Singapore’s economy demonstrated resilience in the first quarter of 2026, achieving a 4.6% year-on-year growth despite facing increased imported cost pressures, according to the SGX Research report. This growth aligns with businesses prioritising margin protection and operational resilience in a challenging global environment. The Monetary Authority of Singapore (MAS) has adjusted the rate of appreciation of the Singapore dollar to counter rising energy costs and broader price pressures.
In April, net institutional inflows into Singapore stocks were led by the Industrials, Technology, and Utilities sectors. Within Technology, companies involved in semiconductor manufacturing and testing, such as AEM Holdings and UMS Holdings, saw significant inflows. Sembcorp Industries emerged as a leader in net institutional inflows, whilst Oiltek International recorded the highest share-price gains among the top 30 stocks with substantial institutional interest.
Sembcorp Industries, with its extensive energy platform, is nearing its consensus target price of S$6.92. The company boasts around 28 gigawatts of gross capacity, including renewable energy projects and a critical gas generation platform. This capacity provides cash-flow visibility across regions such as Singapore, South Asia, and the UK.
Oiltek International’s share price surged to over S$2.00, driven by improved liquidity and a significant agreement for a Sustainable Aviation Fuel facility in Sabah. This agreement, valued at US$350m, is expected to boost Oiltek’s order book significantly, pending regulatory approvals and financing.
These developments highlight Singapore’s strategic focus on sectors with tangible output and resilience, positioning the economy to navigate external challenges effectively.
