SGX Weekly Review | STI Edge Lower; SIA Jumps 5%; Sembcorp and Singtel Gain 2%; UOB Rises 1%; Seatrium Drops 4%

Singapore stocks ended slightly lower this week, with the STI down 0.02%, amid a global tech sell-off rippling across Asia markets.

In terms of individual stocks, SIA rose 5.1%; SIA Engineering rose 3%; Sats rose 2.8%; Sembcorp rose 2.2%; Singtel rose 1.8%; UOB rose 1.4%; OCBC and SGX rose 0.9%; DBS fell 0.8%; Keppel fell 1.9%; Seatrium and ST Engineering fell 3.9%; Yangzijiang Shipbuilding fell 5.2%.

Market News

Singapore's Core Inflation Steady at 1.4% Despite Oil Crunch

Singapore’s core inflation rate was unchanged last month, even as the Middle East conflict had pushed up global prices of energy and fertilizer.

Core inflation, which excludes housing and private transportation costs, rose 1.4% in May from a year earlier, according to a statement by the Department of Statistics Singapore on Tuesday. That’s the same pace as April, and slower than the median estimate in a Bloomberg News survey of 1.6%.

The all-items inflation rate came in at 1.8% last month, compared to the 2% forecast. While transport and food inflation accelerated to 7.4% and 1.8%, respectively, housing and utilities remained steady at 0.2%.

Singapore's MAS Looking at Introducing Quicker Retail Fund Approvals

The Monetary Authority of Singapore will soon start consultations on quicker ​approvals of new types of investment ‌funds within its retail funds regulatory framework, Deputy Prime Minister Gan Kim Yong said at ​the Association of Banks in ​Singapore's annual dinner on Thursday.

After the consultation ⁠process, the central bank could introduce ​a new category and approval process for ​non-traditional funds.

Gan said that for most new fund types, MAS will aim to ​establish the necessary guardrails in about ​three months, which is quicker than the current ‌process.

Singtel Raises $773 Million Selling 2.8% Gulf Development Stake

Singapore Telecommunications Ltd. raised about S$1 billion ($773 million) by selling a 2.8% stake in Gulf Development Pcl, Thailand’s largest energy company, as it seeks to cash in on investments to fund growth and return more money to shareholders.

The share sale, done through a private placement to institutional investors, will generate about S$140 million in gains, the telecom company said in a PDF 2/2: SINGAPORE TELECOMMUNICATIONS LIMITED - ASSET ACQUISITIONS AND DISPOSALS :: ANNOUNCEMENT PURSUANT TO RULE 704(18)(B) OF Tuesday. After the transaction, Singtel will hold a 4.95% stake in Gulf Development worth S$1.8 billion, it said.

The deal ranks among Thailand’s largest block trades, according to data compiled by Bloomberg. It also brings the amount raised under Singtel’s asset-recycling program to S$6.8 billion since 2024, pushing the company closer to its S$9 billion medium-term target.

Singapore Airlines CEO's Pay Package Jumps 38% to $7.5 Million

Singapore Airlines Chief Executive Officer Goh Choon Phong was compensated S$9.69 million ($7.5 million) for the year ended March 2026, a 38% hike after the carrier’s annual earnings beat expectations.

Goh, who has been on the carrier's board since 2010, had a base salary of S$1.46 million, according to the airline's annual report published Thursday. The bulk of his pay package is in the form of bonuses and share awards.

SIA posted an annual net profit of S$1.18 billion, 57% lower than a year ago. Still, it was stronger than the S$1.08 billion that analysts expected and a positive surprise despite a big impairment tied to its Air India stake. Both operating profit and revenue also beat estimates.