The Straits Times Index (SGX: ^STI) ended the week with a modest 0.24% gain, reflecting the market’s resilience despite mixed performances among major players. Banking heavyweights DBS (SGX: D05) and OCBC (SGX: O39) showed contrasting movements, with DBS slipping 0.5%, while OCBC rose 0.59%.
Keppel and Singapore Airlines: Diverging Paths
Keppel Ltd (SGX: BN4) stood out with a robust 2.5% surge, driven by renewed investor interest in its ongoing restructuring of the offshore and marine segment. Meanwhile, Singapore Airlines (SGX: C6L) dipped 0.47%, reflecting slight turbulence in its performance.
City Developments’ Capital Recycling Gains Momentum
City Developments Ltd (SGX: C09) grabbed attention this week by achieving total divestments exceeding S$600 million in 2024. The company’s capital recycling initiative included the sale of the Cideco Industrial Complex and other local property strata units, showcasing its strategic focus on optimizing assets.
Leading the charge, Keppel Ltd (SGX: BN4) surged 2.5% on renewed interest in its offshore and marine segment restructuring. However, Singapore Airlines (SGX: C6L) faltered with a slight dip of 0.47%.
US Markets: Tech and Consumer Discretionary Shine
The S&P 500 posted a strong 1.2% gain last week, as optimism surged about economic growth and potential interest rate changes under the incoming Trump administration.
Ten of the 11 sectors in the S&P 500 advanced, led by consumer discretionary stocks, which rose by more than 2%. Technology also had a stellar week, with semiconductor giants Nvidia (NASDAQ: NVDA) and Broadcom (NASDAQ: AVGO) driving gains after Barclays raised their price targets. This rally pushed the PHLX Semiconductor Index up nearly 3%, a testament to sustained confidence in the tech sector despite broader uncertainties. Healthcare was the sole sector to decline.
Europe: A Stable Week
In Europe, the Stoxx 600 edged up 0.4%, bolstered by optimism over UK-EU trade stability. Gains in financial and industrial sectors contributed to the index’s steady performance.
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Disclosure: Joanna Sng owns shares of DBS, OCBC, and Nvidia.
