The Straits Times Index (SGX: ^STI) continued its upward trajectory, surging 3.1% to reach a fresh 52-week high last week, bringing its year-to-date increase to 10%. This puts it on course for its best annual performance since 2017. This impressive performance was driven by gains across various sectors, including airlines, banking, and telecommunications.
Through the week, REITs continued their strong performance, with several, including Suntec REIT (SGX: T82U), Parkway Life REIT (SGX: C2PU), Keppel DC REIT (SGX: AJBU), and OUE REIT (SGX: TS0U), reaching new 52-week highs.
On Friday, shares of Yangzijiang Shipbuilding (SGX: BS6) rose by 3.2% while Singapore Post Ltd (SGX: S08) saw a 5.62% increase in its share price. Yangzijiang announced plans to acquire a significant stake in a Chinese shipbuilder, while Singpost announced a memorandum of understanding with Alibaba Group Holding Ltd‘s (HKG: 9988) Cainiao logistics arm.
Over at Wall Street, investors are betting on a bigger Fed rate cut. Bloomberg reported that the US stock market saw its best week in 2024. The Dow Jones Industrial Average (^DJI) rose 0.7 per cent to 41,393.78, the S&P 500 (^SPI) gained 0.5 per cent and the Nasdaq Composite (NASDAQ) gained 0.7 per cent.
Hong Kong stocks extended their rally, reaching a one-week high. Midea’s Hong Kong IPO, the largest in three years, priced at the top of its range, raising US$3.46 billion, according to SCMP. Chinese stocks experienced a decline, falling to their lowest levels since January 2019. This reflects growing investor skepticism about the country’s economic recovery and earnings prospects, as reported by Bloomberg.
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Joanna Sng owns shares of Parkway Life REIT and Alibaba.
