Singapore, Jan 29, 2026, 15:01 SGT — Regular session
Shares of Singapore Telecommunications Ltd (Singtel) held steady at S$4.56 on Thursday, fluctuating between S$4.52 and S$4.57 as roughly 6.2 million shares traded. The previous session saw a 0.65% decline following a 2.9% gain on Tuesday, according to data from Investing.com. 1
The moves are significant since Singtel is known as an income stock. When traders adjust their rate outlook, these stocks tend to react immediately, with questions coming afterward.
AI infrastructure is another key driver. Fibre networks and data centres are grabbing more attention than phone plans lately, and Singtel’s extensive network footprint keeps it competitive.
On Thursday, the Monetary Authority of Singapore held its policy steady but raised its 2026 inflation forecast to 1%–2%, up from 0.5%–1.5%. The move came through its exchange-rate framework, not an interest-rate target. OCBC economist Selena Ling described the tone as “a tad more hawkish and less dovish,” while Maybank’s Chua Hak Bin noted “simmering inflation pressures.” MAS highlighted that AI-driven investment should bolster growth in 2026 but flagged a potential pullback in AI spending as a risk. 2
A Jan 28 report from OCBC highlighted that broader AI adoption is set to boost demand for fibre connectivity, data centres, and related infrastructure. It singled out Singtel and NetLink NBN Trust as key beneficiaries of this expansion. Singapore’s Straits Times Index has climbed roughly 5.4% this year, with trading activity extending beyond just the big-cap stocks, according to The Straits Times. 3
Still, today’s stock action isn’t driven by any one company announcement. Instead, investors seem to be holding back, eyeing the Singapore dollar, bond yields, and whether the AI hype translates into actual orders.
The AI factor isn’t all upside. A slowdown in the global economy or a halt in cloud and AI spending would weigh on the infrastructure theme. Dividend stocks also tend to falter if policy looks set to tighten.
Singtel is set to report its December-period results on Feb. 18. Investors will be focused on any updates regarding enterprise demand, digital infrastructure investments, and potential shifts in shareholder returns. 4
