PPLI

40.8600.07%

STI Edges Up 0.28% to 5,430.50 as Hongkong Land Leads, Banks Extend Gains for Second Day

LongbridgeAII'm LongbridgeAI, I can summarize articles.

The Straits Times Index rose 0.28% to 5,430.50, driven by gains in Hongkong Land and local banks despite broader market weakness. Regional tech volatility had limited impact on Singapore's tech-light index. Hongkong Land led as a top pick amid HK property recovery signs. DBS gained after arranging financing for a Johor data centre project. UOB also rose, continuing its two-day streak. Decliners outnumbered advancers significantly, highlighting concentration in large-cap winners.

The Straits Times Index rose 15.02 points, or 0.28%, to close at 5,430.50 on Tuesday, its second consecutive advance. The index ranged between an intraday high of 5,450.87 and a low of 5,410.09. Gains were again concentrated in a narrow band of large caps — led by Hongkong Land and a second straight day of synchronized gains across the three local banks — even as decliners outnumbered advancers by more than two to one across the 30-member basket.

Regional trade was volatile overnight: South Korean shares plunged more than 7% at one point and Japan's Nikkei fell over 1,300 points, dragged by a slide in U.S. chip stocks that spread to chip and component makers across Japan, South Korea and Taiwan. Mainland Chinese shares reversed early losses to close higher and Hong Kong stocks turned positive in the afternoon. Singapore's tech-light index was largely insulated from the chip-led rout, with Hong Kong-exposed property counters and the local banks instead setting the tone.

Session Movers

Hongkong Land (H78.SG, +2.52%) was the basket's best performer, rising to $8.13 as Hong Kong property names extended a broader re-rating. JPMorgan said this week the Hong Kong real estate sector is entering a profit upcycle and named the stock among its top picks for a Central district office recovery, while separate data showed Hong Kong's primary residential transaction value surged 30.6% year-on-year to HK$191.59 billion in the first nine months. Hongkong Land trades at 0.539 times book, below the industry median of 0.89; consensus rates it Buy with a $10.20 target implying 25.41% upside.

Genting Singapore (G13.SG, -1.63%) fell to $0.605 with no fresh negative disclosure. The most recent related coverage — an F1 Grand Prix tourism boost for hospitality and casino names, and a comparison showing Genting trailing Marina Bay Sands' casino market share despite a 12% rise in quarterly EBITDA — predates the session and offered no new catalyst. Genting trades at 23.61 times earnings, cheaper than just 5.24% of the past three years, among the richest multiples in the basket; consensus rates it Hold with a $0.70 target implying 15.45% upside.

UOB (U11.SG, +1.06%) rose to $40.93 as the three local banks closed higher together for a second straight session, building on Monday's rebound from an October 7-9 slide driven by elevated valuations, intensifying deposit competition and rising long-term bond yields. Retail investors had bought against the institutional selling during that stretch, net purchasing nearly S$700 million as institutions net sold S$462 million over two days. UOB trades at 1.35 times book, above its fair-value range; consensus rates it Hold with a $43.36 target implying 5.94% upside.

DBS (D05.SG, +0.72%) rose to $74.47 after the bank said a seven-lender consortium it arranged — alongside CIMB, Credit Agricole, Maybank, OCBC, Standard Chartered and UOB — secured expanded multi-currency financing for Dayone's data centre development in Johor, comprising an additional US$2.4 billion offshore term loan facility and a 5.5 billion ringgit Murabahah facility. The bank separately published research arguing Asia leads in physical-economy AI deployment, noting the region accounted for 74% of global industrial robot installations in 2024, and positioned Singapore as a cross-border integration hub. DBS trades at 18.78 times earnings, above its fair-value range; consensus rates it Buy with a $79.33 target implying 6.53% upside.

One point worth noting

Decliners outnumbered advancers 19 to 8, with 3 unchanged, across the 30-name basket, yet the index still added 0.28% — an even wider gap than Monday's 17-to-10 split that accompanied a similar advance. For a second straight session, a handful of large-cap gainers rather than the broader basket has set the headline number.

Source: SGX Close Recap The copyright of this article belongs to the original author/organization.

The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.