Singapore Plugs Show Mixed Signals As STI Stumbles Slightly

The Straits Times Index wrapped up Tuesday’s session on the back foot, surrendering 9.44 points or 0.21 percent to settle at 4,579.73, snapping a three-day rally that had lifted the benchmark by over 75 points. The index traded within a 31.5-point band, ranging from 4,571.83 to 4,603.33, as investors digested a weakish regional and global backdrop.

Individual Stocks Paint Fragmented Picture

While the broader Singapore market struggled, select blue-chips displayed varying resilience. City Developments emerged as the day’s standout performer, jumping 1.90 percent, while SATS climbed 1.39 percent. The banking sector showed modest strength, with both CapitaLand Ascendas REIT and DBS Group rising 0.36 percent each, though financial heavyweight SingTel plummeted 2.36 percent. Real estate plays were mixed—CapitaLand Integrated Commercial Trust gained 0.43 percent while Keppel DC REIT stumbled 1.79 percent. Industrial names saw pressure, with Seatrium Limited and SembCorp Industries sliding 2.35 percent and 1.50 percent respectively. Hongkong Land’s 2.12 percent decline added to the downward pressure, though transport operator Comfort DelGro managed a modest 0.69 percent advance.

Wall Street Weakness Weighs on Sentiment

The overnight performance in the U.S. provided limited support for Singapore plugs. The Dow Jones Industrial Average slumped 302.30 points, closing 0.62 percent lower at 48,114.26. The S&P 500 eased 16.25 points or 0.24 percent to finish at 6,800.26, while only the NASDAQ managed to eke out gains, adding 54.05 points or 0.23 percent to reach 23,111.46. Mixed signals from U.S. employment data and flat retail sales readings created an uncertain investment climate.

Energy Markets Under Pressure

Crude oil extended its downward trajectory, with West Texas Intermediate futures for January delivery sliding $1.57 or 2.8 percent to $55.25 per barrel. Oversupply concerns and geopolitical tensions around Russia-Ukraine hostilities weighed on the energy complex, raising questions about sustained price pressure ahead.

Singapore’s Economic Pulse

Looking ahead, Singapore will release November non-oil domestic exports data later this week. The October NODX figure showed encouraging momentum, rising 9.3 percent month-on-month and 22.2 percent year-on-year, while the trade surplus reached SGD7.249 billion. This backdrop suggests the economy retains underlying strength despite near-term market volatility.

The Singapore market’s moderate decline reflects the broader tug-of-war between regional and global headwinds, though tech-related support may provide a floor. With the STI hovering just beneath the 4,580-point level, investors remain cautious about the direction of the next move.