The Straits Times Index fell 22.85 points, or 0.42%, to close at 5,415.14 on Thursday, trading between 5,406.07 and 5,451.22 during the session. Decliners outnumbered advancers 22 to 5 across the 30-member basket, with three names unchanged, as property and Jardine-linked conglomerate counters gave back much of Wednesday's broad-based rally.

Wednesday's advance had been led by property developers and real estate investment trusts, several of which closed up more than 1.5%. That leadership reversed on Thursday: Hongkong Land, Jardine Matheson, Jardine Cycle & Carriage, City Developments and UOL were among the session's steepest decliners, each falling between 1.55% and 2.53%, with little fresh company-specific disclosure behind the retreat. The three local banks also pared back part of Wednesday's gains, slipping between 0.11% and 0.31% apiece. Seatrium extended its recent run of swings, falling 2.73% with no new catalyst disclosed Thursday.

Session Movers

Frasers Centrepoint Trust (J69U.SG, +2.43%) rose to $2.11 after reporting a record 12.35-cent full-year distribution per unit, its highest since the 2006 listing, as second-half DPU rose 2.6% year-on-year to 6.214 cents and gross revenue grew 8.7% to $223 million on contributions from Northpoint City South Wing and higher rents; occupancy held at 99.7%, and the trust divested White Sands for $467 million during the year. Shares trade at 0.88 times book, cheaper than roughly 97% of the past five years, with a consensus Buy rating implying about 20% upside.

DBS (D05.SG, -0.11%) slipped to $74.57 even as it announced its PayLah! e-wallet can now be used for QR payments at more than 250,000 merchants in Taiwan, covering about two-thirds of outlets on the TWQR standard, with plans to widen the partnership by 2027; the announcement did not stop the stock from giving back part of Wednesday's gain alongside its banking peers. Shares trade at 18.96 times earnings, above what the valuation measure flags as a reasonable range, with a consensus Buy rating implying about 6% upside.

Singapore Exchange (S68.SG, -0.19%) eased to $20.84 despite signing a memorandum of cooperation with the Philippine Stock Exchange and a separate report that average daily equity turnover has topped $2 billion, up 40% from 2025 levels, with Next 50 turnover up 93% and 10 new listings this year raising $1.4 billion; authorities also plan to consolidate IPO listing reviews under SGX RegCo by January 2027. Shares trade at 31.95 times earnings, within a reasonable range, with a consensus Hold rating implying about 14% upside.

Seatrium (5E2.SG, -2.73%) fell to $1.78 with no new disclosure Thursday, extending a recent run of swings tied to its floating gas infrastructure and offshore data-center pipeline, including FSRU conversion contracts secured earlier this month and a role alongside Keppel in floating data-center projects targeted for 2028. Shares trade at 0.84 times book, cheaper than about 99.6% of the past year, with a consensus Buy rating implying about 41% upside.

One point worth noting

Five of Wednesday's biggest gainers — Hongkong Land, Jardine Matheson, Jardine Cycle & Carriage, City Developments and UOL, which had led a broad property rally with gains of 1.5% or more — were Thursday's biggest laggards, falling between 1.55% and 2.53% with no fresh company disclosures behind the reversal. That handful accounted for five of the session's eight steepest declines, even as the index's own drop was a comparatively modest 0.42%, pointing to a rotation concentrated in a single corner of the market rather than a broad risk-off move.

STI Falls 0.42% to 5,415.14 as Frasers Centrepoint Trust Jumps 2.43%, Seatrium Falls 2.73%