SGX Weekly Review | STI Falls 1.5%; Yangzijiang Shipbuilding Jumps 6%; SGX Rises 2%; SIA, OCBC, UOB Drop 2%

Singapore stocks fell this week, with the STI up 1.5%, as geopolitics and inflation weigh on market sentiment.

In terms of star stocks, Yangzijiang Shipbuilding rose 5.9%; SGX rose 1.9%; DBS fell 0.6%; UOB and OCBC fell 1.9%; SIA and Sembcorp Industries fell 2.4%; SIA Engineering fell 2.5%; Keppel fell 3.2%; Singtel fell 3.7%; Sats fell 4.5%; iFast fell 8.5%; NIO fell 8.8%.

Market News

Singapore's Core Inflation Inches up to 1.7% in March; Headline Inflation at 1.8%

Both Singapore's core and headline inflation rose in March, data from the Department of Statistics showed on Thursday (Apr 23).

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) maintained their official forecasts for both core and headline inflation at 1.5 to 2.5 per cent for 2026.

March’s core inflation, which excludes accommodation and private transport, was 1.7 per cent. This was more than February’s 1.4 per cent and in line with the median forecast of 1.7 per cent by private-sector economists polled by Bloomberg.

Meanwhile, headline inflation rose to 1.8 per cent, up from 1.2 per cent the previous month. It was also in line with economists’ median forecast of 1.8 per cent.

Private Home Prices Rise 0.9% in Q1, Setting Stage for Steady 2026

Singapore's private home market is on track for a steady 2026, with modest price gains expected following a solid first quarter, even as global uncertainties mount.

Figures released by the Urban Redevelopment Authority (URA) on Friday (Apr 24) showed that the prices of private residential properties rose 0.9 per cent in the first quarter of 2026, up from a 0.6 per cent increase in the previous quarter.

The 0.9 per cent growth was also treble the 0.3 per cent flash estimate released by the agency earlier this month.

Singapore's Keppel Posts Slightly Lower Quarterly Profit on Weaker Real Estate

Singapore's Keppel posted a slight drop in its ​first-quarter net profit on Thursday, excluding the ‌non-core portfolio for divestment and discontinued operations, hurt by lower contribution from its real estate division.

The company said better results ​from infrastructure and connectivity segments were offset by ​lower contributions from the real estate segment, ⁠which had benefited from higher valuation and divestment gains ​a year earlier.

The global asset manager and operator, founded ​more than half a century ago as a shipbuilding yard, said its asset management fees rose 13% year-on-year to S$108 ​million ($84.67 million) in the first quarter.

CapitaLand Trust to Sell Asia Square Tower 2, Buy Paragon in $5 Billion Singapore Property Deals

Singapore's CapitaLand Integrated Commercial Trust (CICT) said on Monday ‌it has agreed to sell Asia Square Tower 2, a commercial development in Marina Bay precinct, to Malaysia's IOI Properties for S$2.48 billion ($1.95 billion).

The trust will also acquire Paragon, a freehold ​integrated development on Orchard Road, for S$3.9 billion from Cuscaden Peak, whose ​shareholders include Singapore state investor Temasek. Both deals total roughly S$6.4 ⁠billion.

The transactions reflect how Singapore's largest commercial REIT is recycling capital from a ​leasehold office asset into a higher-yielding freehold retail, office and medical complex.

Singapore Airlines Deepens Role at Air India Amid Record Losses

Singapore Airlines is deepening its operational involvement in Air India, as the carrier battles record losses and recent safety lapses draw increasing concern, according to people familiar with the matter, Bloomberg reported.

SIA has moved some of its employees into Air India, placing its executives in key roles across flight operations, engineering and maintenance in recent months — areas where the Singaporean carrier has long been considered a global benchmark, said the people, who asked not to be identified as they aren’t allowed to speak to the media.

The shift, the people said, marks a notable escalation in SIA’s engagement since the deadly Dreamliner crash, moving it from a strategic partner to a far more hands-on presence inside India’s flag carrier. Singapore Airlines stepped up its involvement last year with engineering and has since then expanded across other functions at Air India.

Singapore's CapitaLand Investment Wins $1.9 Billion Income Insurance Real Estate Mandate

Singapore's CapitaLand Investment ​said on Thursday it had won a S$2.4 ‌billion ($1.9 billion) mandate from Income Insurance to manage the Singaporean insurer's direct real estate portfolio.

The portfolio includes retail, commercial ​and industrial assets held directly by Income ​Insurance and through joint ventures, CapitaLand Investment (CLI) said ⁠in a statement.

CLI said it will manage and ​seek to improve the performance of the existing ​Singapore assets while looking for new property investment opportunities for Income Insurance across Asia Pacific.