The Straits Times Index (STI) continued its upward trajectory, climbing 1.02% to reach 3,934.29, driven by robust performances in the banking sector, Singapore Airlines, Jardine stocks, and the Singapore Exchange. This marks the STI’s seventh gain in the past eight weeks, supported by a stable Wall Street environment.
The week saw Wall Street experience some volatility, particularly with Tesla’s shares plummeting following a public disagreement between Elon Musk and Donald Trump. Despite this, positive developments emerged on the US-China tariff front, with May’s US jobs data indicating no immediate impact from tariffs. The Federal Reserve is expected to maintain interest rates in the upcoming week.
In corporate news, OCBC made a conditional general offer of S$30.15 per share for the remaining 6.28% stake, which an independent financial adviser described as “fair and reasonable.” Additionally, share buybacks are on the rise, according to SGX Research, with City Developments poised to gain $465m (S$465m) from selling its stake in South Beach.
The Securities Investors Association (Singapore) advised Singapore Paincare shareholders to await the independent financial adviser report before making decisions. The Weekly Market Review by SIAS, held every Monday at 12.30 PM, continues to provide insights into global and local market activities, offering valuable perspectives for investors.
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