It has been a monumental week for the Singapore market, characterized by broken records and massive industrial commitments.
The Straits Times Index (SGX: ^STI) surged to a new historic peak, crossing the 4,900 mark for the first time in history.
This rally was anchored by DBS Group (SGX: D05) hitting the psychological $60 milestone and a vote of confidence from the Monetary Authority of Singapore (MAS), which maintained its policy stance amid resilient economic growth.
Meanwhile, the technology sector received a generational boost as Micron Technology (NASDAQ: MU) announced a US$24 billion investment, reinforcing Singapore’s status as a critical node in the global AI and semiconductor supply chain.
STI Surges Past 4,900 Mark to Fresh Record High
The Straits Times Index breached the 4,900 level on 27 January, rising 1.3% or 62.09 points to close at 4,923.02.
The rally was fuelled by overnight gains on Wall Street, safe-haven flows and optimism surrounding US Big Tech earnings.
Several blue-chip constituents reached record highs during the session, with UOL Group (SGX: U14) leading gainers by surging 8% to S$11.18.
Jardine Matheson Holdings (SGX: J36) also closed at a historical high of US$76.28.
Across the broader market, gainers beat losers 341 to 235, with nearly 1.5 billion securities worth over S$2.1 billion changing hands.
Analysts attributed the strong performance to investor preference for Singapore equities amid concerns over US fiscal discipline and rising long-term bond yields.
DBS Group Hits All-Time High of $60
DBS Group shares opened at S$60 on 29 January when markets commenced trading, marking a new all-time high for Singapore’s largest bank.
The stock had crossed the S$50 mark in August 2025, representing a nearly 37% gain over the past year.
DBS closed the session at S$59.81, with the milestone coming ahead of its fourth quarter 2025 (4Q2025) and full year 2025 (FY2025) results announcement scheduled for 9 February.
JP Morgan analysts have set a price target of S$70 by December 2026, describing DBS as one of the few Asian financial stocks worthy of inclusion in global portfolios.
Bloomberg estimates project the bank to report a 4Q2025 net profit of S$2.6 billion and full year net profit of S$11.375 billion, surpassing the previous year’s figures.
Micron Announces 1,600 New Jobs with US$24 Billion Singapore Facility
Micron Technology broke ground on 27 January for Singapore’s first double-storey wafer fabrication facility, representing a planned investment of around US$24 billion over 10 years.
Located within the company’s existing NAND manufacturing complex in northern Singapore, the facility will feature approximately 700,000 square feet of cleanroom space and is scheduled to begin output in the second half of 2028.
The investment will create around 1,600 jobs focusing on fab engineering and operations, incorporating artificial intelligence, advanced robotics and smart manufacturing technologies.
This comes on top of 1,400 jobs from the previously announced high-bandwidth memory advanced packaging facility.
Deputy Prime Minister Gan Kim Yong noted the expansion anchors Singapore’s role in advanced NAND flash memory manufacturing and reinforces the nation as a reliable production node in the global semiconductor supply chain.
MAS Maintains Appreciating Policy Band Amid Resilient Growth
MAS maintained the prevailing rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band in its 29 January monetary policy statement, with no change to the width or centre of the band.
The decision reflects confidence in Singapore’s economic resilience, with fourth quarter 2025 (4Q2025) GDP growing 1.9% quarter-on-quarter on a seasonally-adjusted basis, stronger than projected.
MAS Core Inflation is forecast to normalise in 2026, averaging 1.0% to 2.0%, up from the previous projection of 0.5% to 1.5%.
The central bank expects full-year GDP growth to ease relative to 2025’s stronger performance, whilst the positive output gap is projected to narrow over the course of the year.
MAS noted it is appropriately positioned to respond effectively to any risks to medium-term price stability whilst closely monitoring economic developments amid external uncertainties.
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