The STI concluded the week of September 6 with a minor dip, reflecting the broader global market volatility. The index opened the week on a positive note, The Business Times reported that the index rose 0.6% on Monday, buoyed by the anticipation of a US Federal Reserve interest rate cut and strong global equity performance the previous week. However, as the week progressed, concerns over the US job data caused the STI to close at 3,454.47, falling 0.1 per cent or 4.19 points on Friday, 6 September.
Several real estate investment trusts (REITs) reached new 52-week highs during the week. CapitaLand Integrated Commercial Trust (SGX: C38U) hit a high of $2.14, Mapletree Logistics Trust (SGX: M44U) $1.40, Mapletree Panasia Commercial Trust (SGX: N2IU) $1.41, Frasers Logistics & Commercial Trust (SGX: BUOU) $1.13, and Keppel REIT (SGX: K71U) $0.925, all achieved significant milestones. CICT in particular was the most actively traded counter by volume for three days in a row. The REIT earlier announced that it is acquiring a 50% stake in ION Orchard Mall from its sponsor, CapitaLand Investment Limited (SGX: 9CI).
On the other hand, Yangzijiang Shipbuilding (SGX: BS6) saw a decline, experiencing a 3.45% drop on Friday alone.
In other Asian markets, according to SCMP, Chinese stocks faced a challenging week, trading at their lowest levels in seven months. Concerns about the nation’s economic growth intensified following hints of further monetary policy easing from the People’s Bank of China. The Shanghai Composite Index (SHA: 000001), CSI 300 Index (SHA: 000300), and Shenzhen Composite Index (SHE: 399001) recorded declines of 2.1%, 0.3%, and 1.1% respectively.
Across the Atlantic, Bloomberg reported that Nvidia Corp. (NASDAQ: NVDA) suffered a significant loss in market value, shedding approximately $406 billion during the week. Nvidia shares have swung between $90.69 and $131.26 over the past 30 trading days, with a record amount of market value being wiped out Tuesday, 3 September.
We’ve discovered 5 SGX stocks that not only offer better returns than fixed deposits but also have the potential to beat inflation. Plus, these stocks provide capital growth and can significantly compound your wealth in the long term. If you’re looking to make your money work harder for you, download our FREE report for details on these five stocks.
Follow us on Facebook and Telegram for the latest investing news and analyses!
Disclosure: Joanna Sng owns shares of CICT, Mapletree Logistics Trust, Mapletree Panasia Commercial Trust, Frasers Logistics and Commercial Trust, and Nvidia.
