The Singapore stock market wrapped up a week of modest activity, with the STI (SGX: ^STI) dipping slightly, closing at 3,804.26 on 24 January, down 0.1% or 2.31 points for the week amid mixed performances in key sectors and ongoing global economic developments.
Stock Highlights of the Week
Singtel (SGX: Z74) was the week’s star performer, climbing 2.9% or S$0.09 to close at S$3.20. With a trading volume of 31.2 million shares, it ranked as one of the most actively traded stocks.
SATS (SGX: S58) saw its share price dip 2.3% or S$0.08 to S$3.44. This came despite positive long-term outlooks tied to the recovery of the aviation sector.
DBS (SGX: D05) recorded a slight decline of 0.7% or S$0.30, ending at S$43.51. Meanwhile, UOB (SGX: U11) and OCBC (SGX: O39) saw marginal decreases of 0.3% and 0.1%, respectively, reflecting subdued investor sentiment.
MAS Adjusts Monetary Policy
On Friday, the Monetary Authority of Singapore (MAS) announced a modest adjustment to its Singapore dollar nominal effective exchange rate policy band. This cautious move reflects efforts to manage economic uncertainties without making significant changes to the overall policy stance. Analysts view the adjustment as a measured response to global market dynamics.
Keppel DC REIT’s Strong Performance
Keppel DC REIT (SGX: AJBU) posted robust results for the second half of FY2024. Its distribution per unit (DPU) rose by 13.2% to S$0.04902 compared to the same period last year, bringing its total FY2024 DPU to S$0.09451. Growth drivers included contributions from its Japan data centre, higher variable rents, strong lease reversions, and increased finance income.
The market reacted positively, pushing Keppel DC Reit’s share price up by 2.25% to close at S$2.27 on Friday.
US Markets: A Mixed Bag
Over in the US, Wall Street ended the week on a cautious note as profit-taking set in following earlier gains. Key indices closed lower. The S&P 500 dropped 0.3% to 6,101.24, while the Dow Jones Industrial Average fell 0.3% to 44,424.25. The Nasdaq Composite recorded the largest drop, sliding 0.5% to 19,954.3.
Notable movers included Meta (NASDAQ: META), which jumped 3.2% after announcing US$65 billion in AI investments. Conversely, companies like Boeing (NASDAQ: BA) and Texas Instruments (NASDAQ: TXN) saw declines following lacklustre earnings reports.
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Disclosure: Joanna Sng owns shares of DBS, SATS, Keppel DC REIT, and META.
