0.8%, to 5,745 around noon, as the market resumed trading after closing for a holiday, extending gains for a third consecutive session, supported by strong economic data. The latest data showed that Singapore's Q2 GDP was revised higher to 5.9% from 5.7%, buoyed by AI-related demand, though slower than the 6.3% growth in Q1. The broader index hit a record high, mainly supported by gains in the communications, energy minerals, producer manufacturing, and financial sectors. However, a downbeat session on Wall Street overnight capped gains amid rising oil prices and weakness in the technology sector. Traders also awaited the release of US inflation data this week for clues about the Fed's monetary policy decision at its upcoming meeting. Among the best performers were Yangzijiang Shipbuilding Holdings (9.1%), OCBC (3.8%), Hongkong Land Holdings (2.5%), and DBS (1.0%).

Singapore's stocks fell 41 points, or 0.7%, to 5,672 in Thursday morning deals, as traders took profit after the index hit a new record high a day earlier, mainly weighed down by the communication services, transportation, retail trade, and financial sectors. The broader index tracked a decline on Wall Street overnight after the Fed maintained interest rates for a fifth consecutive meeting. Traders were cautious ahead of the release of Q2 business confidence figures later today and unemployment data, as well as China's PMI on Friday. However, the attractiveness of dividend-paying stocks and easing oil prices capped the decline despite the escalating conflict in the Middle East. Among the early decliners were Hongkong Land (-2.1%), OCBC (-2.0%), DBS Group Holdings (-0.7%), Venture Corp (-0.7%), and UOB (-0.4%).

Singapore's stocks rose 23 points, or 0.4%, to a record high of 5,640 in Wednesday morning trade, after being flat in the previous session, hitting a fresh record high, mainly boosted by gains in the communication services, technology, and financial sectors. Strong domestic economic data, political stability, and the attractiveness of dividend-paying stocks buoyed the index, with gains in banking stocks offsetting the negative sentiment from the global tech selloff. Traders shrugged off the MAS's tightening of monetary policy on Monday, while hoping the meeting between US President Trump and Israeli Prime Minister Netanyahu could ease tensions in the Middle East amid rising oil prices. However, traders remained cautious ahead of the Fed's monetary policy decision, China's PMI data, and Singapore's Q2 unemployment rate. Among the top gainers were Hongkong Land Holdings (3.7%), Jardine Matheson (2.0%), Keppel (1.5%), City Developments (1.3%), OCBC (1.1%), UOB (0.8%), and DBS (0.5%).