Singapore’s stock market concluded the week on a positive note, primarily driven by the release of positive US economic data on Thursday night. The Straits Times Index (SGX: ^STI), a key barometer for the Singapore Exchange, fluctuated between 3,406.31 and 3,442.93 throughout Friday. Ultimately, the STI closed at 3,442.93, up 38.46 points or 1.13% compared to Thursday’s closing. For the full week, the STI closed 1.62% higher.
Earlier in the week, on Wednesday, August 28, Singapore equities experienced a downturn amidst mixed regional performance. The STI retreated by 0.2 per cent or 7.44 points to 3,391.03, as investors eagerly awaited Nvidia Corp‘s (NASDAQ: NVDA) financial results.
Nvidia’s recent setbacks, including its underwhelming forecast and Blackwell chip issues, have dampened sentiment across the tech sector. Given Nvidia’s extensive supply chain network, this impact extends to Singapore, where at least 32 companies, including Singapore Technologies Engineering Ltd (SGX: S63), rely on Nvidia. Notably, ST Engineering has seen its share price increase 14.4% year-to-date on the back of strong revenue and net profit.
Sembcorp Industries (SGX: U96) saw an 3.14% increase last week, closing at S$4.93. Hong Kong Land (SGX: H78) reached a 52-week high of US$3.78. In contrast, DFI Retail Group Holdings Ltd (SGX: D01) experienced a decline, retreating 1.1 per cent or US$0.02 to US$1.86.
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Disclosure: Joanna Sng owns shares of Nvidia, ST Engineering, and DFI.
