Singapore shares advanced 23 points, or 0.4%, to a record high of 5,640 in Wednesday morning trade, after closing flat in the previous session. The benchmark index notched a fresh peak, supported mainly by gains in communication services, technology, and financial stocks. Sentiment was underpinned by solid domestic economic data, political stability, and the continued appeal of dividend-paying counters, with strength in the banking sector helping to counteract negative spillovers from a global tech selloff.
Investors largely looked past the Monetary Authority of Singapore’s policy tightening on Monday, while monitoring geopolitical developments and hoping that a meeting between US President Trump and Israeli Prime Minister Netanyahu would help ease tensions in the Middle East amid rising oil prices. Market participants remained cautious ahead of the US Federal Reserve’s monetary policy decision, the release of China’s PMI figures, and Singapore’s second-quarter unemployment data.
Among the top performers were Hongkong Land Holdings (up 3.7%), Jardine Matheson (2.0%), Keppel (1.5%), City Developments (1.3%), OCBC (1.1%), UOB (0.8%), and DBS (0.5%).
