STI Crosses 5,800 Mark, Tracks Wall Street Higher

The benchmark Straits Times Index (STI) rose 27 points, or 0.5%, to 5,738 in morning trade on Monday, extending gains from the previous session and hitting its highest level since September 8, mainly buoyed by gains in the financial, communication, and tech services sectors. The financial sector gained 0.9%, offsetting concerns over rising global bond yields, with all three local banks advancing: UOB rose 1.6%, OCBC Bank gained 0.6%, and DBS climbed 0.5%. However, traders awaited Singapore’s August industrial output data. Rising oil prices also capped the gains after US President Trump rejected Iran’s proposal to reopen the Strait of Hormuz. Caution also prevailed ahead of the release of China’s PMI data, US jobs data, and the PCE Index due later this week, which could provide clues about the Fed’s interest-rate decision at its upcoming meeting. Other early gainers included Singapore Airlines (1.1%), SATS (1.0%), and Jardine Matheson Holdings (0.7%).

Singapore stocks fell 59 points, or 1.0%, to 5,659 around noon on Tuesday, erasing gains from the previous two sessions and touching their lowest level since August 6. The index tracked a fall on Wall Street overnight, weighed by a semiconductor stock selloff amid concerns over AI investment. Fresh data from China also pressured sentiment, as retail sales growth came in below expectations, investment and house prices continued to decline, and unemployment hit a five-month high, although industrial output growth beat forecasts. Traders also anticipated the Fed's monetary policy decision this week following faster-than-expected inflation data last week, while concerns over higher oil prices persisted. Consumer non-durables, producer manufacturing, and finance stocks mainly weighed on the index, with the biggest laggards including Jardine Matheson Holdings (-2.8%), UOB (-1.9%), OCBC (-1.9%), Hongkong Land Holdings (-1.1%), and DBS Group (-0.9%).

Singapore stocks rose 55 points, or 1.0%, to a new record high of 5,803 around noon on Friday, up for the third straight session and tracking an upbeat session on Wall Street overnight amid easing US Treasury yields. The broader index crossed the 5,800 level for the first time, mainly buoyed by gains in communication, non-energy minerals, and finance. However, rising oil prices capped the gains amid heightened inflation concerns and reinforced expectations of an interest rate hike amid escalating Middle East tensions. Traders also anticipated the release of Singapore’s retail sales figures for July and US jobs data due later today. Caution was also building ahead of the release of China’s consumer and producer prices, as well as trade data due next week. Among early gainers were Hong Kong Land (4.2%), Yanzijiang Shipbuilding (3.6%), City Developments (2.4%), OCBC (1.2%), and UOB (1.1%). For the week, the index is heading for a 1.8% rise.