Prime Minister Lawrence Wong gave his first National Day Rally last night (18 August 2024). Among the key highlights, he announced that Singapore will keep regulatory burden to a minimum to help businesses foster innovation and manage costs amid growing global competition.
Last week, Singapore’s stock market experienced both significant gains and declines. The Straits Times Index (SGX: ^STI) ultimately closed the week 1.1% higher on Friday, but not without encountering headwinds.
The week began on a cautious note with the STI falling 0.8% on Monday amid a shift in interest rate expectations.
However, market sentiment improved on Tuesday as Yangzijiang Shipbuilding (SGX: BS6) reported strong earnings that propelled the STI up 0.7%.
This positive momentum continued into Wednesday, with the index closing 0.9% higher, driven by Wilmar International (SGX: F34) announcing a solid earnings performance.
Positive economic data from China and Japan lifted market spirits on Thursday, pushing the STI up by 0.9%. The week concluded on a high note for the STI, fueled by improving market sentiment and receding recession fears.
- Interest rate expectations: Shifting expectations regarding US interest rate cuts impacted market sentiment.
- Corporate earnings: Strong performance from companies like Yangzijiang Shipbuilding and Wilmar International boosted investor confidence.
- Economic data: Positive economic indicators from China and Japan contributed to market optimism.
- Global sentiment: Improving global market conditions and receding recession fears supported the overall upward trend.
Read more top stock market highlights here, where we cover Starhub (SGX: CC3), Genting Singapore (SGX: G13), and Singapore Technologies Engineering (SGX: S63).
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Disclosure: Joanna Sng owns shares of Singapore Technologies Engineering.
