Singapore’s Straits Times Index (SGX: ^STI) ended the week with a slight decline of 0.3%, closing at 3,593 points. Despite initially weathering the storm of global market uncertainty on Thursday, the index succumbed on Friday.
In-flight caterer and ground handler SATS LTD (SGX: S58) continued its strong performance, with shares surging 9.1% on Friday. This level has not been seen since September 2022, making it the most actively traded company in terms of value on Friday morning.
However, Mapletree Pan Asia Commercial Trust’s (SGX: N2IU) share price experienced a 5% decline after reporting weaker-than-expected quarterly results. The REIT saw lower revenue and higher property expenses, resulting in a lower net property income. Net property income declined 8.5% year-on-year. Higher finance costs also led to a drop in DPU.
DFI Retail Group Holdings Ltd (SGX: D01), the Asian retailer, gained 2.6% to close at US$2.36. However, on October 15th, the stock was the second-biggest loser in the Singapore stock market, declining 1.9% to US$2.10.
Hongkong Land Holdings Ltd (SGX: H78) closed at 3.93 on Friday, 8.18% below its 52-week high of 4.28, set on October 8th, 2024, according to LSEG data.
Across the Pacific, the US stock market exhibited a mixed performance. Bloomberg reported that the tech-heavy Nasdaq 100 gained 0.6%, driven by a record-breaking rally in Nvidia (NASDAQ: NVDA), which helped it overtake Apple as the world’s most valuable company. However, the broader S&P 500 ended slightly lower, weighed down by concerns about the banking sector and rising interest rates. Bitcoin also faced headwinds, falling 2% after it was reported that federal investigators are probing cryptocurrency firm Tether.
Tesla (NASDAQ: TSLA) was the first of the Magnificent 7 stocks to report earnings. It did not disappoint with revenue rising 8% year on year to US$25.2 billion, and gross profit coming in at US$5 billion.
Looking ahead, the upcoming week promises volatility, with five of the Magnificent 7 companies reporting earnings; Alphabet (Nasdaq: GOOG), Microsoft (Nasdaq: MSFT), Apple (Nasdaq: AAPL), Amazon (Nasdaq: AMZN) and Meta (Nasdaq: META). The Federal Reserve’s upcoming meeting will also be a focal point for investors, as potential interest rate decisions could significantly impact market direction.
Joanna Sng owns shares of SATS, DFI, Nvidia, Alphabet, Microsoft, Apple, Amazon, and Meta.
