Singapore, Jan 21, 2026, 15:30 SGT — Regular session
Keppel Ltd shares edged down 0.7% to S$10.72 by mid-afternoon Wednesday, tracking a weaker Singapore market. The Straits Times Index dipped 0.3%, with CapitaLand Investment, a key property player, sliding roughly 1.4%. 1
The stock slipped for a second day, dropping from a close of S$10.96 on Monday to fall 1.6% on Tuesday, according to price data. On Wednesday, Keppel’s shares fluctuated between S$10.69 and S$10.77. 2
Keppel’s recent rally has tightened expectations, leaving investors little wiggle room as they shuffle between Singapore’s major liquid stocks. With earnings season on the horizon, traders are quick to pull back risk when the overall market shows signs of caution.
Keppel filed a report late Tuesday under a trust deed connected to its US$5 billion multi-currency medium-term note programme. The filing, covering the October-to-December window, relates to bonds issued in tranches under this ongoing programme. 3
Earlier this month, Keppel announced it had secured a 720-megawatt “power bank”—a reserve of future data-centre sites with power commitments—for an AI campus near Melbourne, Australia. Manjot Singh Mann, CEO of its connectivity division, said the company was in “active discussions with hyperscalers and neoclouds” — the largest cloud operators and emerging AI-focused players — about the site’s planned capacity. 4
The market sees the data-centre surge more as a long-term play than an immediate earnings driver. Investors are grappling with how quickly these projects convert into fees and steady income—and what the cost of capital will be.
Keppel noted the Melbourne project isn’t expected to significantly affect earnings per share or net tangible assets per share—essentially book value per share—this financial year. That leaves less room for error if risk appetite fades or guidance falls short. 5
Beyond Singapore, a fresh wave of volatility has investors staying cautious following a widespread selloff in U.S. assets, as geopolitical and tariff concerns resurface. This unease has dampened Asia’s risk appetite, making dip-buying more cautious and selective. 6
Traders are eyeing whether Keppel can hold the S$10.70 level and if upcoming filings reveal anything beyond the usual updates. Any new contract wins, asset sales, or fundraising news could drive the next move.
