SINGAPORE (Dec 18, 2025) — Singapore shares ended slightly lower on Thursday as global risk appetite softened after a tech-led pullback on Wall Street, where renewed concerns about the cost and funding dynamics of the artificial intelligence boom hit sentiment. The Straits Times Index (STI) finished down a touch, even as select defensive and yield-related names stayed in play amid fresh signals that Singapore’s bond market is increasingly being treated as a “safe-haven” alternative to US assets. The Business Times+2The Straits Times+2
Below is what moved the Singapore stock market today, what investors are watching next, and the key SGX-listed names making headlines on Dec 18.
Singapore stocks today: STI edges lower, turnover steady
The benchmark STI fell 0.1% (down 4.87 points) to close at 4,570.61, with market breadth mildly negative: losers beat gainers 286 to 236. Total turnover was 883.5 million securities worth S$1.1 billion.
A notable split emerged beneath the headline index. While the blue-chip benchmark eased, the iEdge Singapore Next 50 Index rose 0.3% (up 4.56 points) to 1,436.36, signaling continued rotation and selective risk-taking outside the STI’s heaviest weights.
Regionally, performance was mixed. Hong Kong and Malaysia were modestly higher, while North Asia lagged as tech and rate expectations dominated the tape: the Nikkei 225 fell 1% and South Korea’s Kospi dropped 1.5%.
What drove the mood: Wall Street’s tech slide and “AI trade” unease
Singapore’s market tone tracked an overnight drop in US equities. On Dec 17 in New York, the S&P 500 and Nasdaq slid to three-week lows, pressured by a broad tech retreat as investors debated whether aggressive AI-related capital expenditure is sustainable—and how it is being financed.
Among the most-watched names tied to AI infrastructure and cloud spending, Oracle fell 5.4% on a report that a major data-centre partner would not back a large deal for its next facility, while chip heavyweights also fell sharply (Nvidia -3.8%, Broadcom -4.5%).
This global backdrop mattered for Asia at large: Asian equities also moved lower on Thursday as investors waited for fresh US inflation data and a Bank of Japan rate decision.
In Singapore’s session, analysts also highlighted how shifting expectations for US rate cuts can quickly move global positioning. One market strategist cited in local coverage noted that sticky inflation complicates aggressive easing forecasts, while warning that high valuations could still allow a deeper pullback from peak levels if risk sentiment deteriorates.
Top STI movers: DFI Retail gains; Hongkong Land slides; banks mixed
Within the STI, DFI Retail Group was the session’s top gainer, rising 2% (up US$0.08) to US$4.06.
At the other end, Hongkong Land was the worst performer, down 1.7% (off US$0.12) to US$6.91.
The three local banking heavyweights—key drivers of day-to-day STI direction—finished mixed:
- OCBC rose 0.3% to S$19.50
- UOB gained 0.2% to S$34.73
- DBS slipped 0.2% to S$55.12
Singtel in focus: Optus outage review lands as investors reassess operational risk
Singtel drew attention after developments at its Australian unit Optus, where an independent review into a fatal emergency-call outage delivered a harsh assessment of processes and culture.
Reuters reported that an inquiry found a series of failures during a firewall upgrade tied to Optus’ Sept 18 incident, including mistakes in execution and coordination with a contractor, with 605 emergency callers seeking help and roughly 75% of those calls failing to connect during the outage window; the incident was linked to two fatalities, according to the report details cited.
The Straits Times said the review criticised Optus for ignoring basic protocols and lacking automated safeguards that should have detected failures quickly, noting the outage went unnoticed by senior teams for more than 13 hours. Singtel shares closed down 0.4% (two cents) at S$4.53 on Dec 18, underlining how operational and governance risk can reprice even large, diversified telecom names.
REITs and property: manager shake-up at Suntec REIT, plus balance-sheet moves across trusts
Singapore’s property and REIT space—central to SGX income strategies—saw multiple news catalysts on Dec 18, with transactions emphasizing control, capital structure, and asset recycling.
Acrophyte to acquire Suntec REIT’s manager (subject to MAS approval)
Property tycoon Gordon Tang’s vehicle Acrophyte Asset Management agreed to acquire 100% of ESR Trust Management (Suntec), the manager of Suntec REIT, for S$190 million, plus an adjustment for the manager’s net assets as at Dec 31, 2025. The deal is subject to regulatory approval by the Monetary Authority of Singapore (MAS).
The transaction is strategically notable because Tang and affiliates already hold a large stake in the REIT (reported as 35.7%), while ESR also holds a meaningful position—raising expectations among investors for potential strategy shifts once the manager changes hands.
Stoneweg Europe Stapled Trust refinances: EUR 85 million facility with expansion option
In another capital-structure headline, Stoneweg Europe Stapled Trust entered an amended and restated term loan facility agreement for €85 million, with €70.6 million initially drawn to refinance an outstanding loan. The facility includes an accordion feature that may increase it to €185 million, with proceeds directed to general corporate funding purposes (including refinancing).
For income-focused investors, such refinancing steps are often read as a signal of how trusts are managing interest costs and maturities heading into the new year—especially in a market sensitive to global rate expectations.
Acrophyte Hospitality Trust to divest a Hyatt Place hotel for US$7.8 million
Acrophyte Hospitality Trust also featured in headlines after its unit proposed selling the Hyatt Place Primacy Parkway hotel for about US$7.8 million, with completion expected in Q1 2026 and settlement in cash. A valuation cited in reporting placed the property at US$8.5 million, implying a sale at an 8.8% discount.
For hospitality trusts, such disposals can be framed as portfolio optimization—recycling capital toward higher-return assets or strengthening balance sheets depending on market conditions.
Industrial and cyclicals: HG Metal’s Tuas property purchase highlights capacity expansion theme
Outside REITs, industrial names also saw investor attention. HG Metal disclosed that a unit exercised an option to purchase an industrial property in Tuas for S$20.8 million, which the company said would more than double the group’s land area.
While small in index impact, property acquisitions like this can be meaningful for niche cyclicals—signaling confidence in utilisation needs, processing capacity, or logistics scale as firms position for demand.
A bond-market signal Singapore equity investors are watching closely: “safe-haven” demand for SGD debt
One of the most important macro-financial developments in Singapore today didn’t originate in equities at all.
The Straits Times reported that Singapore sovereign-bond sensitivity to US Treasuries has declined sharply, with the two markets moving almost independently as correlation fell to nearly zero. The article cited the 120-day correlation between 10-year Singapore government bonds and similar-dated Treasuries falling to 0 from 0.40 at the start of 2025, driven by haven demand for Singapore assets amid broader fiscal and policy concerns elsewhere.
The report also noted that increased global demand has boosted domestic liquidity and pushed interbank borrowing costs lower, while a Bloomberg index of Singapore bonds delivered strong 2025 returns to US dollar-based investors.
Why this matters for SGX stocks: lower or more stable local yields can support valuation narratives for dividend and income counters (including REITs and utilities), while also influencing bank NIM expectations and portfolio flows.
What to watch next for Singapore stocks
With year-end positioning underway, Singapore market direction in the next session is likely to remain tethered to a few global signposts:
- US inflation data due later Thursday (Dec 18) — a key input for rate-cut expectations and risk appetite.
- Bank of Japan rate decision (expected Friday) — which can move the yen, broader Asia FX, and cross-border flows into financials and exporters.
- AI trade volatility — as investors reassess whether AI-related capex and data-centre expansion is generating near-term returns commensurate with the spending and balance-sheet load.
- Singapore corporate actions — particularly manager changes and refinancing announcements that can reset narratives in REITs and trusts.
For investors tracking the Singapore stock market today, the message from Dec 18 was clear: the STI’s dip was small, but the market’s underlying newsflow—especially around telecom operational risk, REIT governance, and funding/refinancing—remains highly active heading into the final stretch of 2025.
This article is for informational purposes only and is not financial advice.
