Singapore, Jan 21, 2026, 14:56 SGT — Regular session
- Singtel shares slipped following Tuesday’s surge, dragged down by growing global risk aversion
- U.S. tariff threats continue to unsettle investors
- Focus shifts to Singtel’s February 18 results for clues on dividends and buybacks
Singapore Telecommunications Ltd (Singtel) shares dipped 1.5% to S$4.50 in Wednesday afternoon, retreating from Tuesday’s gains. The stock fluctuated between S$4.47 and S$4.57 after closing at S$4.57 the previous day, according to market data. 1
The decline mirrored a weaker mood in Singapore equities, with investors moving into “risk-off” mode—trimming stock exposure and favoring safer assets—after sharp losses on Wall Street triggered by fresh tariff threats. 2
“Linking tariffs to geopolitics” proves “harder to price” and could embed a “stickier risk premium,” Charu Chanana, chief investment strategist at Saxo in Singapore, noted in a Reuters report. 3
U.S. stocks tumbled Tuesday, with the S&P 500 dropping 2.06%, the Nasdaq falling 2.39%, and the Dow losing 1.76%, according to Reuters. President Donald Trump announced a 10% import tariff on goods from several European nations starting Feb. 1, set to rise to 25% on June 1 if no agreement involving Greenland is reached, Reuters added. 4
Singtel investors now have their sights set on the earnings report scheduled for Feb. 18. They’ll be watching closely for updates on dividends and whether the company plans to accelerate its share buybacks, which have increasingly underpinned the stock in the last year. 5
Last year, Singtel launched a multi-year share buyback program and boosted its asset monetisation goals, aiming to recycle capital and enhance returns for shareholders, the company said. 6
Singtel’s latest half-year results showed a rise in underlying profit, prompting a hike in its interim dividend. The boost came mainly from its Australian arm Optus and regional associates, which were highlighted as main contributors. 7
Sentiment across markets is still shaky. “Global investors are taking these threats seriously,” Jack Ablin, founding partner and chief investment strategist at Cresset Capital, told Reuters, as tariff news sparked fresh talk of a “Sell America” trend worldwide. 8
The near-term outlook for Singtel hinges largely on macro factors: a swift easing in tensions might boost risk appetite, but a further drop in global stocks would likely weigh on even top dividend payers. Optus-specific concerns remain, too, following scrutiny over emergency call outages, Reuters noted earlier. 9
Singtel shares will probably react first to tariff news leading up to the Feb. 1 start date mentioned by Trump, then shift focus to the Feb. 18 earnings report for clues on dividends, buybacks, and guidance.
