January
3,153.01
(-2.69%)
FEBRUARY
3,141.85
(-0.35%)
March
3,224.01
(+2.62%)
April
3,292.69
(-2.13%)
May
The STI continued its decline despite a modest rise of 1.3 per cent in May. Early in the month, the Fed held interest rates steady and signalled that rate cuts might take longer, dampening investor sentiment. However, it improved towards the end of the month after the Fed affirmed its commitment to three rate cuts this year.
SGX saw a 37 per cent year-on-year increase in total securities turnover, reaching S$25.5 billion in April – the highest since March 2023.
Meanwhile, MAS appointed Minister for Transport and Second Minister for Finance Chee Hong Tat, to its board, alongside the reappointment of five other members. The government also promoted Gan Kim Yong to deputy prime minister in a Cabinet reshuffle, which included a few other major changes.
In mid-May, the STI was significantly impacted after the MSCI Equity Indexes’ May 2024 quarterly review saw the removal of five heavyweight counters from the MSCI Singapore Index. This included Seatrium, Mapletree Logistics Trust and Jardine C&C.
Seatrium was the biggest loser on the STI, falling 10.2 per cent, despite securing S$11.4 billion in order wins.
ST Engineering emerged as one of the top performers on the STI, with its stock rising 3.7 per cent after posting an 18.1 per cent increase in Q1 2024 revenue to S$2.7 billion. This comes alongside the government designating four of its units as “critical entities” under Singapore’s Significant Investments Review, subjecting them to ownership and control regulations.
3,336.59
(+1.33%)
June
In June, the STI continued its downward trend, falling 0.1 per cent after three months of gains. Early in the month, the European Central Bank reduced its deposit rate to 3.75 per cent, marking its first cut since 2019 and signalling a shift from its aggressive inflation-fighting stance.
A week later, the Fed held rates steady and pushed back the timing of rate cuts.
Amid economists maintaining the 2024 growth forecast for Singapore at 2.4 per cent and May's 3.1 per cent inflation figures meeting their expectations, the city-state retained its position as the most expensive city for high-net-worth individuals.
Singapore’s coastline was plagued by an oil spill in mid-June after two vessels collided, causing the maritime sector to assess potential cost increases and the need for additional risk mitigation measures.
Meanwhile, a national risk assessment flagged service providers, real estate, casinos, as well as precious stones and metals among the non-banking sectors that pose higher money laundering risks to Singapore. Parallelly, the city-state’s asset recovery strategy outlined plans to strengthen anti-money laundering laws.
STI counters boosted sustainability efforts, with City Developments Limited (CDL) securing a S$400 million sustainability-linked loan from DBS and Keppel Reit introducing a green funding framework.
3,332.80
(-0.11%)
December
In December, the STI maintained its upward trend, gaining 1.6 per cent (as at Dec 19), as the US Fed delivered its third and final rate cut of the year, lowering interest rates by 25 basis points.
While this provided some relief, investors became cautious amid the Fed's hawkish stance for 2025, coupled with unsettling global political developments such as the resignation of Chrystia Freeland, Canada’s finance minister and German Chancellor Olaf Scholz losing a confidence vote.
China, however, pledged to increase the budget deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate as it girds for more trade tensions with the US as Donald Trump returns to the White House..
In Singapore, online privacy concerns emerged when users discovered that the Accounting and Corporate Regulatory Authority’s Bizfile portal displayed full identification numbers in search results. In response, the government apologised for the lapse and promptly removed the identification numbers from the portal’s search function.
The trio of banks had potential growth opportunities this month as DBS and OCBC were reportedly among the Asian banks interested in buying the Jakarta-listed Panin Bank, which could boost their earnings by 2 to 3 per cent.
Meanwhile, SingPost’s shares tumbled after it terminated three senior executives for negligence in handling internal investigations related to a whistle-blower’s report, in a fiasco now dubbed the Parcelgate scandal. While SingPost plans to announce a new CEO, former Group CEO Vincent Phang, group chief financial officer Vincent Yik, and international business head Li Yu are contesting their dismissal.
3,787.60
(+1.29%)
November
Donald Trump's victory in the US presidential election marked a defining moment for markets in November, with the STI surging by 5.1 per cent. While his return to the White House brought cautious optimism to global markets, Singapore’s export-driven economy braced for potential impacts from higher tariffs and geopolitical uncertainties.
The Fed's rate cut this month to the 4.5 to 4.75 per cent range offered some relief, pushing the STI to a 17-year high. However, investor sentiment was dampened later in the month by escalating geopolitical tensions, particularly after Ukraine fired its first US-supplied missile at Russia.
COP29, the annual United Nations Climate Change Conference, concluded in Baku, Azerbaijan, after two weeks of intense negotiations, where Singapore committed US$500 million as concessional capital to support a blended finance initiative launched by MAS last year.
Singapore saw real incomes showing a recovery in 2024 while the MAS mandated a minimum interest coverage ratio of 1.5 times and a maximum leverage limit of 50 per cent for all Singapore-listed Reits.
Meanwhile, the trio of banks posted robust third-quarter earnings, with DBS reporting a record net profit of S$3.03 billion. CEO Piyush Gupta sold S$12.6 million worth of shares as DBS shares surpassed the S$40 mark.
Reports indicated that DBS, OCBC, UOB and Maybank would collaborate to syndicate Singapore’s largest loan, amounting to S$12 billion, to finance Marina Bay Sands' ambitious expansion plans. The loan, structured with a seven-year tenure, is set to be further syndicated to additional financiers.
3,739.29
(+5.07%)
October
In October, the STI fell by 0.7 per cent even though Singapore’s economy exceeded expectations and expanded 4.1 per cent year on year in Q3. This was an improvement from 2.9 per cent in the previous quarter. This growth was supported by nearly 60 per cent of industries performing above average, indicating a more stable economic foundation.
The SGX reported a significant 75 per cent year-on-year rise in securities turnover to S$30.38 billion, buoyed by easing monetary policies and China’s stimulus measures. Additionally, the potential for local initial public offerings brought some optimism to Singapore’s equities market.
In the Republic, the proposed deal between Income Insurance and Allianz, which had sparked intense public debate since its announcement by Allianz in July, reached a turning point. Citing public interest concerns, the government rejected the deal in its current form but indicated openness to potential revisions.
This move led to the passage of the Insurance (Amendment) Bill in Parliament, which effectively blocked Allianz’s bid for a majority stake in Income Insurance.
Separately, the government announced it will clarify due diligence requirements for real estate deals and flag companies that seem inactive in an effort to strengthen its anti-money laundering regime.
Legal challenges mounted for Yangzijiang Shipbuilding as customers filed arbitration proceedings against three of its units over a US$900 million order for 10 vessels, for alleged breach of contract.
Meanwhile, Keppel struck a deal with Australia’s Woodside Energy to supply liquid hydrogen for Singapore data centres and Hongkong Land announced plans to exit the build-to-sell residential development business, pivoting to fund management.
3,558.88
(-0.74%)
September
September saw the STI rise significantly by 4.1 per cent, following the first US Federal Reserve rate cut in four years. The move spurred immediate gains in Asia’s tech and real estate sectors. However, uncertainties about the US economy and bleak economic data from China tempered longer-term market optimism.
The rate cut contributed to Frasers Centrepoint Trust recording the largest net retail inflows among Singapore-listed Reits. Despite this, it emerged as the worst-performing STI constituent for the month, losing 3.4 per cent.
Early in the month, the STI surged to a 52-week intraday high of 3,523.47 points amid strong market optimism. By late September, it climbed further to 3,638, marking a 17-year high.
The month witnessed a flurry of strategic divestments and acquisitions. CapitaLand Investment agreed to sell a 50 per cent stake in Ion Orchard to CapitaLand Integrated Commercial Trust for S$1.1 billion, and Mapletree Logistics Trust announced plans to divest three warehouses in Malaysia for RM157.5 million (S$47.7 million).
Yangzijiang Shipbuilding also acquired a 34 per cent stake in a wholly owned subsidiary of Japanese shipyard Tsuneishi Group for S$158.3 million. Dyna-Mac received a voluntary takeover offer from Hanwha Ocean SG Holdings at S$0.60 per share.
Separately, OCBC announced plans to invest S$500 million in a new innovation hub in Punggol Digital District and pledged S$1 million for seagrass restoration efforts with National Parks.
3,585.29
(+4.13%)
August
3,442.93
(-0.38%)
July
The STI saw a 3.7 per cent increase in July, accompanied by a notable rise in trading volumes. This upward movement was largely driven by investor optimism following Fed chairman Jerome Powell’s testimony to Congress, where he indicated that interest rate cuts might come sooner than expected. Such expectations benefited sectors such as Reits, which are highly sensitive to interest rates.
Three STI Reit constituents emerged as the best performers on the bourse this month. Mapletree Industrial Trust led the STI’s Reit constituents with a 9.5 per cent increase, followed by CapitaLand Ascendas Reit (7.1 per cent) and CapitaLand Integrated Commercial Trust (6.1 per cent).
The local banking sector also performed well, with DBS, OCBC and UOB hitting record highs at the month’s start with the banks swelling to almost half of the STI.
In mid-July, SGX highlighted that the securities market was at its most active in recent times, with transaction values reaching S$1.85 billion – the highest since May 31.
Meanwhile, global markets were disrupted by an IT outage caused by a faulty CrowdStrike update, affecting Microsoft-powered systems across stock exchanges, banks, and airlines around the world.
In Singapore, a share swap was proposed by ThaiBev to divest its real estate stakes and become a pure-play F&B business.
Singtel CEO Yuen Kuan Moon saw his total pay fall by 2.9 per cent to S$3.3 million in FY2024, while Sats CEO Kerry Mok's remuneration jumped 27.9 per cent. It also restructured its gateway services business to target new growth segments.
Both counters were among the best performers, with Sats gaining 14.7 per cent and Singtel rising 11.6 per cent.
3,455.94
(+3.69%)
Jan 3,153.01
(-2.69%)
Feb 3,141.85
(-0.35%)
Mar
3,224.01
(+2.62%)
APR
3,292.69
(-2.13%)
MAY
3,336.59
(+1.33%)
JUN
3,332.80
(-0.11%)
JUL
3,455.94
(+3.69%)
AUG
3,442.93
(-0.38%)
SEP
3,585.29
(+4.13%)
OCT
3,558.88
(-0.74%)
NOV
3,739.29
(+5.07%)
The STI fell by 0.4 per cent in August, with disappointing US unemployment data sparking recession fears and leading to a global sell-off. However, later in the month, markets were buoyed by strong retail sales and gross domestic product data from China and Japan, respectively.
At the start of the month, MAS set up a review group to recommend measures to support the development of Singapore’s equities market. The group will engage a broader set of stakeholders to address priorities such as new listings, liquidity, regulatory framework, and governance.
Meanwhile, SGX reported a 10.5 per cent increase in its net profit for the second half of FY2024, rising to S$316.3 million from S$286.3 million in the previous year. Derivatives trading volume on the bourse surged 15 per cent year on year reaching 23.5 million contracts in July.
Seatrium was the worst performer on the STI, plunging 11.9 per cent, after reporting a net profit of S$36 million for the first half of FY2024 and reversing a loss of S$264.4 million the previous year.
DBS hit the headlines after naming Tan Su Shan as deputy CEO, set to succeed Piyush Gupta as CEO after his retirement in March next year. The bank also reported a rise in net profit for Q2.
UOB, meanwhile, announced plans to shift some back-office functions to Kuala Lumpur to maintain a cost-to-income ratio of 40 per cent by 2026.
Many STI constituents – such as CDL and ST Engineering – reported strong profits, with SingPost posting a 105.2 per cent rise in operating profit.
SOURCE: BLOOMBERG PHOTO: SHE YING, ZB
SOURCE: BLOOMBERG PHOTO: KEPPEL FELS
SOURCE: BLOOMBERG PHOTO: DESMOND WEE, ST
SOURCE: BLOOMBERG PHOTO: HENG YIN YIN, ZB
SOURCE: BLOOMBERG PHOTO: GIN TAY, ST
SOURCE: BLOOMBERG PHOTO: LIM YAOHUI
SOURCE: BLOOMBERG PHOTO: REUTERS
SOURCE: BLOOMBERG PHOTO: KEVIN LIM, sT
SOURCE: BLOOMBERG PHOTO: NATIONAL PARKS BOARD
SOURCE: BLOOMBERG PHOTO: AZMI ATHNI, ST
SOURCE: BLOOMBERG PHOTO: REUTERS
SOURCE: BLOOMBERG PHOTO: REUTERS
BTVISUAL: HYRIE RAHMAT
The STI started 2024 on a weak note, losing 2.7 per cent of its value in January after a strong 5.4 per cent rally in December 2023. The weaker performance was largely driven by the impact of tighter financial conditions on multiple sectors, particularly the banking and real estate investment trust (Reit) sectors.
At the year’s first Singapore Parliament sitting, Defence Minister Ng Eng Hen assured that the ongoing conflict in the Red Sea was expected to have a "limited" impact on the country as most of its critical supplies, including food and pharmaceuticals, either bypassed the affected shipping route or were delivered via air freight.
Meanwhile, Singapore Exchange (SGX) welcomed the listing of its first actively managed exchange-traded fund (ETF), with Lion Global Investors launching a Japan-focused ETF. This follows the bourse’s introduction of new listing requirements that allow such instruments.
In January, both Thai Beverage (ThaiBev) and OCBC made key people moves to strengthen their leadership teams.
ThaiBev promoted its executive vice-presidents Kosit Suksingha and Prapakon Thongtheppairot to presidents and group chief operating officers, while OCBC appointed Seth Tan as its China unit’s new head of corporate banking.
Seatrium and Keppel received significant financing this month to support their sustainability initiatives
Ending the month on a cautious note, the Monetary Authority of Singapore (MAS) chose to leave its monetary policy settings unchanged – in line with market expectations.
Yangzijiang Shipbuilding led gains on the STI, climbing 9.1 per cent, while Seatrium was the biggest loser, falling 16.7 per cent.
The STI continued its decline in February, though the drop was relatively smaller at 0.4 per cent. The month began on an optimistic note as analysts remained bullish on Asian equities and bonds, fuelled by the Fed’s decision on Jan 31 to leave interest rates unchanged at 5.25 to 5.5 per cent.
Local investor sentiment was tempered by concerns over the Chinese economy after China’s consumer price index fell by 0.8 per cent in January, the steepest drop since the global financial crisis.
In Singapore, various counters posted strong earnings. Keppel reported a record full-year earnings of S$4.1 billion, marking the highest earnings in its 55-year history. This was largely driven by gains from the significant sale of Keppel Offshore & Marine to Seatrium.
DBS achieved a record full-year earnings performance of $10.06 billion, declared a one-for-10 bonus share issue and increased its dividend. However, it it reduced the variable compensation for CEO Piyush Gupta and other members of the management committee collectively by 21 per cent to hold the group’s management accountable for multiple digital disruptions in 2023.
The Singapore market was buoyed by the 2024 Budget, which introduced measures to ease living costs and support businesses. It also allocated over S$1 billion over the next five years to develop AI infrastructure, which sparked optimism for Singapore-listed Reits with data-centre assets.
In March, the STI picked up and rose 2.6 per cent amid a market rally after the Fed opted to hold interest rates steady, with chairman Jerome Powell stating that ultra-low monetary policy was unlikely to return soon.
Singapore was swept up by Swift fever in early March as Taylor Swift performed six sell-out concerts, prompting economists to upgrade their first-quarter growth forecast. The influx of overseas fans boosted tourism, driving spending in hospitality, food & beverage, and retail sectors.
To support Singapore’s post-pandemic recovery in tourism, the government also announced an addition of over S$300 million to a fund for tourism development
In mid-March, Singtel requested a trading halt after a media report emerged that it was in advanced talks to sell Optus to Canadian private equity firm Brookfield, which led to a 4.2 per cent rise in its shares. Nevertheless, it emerged as the biggest gainer on the bourse, rising 8.1 per cent.
Seatrium received in-principle approval from the SGX for its proposed 20-for-1 share consolidation to attract more shareholders, but its plans were overshadowed by legal troubles, as former executives, including the CEO, were charged with bribery involving over S$20 million in Brazil. Seatrium was the biggest loser on the STI, falling 16.8 per cent.
Following SGX’s March quarterly review, Frasers Centrepoint Trust was added to the STI on Mar 18, replacing Philippine liquor giant Emperador and bringing the number of Reits in the index to seven.
The market saw a slight dip in April, despite the STI rising over 2 per cent, as growing violence in the Middle East fuelled concerns about rising inflation and potential rate hikes.
South-east Asian central banks kept interest rates steady, watching their currencies closely while awaiting the Fed's next move even though the International Monetary Fund warned against over-reliance on the Fed’s rate decisions.
MAS announced several key developments including the launch of Cosmic, the the first centralised digital platform to combat money laundering, terrorism financing, and proliferation financing globally. It also introduced new regulations for digital payment token providers to bolster user protection and ensure financial stability.
Additionally, the central bank committed to set aside S$35 million over the next three years to support the development of sustainable finance talent in the financial sector.
Changi Airport Group named Yam Kum Weng, the executive vice-president of airport development, as its new CEO, following Lee Seow Hiang's decision to step down after 15 years.
Large-cap industrial Reits saw negative performances in the month. Mapletree Logistics Trust fell 8.8 per cent while CapitaLand Ascendas Reit was down by 6.5 per cent and Mapletree Industrial Trust fell 3.4 per cent.
Seatrium emerged as the top performer on the bourse, rising 12.6 per cent, despite filing notices of three consecutive years of losses and experiencing a spike in its short interest levels.
Dec
3,787.60
(+1.29%)
