Singtel and oil price volatility in focus: Weekly Review with SIAS

What happened?  

In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss the rebound in global markets, renewed oil price volatility following the latest Middle East developments, and the latest update on Singtel’s Special Discounted Shares exercise.

Watch the video to learn more about what we are looking out for this week. 

Weekly Market Review

2:09 - Macro Update

• Global markets extended their rebound last week, with the S&P 500 rising 3.6% for a second straight week, while the NASDAQ gained 4.7%, led by technology and semiconductor stocks.
• The STI remained highly resilient, recovering 0.8% to near the 5,000 level and staying close to its all-time high despite continued uncertainty in the Middle East.
• Oil prices fell sharply after news of a two-week ceasefire between the US and Iran, dropping below US$100 per barrel and even below US$90 at one point, although prices rebounded over the weekend after talks failed to progress and the US announced a blockade on the Strait of Hormuz.
• US inflation picked up meaningfully, with March CPI rising 3.3% year on year, the highest level in close to a year, as higher energy prices fed through into headline inflation.
• US 10-year government bond yields remained elevated at around 4.3%, down slightly from highs above 4.4%, while Singapore 10-year government bond yields fell more sharply from about 2.4% to 2.1%.
• SGX was among the top STI performers with a 3.6% gain, while selected REITs such as Keppel DC REIT, Frasers Logistics & Commercial Trust and Mapletree Pan Asia Commercial Trust rebounded as bond yields eased.
• On the weaker side, DBS, OCBC and Singtel were among the laggards over the past week.

STI Top Performers:

• Keppel DC REIT
• Singapore Exchange
• Frasers Logistics and Comms Trust
• Mapletree Pan Asia Commercial Trust
• Venture Corporation Limited

STI Worst Performers:

• OCBC
• DBS
• Jardine Matheson Holdings
• DFI Retail Group Holdings
• Singtel

Company in Focus: Singtel (SGX: Z74)

• Singtel’s share price has pulled back slightly after reaching an all-time high above S$5, but it has remained relatively resilient despite broader market uncertainty.
• The key development was the announcement that Singtel Special Discounted Shares held under the CPF Board trustee arrangement will be transferred into shareholders’ own CDP accounts or designated accounts opened in their names.
• This affects about 615,000 SDS holders and will give them more direct control over how they hold, manage and potentially sell their shares. From 8 April 2026, eligible holders can also receive sale proceeds directly in cash without needing to meet CPF withdrawal rules.
• The move is aimed at simplifying Singtel’s shareholder structure, reducing operational complexity, and giving the company more flexibility for future corporate actions under its Singtel28 strategy.
• Holders who keep their shares will have them transferred to their CDP account if they already have one, or otherwise to a designated account opened in their name. Those who sell can do so through approved channels or a retail broker, depending on whether they want a simpler process or more flexibility.
• Key dates include the start of sale and cash withdrawal options from 8 April 2026, a temporary pause in SDS sales from 19 to 20 November 2026, and the automatic transfer of remaining SDS holdings on 21 November 2026.
• Fundamentally, Singtel’s recent strength has been supported by improved operating performance. Underlying net profit rose 10% year on year to about S$0.7 billion in the third quarter of FY2026, driven by NCS, its data centre business, and stronger contributions from regional associates, partly offset by weaker performance in Singapore mobile.
• In 1H FY2026, Singtel declared a total interim dividend of 8.2 cents per share, up from 7.0 cents a year earlier, and it is also in the midst of a S$2 billion value realisation share buyback programme.

Read also: Singtel special discounted shares to unlock cash. What should investors do?

Technical Analysis

Straits Times Index

• The STI has recovered most of its March pullback and is now trading near 4,971 points, putting it within striking distance of the 5,000 level once again.
• Immediate resistance is seen at 5,000, which is likely to remain a tough level to break unless there is a clear resolution to the US-Iran conflict.
• Support is around 4,800 to 4,790, referencing the January low, with 4,900 acting as the key pivot level in the near term.
• The Singapore market has remained relatively resilient, supported by banks, defensive names and energy-related stocks, even as oil prices stay elevated and global uncertainty remains high.
• A move towards 4,800 may present a buying opportunity, while a break below that level may suggest deeper short-term weakness.

Learn more about the Straits Times Index (STI) here. 

Dow Jones Industrial Average

• The Dow Jones rebounded strongly last week and came close to the 48,000 level, although profit-taking emerged ahead of the ceasefire talks.
• Immediate resistance is around 48,000, while support is near 45,000, leaving the index likely to trade within a 3,000-point range in the near term.
• The 46,000 to 47,000 region is the key pivot zone to watch as markets digest the latest headlines around the Strait of Hormuz and the broader Middle East conflict.
• MACD still points to a constructive longer-term trend, but RSI at 57 has not broken above 60, suggesting that near-term upside momentum may start to soften.
• In the best-case scenario, the Dow may remain range-bound between 46,000 and 48,000, with further direction likely to depend on earnings season and geopolitical developments.

S&P 500

• The S&P 500 has recovered much of its pullback since the start of the Iran crisis, although some profit-taking emerged at the end of last week.
• Immediate resistance is around 6,800, with a further upside level near 6,920 if market sentiment improves meaningfully.
• On the downside, the index could retrace towards 6,600, with deeper support around 6,005 if tensions escalate further.
• MACD remains positive and suggests the medium-term trend is still constructive, supported by the view that the US economy remains in relatively good shape beyond the current geopolitical crisis.
• However, RSI at 59 has fallen just short of the 60 mark, suggesting upside momentum may moderate and the index may remain range-bound between about 6,500 and 6,900 in the near term.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The Nasdaq was the strongest-performing US index last week, but near-term resistance is building around the 23,100 level, which marks the high seen before the crisis began.
• Support is around 21,900, while the 21,000 to 22,000 range is the key pivot zone to watch if the index moves into a more sideways pattern.
• MACD remains positive and suggests momentum is still favourable heading into earnings season.
• RSI has already crossed above 60, which points to stronger upside momentum, although that rebound may be moderated by renewed concerns around the Iran crisis.
• For now, the Nasdaq may see profit-taking near 23,000, while a pullback towards 21,000 could start to look more attractive from a valuation perspective.

What to look out for this week

• Monday. 13 April: Goldman Sachs earnings
• Tuesday. 14 April: Blackrock, JPMorgan, Citigroup earnings
• Wednesday. 15 April: Bank of America, Morgan Stanley earnings
• Thursday, 16 April: 12-month Singapore T-bill auction

Check out the full list of Singapore stocks, REITs and ETFs with upcoming dividend payments with our dividend calendar.

Follow us on Telegram, Youtube, Facebook and Instagram to get the latest financial insights.