CapitaLand Integrated Commercial Trust, Keppel DC REIT, and Fraser Logistics and Commercial Trust in focus: Weekly Review with SIAS

What happened?

In this week's Weekly Market Review in partnership with the Securities Investors Association Singapore (SIAS), we discuss the STI's surge to a fresh record high as investors rotated into Singapore banks amid rising oil prices and bond yields. We also look at why selected Singapore REITs have outperformed despite a challenging interest rate environment, and the technical outlook for the STI and major US indices ahead of the US earnings season.

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

Weekly Market Review

2:15 - Macro Update

• The STI was the standout performer among major global indices last week, surging 4.3% to a fresh record high of 5,469, comfortably outperforming the S&P 500 (+1.2%), NASDAQ (+1.7%) and Hang Seng (+3.5%).
• Renewed tensions in the Middle East pushed oil prices higher and drove the US 10-year Treasury yield back above 4.5%, reinforcing expectations that interest rates could remain higher for longer.
• The shift in interest rate expectations boosted Singapore bank stocks, with investors viewing them as key beneficiaries of a prolonged higher-rate environment.
• Among the strongest-performing Singapore stocks last week, UOB surged 10.0%, OCBC gained 8.4%, DBS rose 5.5%, while Keppel advanced 5.7%.
• On the weaker side, Sembcorp Industries fell 5.0%, Singtel declined 1.6%, while REITs such as Keppel DC REIT came under pressure as higher bond yields weighed on the sector.
• Despite the challenging interest rate environment, selected Singapore REITs with resilient earnings growth and strong balance sheets continued to outperform the broader REIT sector.

Read also: DBS, OCBC and UOB hit record highs in July 2026. What could drive them higher beyond dividends

STI Top Performers:

• UOB
• OCBC
• Keppel Ltd.
• DBS
• Wilmar International

STI Worst Performers:

• Keppel DC REIT
• Venture Corporation
• Jardine Matheson
• Singtel
• Sembcorp Industries

Read also: Keppel vs Sembcorp Industries: Which blue chip stock is a better buy with the pullback

Companies in Focus: 

CICT: CapitaLand Integrated Commercial Trust (SGX: C38U)

• CICT has been one of the more resilient Singapore REITs in 2026, supported by consistent distribution growth and a predominantly Singapore-based portfolio.
• The REIT delivered a 6.4% increase in FY2025 distribution per unit, with second-half DPU growing an even stronger 9.4% year on year, driven by improving net property income and contributions from recent acquisitions.
• CICT has also strengthened its balance sheet, reducing aggregate leverage to 38.6% while lowering its average cost of debt from 3.6% to 3.2%, helping to support further DPU growth.
• Portfolio occupancy remains healthy at close to 97%, with retail occupancy at 99%, demonstrating the resilience of its high-quality assets.
• At current levels, CICT offers a distribution yield of around 5% and trades at about 1.1 times price-to-book, slightly above its historical average.

Read also: 3 Singapore blue-chip REITs that held up in 1H 2026. Are they still worth looking at for income

Related Links:

• CICT: CapitaLand Integrated Commercial Trust (SGX: C38U) latest valuation, share price and analysis
• CICT: CapitaLand Integrated Commercial Trust (SGX: C38U) dividend history and dividend forecast

Keppel DC REIT (SGX: AJBU)

• Keppel DC REIT has remained one of the stronger-performing Singapore REITs despite higher bond yields, supported by continued growth in distributions and resilient demand for data centres.
• FY2025 distribution per unit increased by close to 10% year on year, while aggregate leverage remained healthy at 35.3%.
• Portfolio occupancy stayed high at around 96%, with a long weighted average lease expiry of 6.7 years and positive rental reversions reflecting continued demand for data centre assets.
• The REIT currently offers a distribution yield of about 4.6% and trades at around 1.3 times price-to-book, slightly below its historical average valuation.

Read also: 3 Singapore blue-chip REITs that held up in 1H 2026. Are they still worth looking at for income

Related Links:

• Keppel DC REIT (SGX: AJBU) latest valuation, share price and analysis
• Keppel DC REIT (SGX: AJBU) dividend history and dividend forecast

FLCT: Frasers Logistics & Commercial Trust (SGX: BUOU)

• FLCT has underperformed its blue-chip REIT peers after reporting a decline in distribution per unit, despite continued growth in net property income.
• Higher finance costs offset the improvement in operating performance, leading to weaker distributions and contributing to softer investor sentiment.
• The REIT nevertheless maintains a healthy balance sheet, with aggregate leverage at 33.7%, while its higher distribution yield reflects investor concerns over the outlook for future DPU growth.
• FLCT currently trades at around 0.9 times price-to-book, below its historical average valuation.

Read also: 3 Singapore blue-chip REITs that held up in 1H 2026. Are they still worth looking at for income

Related Links:

• FLCT: Frasers Logistics & Commercial Trust latest valuation, share price and analysis
• FLCT: Frasers Logistics & Commercial Trust dividend history and dividend forecast

Technical Analysis

Straits Times Index

• The STI continued its strong rally, reaching another record high of 5,479 in early Monday trading after closing at a record 5,469 last week.
• Immediate support is around the 20-day moving average near 5,250, which also coincides with the previous breakout level from late June. Stronger support is seen around the lower Bollinger Band near 5,050.
• The RSI has climbed to around 78, indicating that the STI is in overbought territory and could be due for a near-term technical pullback.
• While the longer-term trend remains positive, investors may see profit-taking in the near term before attention shifts to the Singapore earnings season.

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

Dow Jones Industrial Average

• The Dow Jones remained the strongest-performing US index over the past month, supported by expectations of resilient bank earnings and stronger performance from traditional sectors.
• Immediate support is around the 52,000 level, followed by stronger support near 51,000, while the recent record high of 53,289 remains the key resistance level.
• The RSI has eased to around 62 after briefly entering overbought territory, suggesting that momentum remains healthy despite recent consolidation.
• The Dow could continue outperforming as investors focus on the upcoming US bank earnings season.

S&P 500

• The S&P 500 continued to consolidate near record highs ahead of the US earnings season, with investors balancing optimism over earnings against concerns surrounding higher oil prices and inflation.
• Immediate resistance is around 7,600, while support is seen near 7,500 and the lower Bollinger Band around 7,300.
• The RSI remains healthy at around 60, indicating there is still room for further upside should earnings exceed expectations.
• Avoiding further escalation in the Middle East and a renewed rise in interest rates will remain key to the S&P 500 challenging fresh record highs.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The NASDAQ continued to lag the Dow Jones and S&P 500 as technology stocks remained more sensitive to higher bond yields and inflation expectations.
• Immediate resistance is around 26,700, while the 25,000 level remains an important support zone following the formation of a potential double bottom.
• The RSI has recovered to around 54, indicating modest positive momentum, although it remains weaker than the broader US market.
• Technology stocks could see renewed momentum later in the earnings season if results from the major technology companies meet investor expectations.

Learn more about the Nasdaq Composite index here.

What to look out for this week

Key dates

• Tuesday, 14 Jul: SG GDP flash (2Q), US CPI (Jun), Bank of America, Citigroup, JP Morgan and Goldman Sachs earnings
• Wednesday, 15 Jul: US PPI (Jun), ASML earnings, Morgan Stanley earnings
• Thursday, 16 Jul: Singapore 6 month T-bill auction, TSMC earnings

Get the full list of stocks with upcoming earnings and upcoming dividends.

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