Updated Sunday, 14 Dec 2025
Singapore’s stock market enters the new week with momentum after a late-week burst pushed the Straits Times Index (STI) to 4,586.45 on Friday (Dec 12) — a 1.5% daily gain that capped a ~1.8% rise from Monday’s close and underscored the market’s “rate-sensitive/value” leadership into year-end. [1]
But the coming week is also shaping up as a classic tug-of-war: lower policy rates and improving liquidity signals on one side, and renewed volatility in global technology “AI trade” names plus bond-market nerves on the other. [2]
Below is what moved SGX-listed shares between 8–14 Dec 2025, and what investors are watching next for the Singapore stock market.
Singapore stocks last week: From early wobble to a Friday surge
The STI’s week told a clear story: a cautious start, a midweek pause ahead of the US Federal Reserve, then a strong risk-on push into Friday.
Monday (Dec 8): STI slipped 0.5% to 4,507.08
Singapore stocks started the week lower amid mixed regional trading. The session also highlighted how sensitive sentiment remained to global rate expectations. [3]
Tuesday (Dec 9): STI edged up 0.1% to 4,513.24
The index clawed back modest gains as regional markets finished mixed. Market commentary remained focused on the looming Fed decision and concerns that inflation and higher yields could keep conditions tight. [4]
Wednesday (Dec 10): STI effectively flat at 4,511.90
The market’s “wait-and-see” stance was evident. The blue-chip benchmark ended little changed ahead of the Fed, with a mixed showing among the big local banks. [5]
Thursday (Dec 11): STI rose 0.2% to 4,520.83 after the Fed cut rates
Singapore shares nudged higher following a 25-basis-point US rate cut. Investors also cited the Fed’s liquidity impact as supportive for equities, especially in more cyclical corners of global markets. [6]
Friday (Dec 12): STI jumped 1.5% to 4,586.45
A broad-based rally closed the week, with the three local banks all ending higher. A rotation away from some US mega-cap tech into other sectors — and a generally upbeat regional tape — also helped. [7]
Bottom line: From Monday’s 4,507.08 to Friday’s 4,586.45, the STI added about 79 points (~1.8%) for the week — driven by a powerful final-session move. [8]
The drivers that mattered (8–14 Dec): Rates, rotation, and Singapore’s “bank-and-dividend” bias
1) Fed easing tailwind — but bond-market nerves didn’t disappear
The Fed’s rate cut helped lift risk appetite globally and supported Singapore’s rate-sensitive leadership areas (financials, property/REIT-adjacent names). [9]
Still, market commentary through the week repeatedly circled back to the risk that long-term yields and fiscal expectations could stay sticky — a critical variable for Singapore equities given the market’s yield and financial tilt. [10]
2) Global tech volatility re-emerged — “AI trade” jitters
Even as the STI rallied into Friday, global equities were digesting a renewed wobble in some “AI boom” winners and related names, fuelling talk of stretched valuations and uncertainty about returns on massive AI infrastructure spending. [11]
For SGX investors, this matters less as a direct index weight issue (Singapore is not a Nasdaq-style tech market) and more via sentiment spillover, global fund flows, and the risk that a risk-off impulse could interrupt the year-end bid.
Winners, laggards, and what they signaled about the market
Banks: still the spine of the STI
The big three local banks remain the STI’s core. On Friday, DBS, OCBC and UOB all rose meaningfully in a broad rally. [12]
Earlier in the week, their performance was mixed as investors waited for the Fed (and watched bond yields). [13]
“Old-economy” blue chips and regional conglomerate exposure
Friday’s session also saw significant movement among heavyweight conglomerate-linked names, with Jardine Matheson singled out as the top performer among STI constituents that day. [14]
REITs and property: active corporate news meets valuation narratives
The week’s headlines were packed with property and REIT-related catalysts — a key Singapore market theme — from corporate actions to broker upgrades (details below). [15]
Corporate and sector headlines SGX investors are carrying into next week
Several company-specific developments during 8–14 Dec are likely to stay in focus because they can influence positioning, sector sentiment, and near-term price action.
Sembcorp: major Australia utilities deal
Sembcorp Industries announced it will acquire Alinta Energy at an agreed enterprise value of A$6.5 billion, with an estimated purchase price of A$5.6 billion to be paid in cash (funded via facilities). [16]
Large cross-border transactions like this can move not only the stock but also sentiment toward Singapore’s infrastructure/energy transition complex.
Property developers: DBS Research turns more bullish
DBS Research adopted a bullish stance on Singapore property counters, lifting target prices for developers including CDL, UOL and GuocoLand, citing upside potential from their prevailing levels at the time. [17]
With developers often trading as “rates + domestic cycle” expressions, this call lands at a moment when global rate expectations are again central.
Seatrium: wind-grid contract momentum
Seatrium, in a consortium with GE Vernova, secured a contract from TenneT to connect North Sea wind power to Germany’s grid, taking Seatrium’s secured new contracts for FY2025 to over S$4 billion to date. [18]
Singtel: regulatory fine is a reminder of operational risk
Singapore’s IMDA imposed a S$1 million fine on Singtel tied to a 2024 voice disruption affecting roughly 500,000 users for more than four hours, according to reporting during the week. [19]
Hongkong Land and Keppel REIT: M&A and funds platform narrative
Hongkong Land said it made “significant advancements” toward launching its inaugural private real estate fund, expected to hold more than S$8 billion of assets under management at inception, following news tied to Keppel REIT’s planned acquisition of Hongkong Land’s stake in MBFC Tower 3. [20]
CapitaLand Investment (CLI): China retail fund milestone
CLI closed its second onshore sub-fund (China Retail RMB Fund I) at one billion yuan and outlined recapitalisation plans for a mall asset to seed the vehicle — a datapoint for how Singapore groups are structuring capital recycling and China exposure. [21]
Mapletree Pan Asia Commercial Trust (MPACT): Hong Kong asset sale
MPACT’s manager announced that its subsidiary Festival Walk will sell the office component (Festival Walk Tower) for nearly HK$2 billion, compared with an earlier independent valuation context from 2021 mentioned in reporting. [22]
Liquidity check: trading activity remained robust, and that matters for year-end
Beyond price action, a notable “under the hood” story is that SGX trading activity stayed strong.
SGX reported that November securities market turnover value rose 18% year-on-year to S$35.5 billion, with turnover volume up 4% to 29.3 billion shares, driven by interest in index stocks and REITs. [23]
This matters heading into year-end because liquidity and participation can amplify moves — both upside breakouts and downside air pockets.
Structural tailwinds in the background: why some investors are looking into 2026 already
A separate line of analysis published during the week highlighted a broader narrative: Singapore equities are not just enjoying a cyclical bounce; they’re being positioned as a market with improving “investability” and policy support.
The STI’s rally through most of 2025 was described as record-breaking into the second half, with the index’s price return for 11 months of the year cited at 19.4%, and 2025 initiatives framed as supportive into 2026. [24]
That analysis pointed to:
- Equity market initiatives rolled out in 2025 to strengthen competitiveness; and
- Listing activity that reached 36 new listings in 2025, described as the highest in a decade. [25]
Whether those themes translate into sustained foreign inflows is still a live question — but it’s part of why dips have been met with buying interest.
Week Ahead: what to watch on SGX (Dec 15–19, 2025)
1) Singapore data: trade print in focus
Singapore’s non-oil domestic exports (NODX) is on the calendar for the coming week (November data), and it matters because trade momentum influences both macro sentiment and sector narratives tied to external demand. [26]
2) Global macro catalysts that can swing sentiment quickly
Several heavy-hitting global events are lined up, and Singapore typically takes its cue from global rates and risk appetite:
- China activity data (industrial production, retail sales, fixed asset investment) early in the week can influence regional cyclicals and commodity-linked sentiment. [27]
- A cluster of US data (including delayed payrolls and CPI) is likely to influence Treasury yields — a key transmission channel to Singapore bank, REIT and dividend plays. [28]
- Multiple central bank decisions (including the ECB, BoE and BoJ, among others flagged by global previews) could reshape the “rates path” narrative right into year-end positioning. [29]
DBS’ week-ahead macro preview also warned that US labour-market and price data could dampen expectations of a January cut, keeping markets sensitive to any upside inflation surprises. [30]
3) How this translates into SGX sector playbooks
If yields cool and risk appetite holds:
- Singapore’s rate-sensitive segments (banks, selective REITs, developers) could keep leading, consistent with Friday’s broad-based rally. [31]
If yields re-accelerate or global tech weakness triggers risk-off:
- Watch for a pullback in high-dividend “bond proxy” names and a more defensive tilt. Recent US tech volatility (and AI valuation concerns) is a reminder that global risk appetite can shift quickly even after a central bank cut. [32]
4) Company-specific follow-through
Several of the week’s biggest SGX corporate headlines are the kind that can generate multi-session follow-through:
- Deal digestion (Sembcorp/Alinta) and any funding/strategy clarifications. [33]
- Property and REIT catalysts, including broker upgrades and portfolio transactions (CLI and MPACT). [34]
- Regulatory headlines (Singtel fine) and whether the market treats it as contained or reputationally broader. [35]
The setup for SGX investors: strong close, busy macro week, and year-end positioning
The STI’s decisive Friday move placed Singapore equities back in a position of strength heading into mid-December. [36]
But the next leg will likely be determined less by local headlines and more by the global rates-and-growth narrative — especially with major data releases and central bank decisions clustered in the week ahead. [37]
For investors watching SGX into year-end, the key question is whether Singapore’s bank-heavy, dividend-friendly market profile continues to benefit from easing policy expectations — or whether bond yields and global tech volatility interrupt the late-2025 rally.
This article is for information only and is not financial advice.
References
1. www.businesstimes.com.sg, 2. www.businesstimes.com.sg, 3. www.straitstimes.com, 4. www.straitstimes.com, 5. www.businesstimes.com.sg, 6. www.businesstimes.com.sg, 7. www.businesstimes.com.sg, 8. www.straitstimes.com, 9. www.businesstimes.com.sg, 10. www.straitstimes.com, 11. www.ft.com, 12. www.businesstimes.com.sg, 13. www.businesstimes.com.sg, 14. www.businesstimes.com.sg, 15. www.businesstimes.com.sg, 16. www.businesstimes.com.sg, 17. www.businesstimes.com.sg, 18. www.businesstimes.com.sg, 19. www.businesstimes.com.sg, 20. www.businesstimes.com.sg, 21. www.businesstimes.com.sg, 22. www.businesstimes.com.sg, 23. www.businesstimes.com.sg, 24. www.businesstimes.com.sg, 25. www.businesstimes.com.sg, 26. www.spglobal.com, 27. www.ig.com, 28. www.ig.com, 29. www.spglobal.com, 30. www.dbs.com.sg, 31. www.businesstimes.com.sg, 32. www.ft.com, 33. www.businesstimes.com.sg, 34. www.businesstimes.com.sg, 35. www.businesstimes.com.sg, 36. www.businesstimes.com.sg, 37. www.spglobal.com
