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The Straits Times Index closed up 27.62 points, or 0.52%, at 5,296.25 on Thursday, recovering from an early slide to an intraday low of 5,229.10 to reach a session high of 5,305.86. Gains were broad — 24 of the 30 basket constituents advanced — led by property, REIT and conglomerate names, while UOB stood out as the session's most notable laggard, extending losses even as DBS and OCBC turned higher.

The index opened as much as 0.60% lower at 5,237.09 on Thursday morning, with local reports pointing to UOB's 2.55% opening decline as the drag, before buying interest in developers, REITs and conglomerates pulled the market higher through the session. The move marks a shift from Monday, when DBS, OCBC and UOB fell in lockstep as the trio prepared to close out Singapore's third-quarter earnings season; this time the banks diverged, with DBS adding 0.59% and OCBC 0.29% while UOB slid 1.64% to remain the index's weakest large-cap component. The broader advance across rate-sensitive and consumer-facing names suggests some rotation away from the banks as earnings season progresses.

Session Movers

UOL (U14.SG, +3.58%) rose to $8.10 after developers said this week that Thomson Reserve — the joint launch between UOL and CapitaLand Development — sold more than 90% of its 1,264 units, or 1,143 units, over its launch weekend at an average price of $2,900 per square foot, with demand led by Singaporean owner-occupiers and investors following a two-weekend preview that drew about 32,000 visitors. The sellout builds on DBS's reiterated Buy rating last month with a $13.00 target price. Shares trade cheaper than about 22% of the past five years, with a consensus Buy rating implying roughly 47% upside to a target of $11.94.

Singapore Airlines (C6L.SG, +3.23%) advanced to $7.03 even after the carrier confirmed this week that roughly 46,000 booking records — including passenger names and itineraries — were illegally accessed through a security vulnerability in the systems of third-party travel-technology provider Amadeus, an incident that also hit Cathay Pacific and Japan Airlines; SIA said no bank or payment details were exposed and has helped affected passengers change their booking reference codes while Singapore's Personal Data Protection Commission looks into the breach. The disclosure did not weigh on the stock, which rose in step with the broader market. Shares trade cheaper than about 95% of the past five years, with a consensus Hold rating pointing to roughly flat upside against a target of $6.97.

SGX (S68.SG, +1.94%) rose to $21.01 after Singapore said Wednesday it will streamline its IPO review process from January 2027, with the Monetary Authority of Singapore delegating prospectus-review duties for Mainboard and Global Listing Board applications to SGX RegCo and consolidating filings into a single electronic portal to cut regulatory touchpoints. The move follows SGX's October 29 proposal for a one-off 12.5-cent tax-exempt special dividend alongside a higher 11.5-cent final dividend for its 2026 financial year, subject to shareholder approval. Shares trade at 31.53 times earnings, cheaper than only about 12% of the past five years, with a consensus Hold rating implying roughly 13% upside to a target of $23.72.

Yangzijiang Shipbuilding (BS6.SG, -3.12%) fell to $4.65 with no fresh company disclosure behind the move, giving back part of the sharp swings it has logged through October on reports of record order backlogs across Chinese shipyards. Shares trade at 10.36 times earnings, within a reasonable range for the stock, with a consensus Strong Buy rating implying roughly 22% upside to a target of $5.66.

One point worth noting

Thursday's intraday range spanned 76.76 points — from a low of 5,229.10 to a high of 5,305.86, a swing of roughly 1.5% — as the index fully erased its opening losses by the close. Breadth confirmed the reversal, with 24 of the 30 basket constituents finishing higher. UOB, down 1.64%, was the only large-cap name to miss the rebound, a split from Monday's lockstep decline across the three banks that suggests DBS, OCBC and UOB are trading on separate narratives again this earnings season.