The Singapore stock market ended the week on a strong note, with the Straits Times Index (SGX: STI) closing at 3,855.82, marking a 1.4% rise (+54.75 points). This gain came as regional markets saw positive momentum following the Chinese New Year.
Stock Highlights of the Week
Genting Singapore (SGX: G13) jumped 3.4% to S$0.755, fueled by a surge in tourist arrivals and a recovery in the hospitality sector. As international travel rebounds, the casino and resort operator continues to benefit from increased visitor spending
Local banks delivered strong gains across the board, reflecting resilience in the financial sector and investor confidence in Singapore’s economy:
- DBS (SGX: D05) rose by 2% to S$44.61, buoyed by strong loan growth figures and stable interest margins, reinforcing its position as a leader in the banking space.
- OCBC (SGX: O39) advanced 2.1% to S$17.40 following optimistic forecasts linked to its wealth management unit and broader financial market recovery.
- UOB (SGX: U11) gained 1.7% to S$37.51 amid upbeat earnings expectations driven by regional investments and sustained customer demand for its banking services.
Mapletree Logistics Trust (SGX: M44U) emerged as the biggest decliner, falling 3.2% to S$1.22. The downturn came after the REIT announced cautious guidance for revenue amid rising operational costs and muted growth in certain submarkets.
US Markets: Dow Gains While Tech Slumps
US markets showed mixed performance for the week.
- The Dow Jones Industrial Average posted modest growth, ending the week up 0.3% at 44,540.45.
- The S&P 500 slipped, losing 1% to close at 6,040.07.
- The Nasdaq Composite experienced the steepest decline, falling 1.6% to 19,623.27.
The tech sector faced significant pressure at the start of the week, with shares selling off on Monday following Chinese startup DeepSeek’s announcement of a breakthrough in cheap AI models. This news raised concerns about increased global competition in the AI space, leading to investor pullback in US technology stocks.
US Stock Highlights
- Apple (NASDAQ: AAPL) shares showed volatility as the company reacted positively to improving iPhone sales and plans for AI expansion. The stock closed at US$196.23.
- Chevron (NASDAQ: CVX) underperformed after reporting Q4 earnings below estimates, with its shares closing at US$149.19.
- Tesla (NASDAQ: TSLA) closed the week on a positive note, finishing at US$404.60, up by US$4.32 (+1.08%).
Europe Stock Highlights
European stocks wrapped up the week on a high note, with the pan-European Stoxx 600 index climbing to a record close on Friday, January 31. The index edged up 0.1%, fuelled by a 1.7% rise in the technology sector, leading sectoral performance for the week.
Positive earnings reports from major players such as Novartis (SWX: NOVN) and Hexagon (STO: HEXA-b) were pivotal in driving market optimism. These robust results provided enough momentum to outweigh lingering concerns over the pace of the region’s economic recovery.
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Disclosure: Joanna Sng owns shares of DBS, OCBC, Mapletree Logistics Trust and Apple.
