CapitaLand Integrated Commercial Trust and SGX 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 fresh record highs in both the STI and S&P 500, easing US inflation and rate hike expectations, and the latest earnings updates from CapitaLand Integrated Commercial Trust (CICT) and Singapore Exchange Limited (SGX). We also look at the technical outlook for the STI and major US indices as investors shift their attention back towards macro developments after the earnings season.

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

Weekly Market Review

1:53 - Macro Update

• The S&P 500 gained 0.4% last week to trade close to the 7,800 level, while the STI rose 0.8% to around 5,744, extending its run of consecutive weekly gains.
• US inflation continued to ease, with July CPI rising 3.4% year on year, lower than the levels seen in May and June.
• The softer inflation data reduced expectations of a September rate hike, with markets now assigning a 67% probability that the Federal Reserve will keep rates unchanged.
• Singapore’s second-quarter GDP grew 5.9% year on year, prompting the Ministry of Trade and Industry to raise its 2026 growth forecast.
• Among the stronger-performing Singapore stocks last week, Yangzijiang Shipbuilding gained 10% following its earnings, Genting Singapore rose 7.3%, while OCBC advanced another 5%.
• On the weaker side, Singapore Airlines fell 7.2%, UOL declined 5.4%, Wilmar lost 4.8%, while UOB fell 3.5%, continuing the divergence in performance among the Singapore banks.

STI Top Performers:

• Yangzijiang Shipbuilding
• Hongkong Land
• Genting Singapore
• ST Engineering
• OCBC

STI Worst Performers:

• CapitaLand Ascendas REIT
• UOB
• Wilmar International
• UOL Group
• SIA

Companies in Focus: 

CapitaLand Integrated Commercial Trust (SGX: C38U)

• CapitaLand Integrated Commercial Trust (CICT) reported a 7.1% year-on-year increase in first-half 2026 distribution per unit to 6.02 cents, continuing its track record of resilient DPU growth.
• Portfolio occupancy improved to 95.6%, with retail occupancy at 97.7% and office occupancy rising to 94.4%.
• Rental reversions remained positive across the portfolio, at around 4% for retail and 6.5% for office properties.
• Growth in net property income was supported by the acquisition of CapitaSpring and contributions from overseas assets, partially offset by the divestment of Bukit Panjang Plaza.
• CICT’s balance sheet remained healthy, with aggregate leverage declining to 37.4%, interest coverage at 3.9 times and average cost of debt at 2.9%.
• Looking ahead, the acquisition of Paragon is expected to contribute to income from July 2026, while management continues to pursue both organic and inorganic growth opportunities.
• At current levels, CICT trades at around 1.1 times price-to-book, slightly above its historical average.

Read also: CICT raises 1H 2026 DPU by 7.1% to 6.02 cents: Our Quick Take

Related Links:

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

SGX (SGX: S68)

• SGX reported strong FY2026 results, with revenue increasing 13.9% and adjusted profit after tax rising 24.6% year on year.
• Growth was broad-based, supported by record activity in commodities and FX derivatives, alongside much stronger trading activity in Singapore equities.
• Securities daily average value traded increased 35% year on year to S$1.81 billion, boosting equities cash revenue.
• SGX also benefited from higher retail participation, expanded product offerings such as ETFs and SDRs, and new listings on the exchange.
• Expenses grew more slowly than revenue, supporting margin expansion, although SGX expects FY2027 expenses to rise 6% to 8% as it invests in technology and talent.
• The exchange declared an ordinary dividend of 44.5 cents and a one-off additional dividend of 12.5 cents, bringing total FY2026 dividends to about 57 cents, up 52% from the previous year.
• Following its strong rally, SGX trades at around 32 times earnings, above its historical average.

Read also: 3 Singapore blue chip stocks that raised their dividends in August 2026. Which looks attractive for income

Related Links:

• SGX (SGX: S68) latest valuation, share price and analysis
• SGX (SGX: S68) dividend history and dividend forecast

Technical Analysis

Straits Times Index

• The STI extended its rally to seven consecutive weekly gains and reached a fresh all-time high of 5,774 last week.
• Immediate resistance is around 5,774 to 5,780, while the 20-day moving average near 5,641 provides the first major support level. Stronger support is around 5,500.
• The RSI briefly moved above 70 before easing, indicating that the STI had entered overbought territory and could be due for some mean reversion.
• With rate hike expectations moderating, some profit-taking could emerge in the banks, although the broader STI remains supported by Singapore’s stronger growth outlook and continued interest in industrial and technology names.

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

Dow Jones Industrial Average

• The Dow Jones remained in consolidation after reaching a recent all-time high of 54,744.
• Immediate resistance is around 54,700 to 54,850, while the 53,000 level near the 20-day moving average provides the first meaningful support.
• The RSI remains healthy at around 59, suggesting slightly positive momentum but no strong directional bias.
• A pullback towards 53,000 could attract technical buyers, with the longer-term focus remaining on a potential retest of the 54,800 region.

S&P 500

• The S&P 500 reached a fresh all-time high of 7,816 last week before ending slightly lower at 7,785.
• Immediate resistance is around 7,816 to 7,900, while the 20-day moving average near 7,585 to 7,600 remains the key support level.
• The RSI stands at around 66, indicating strong momentum but suggesting that the index is getting closer to overbought territory.
• Further upside could bring the 8,000 level into focus, although renewed inflation or geopolitical concerns could trigger another period of consolidation.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The NASDAQ also rallied during August but remains below its previous all-time high of 27,190.
• Immediate resistance is around 27,100 to 27,300, while stronger support is likely to emerge closer to the 24,000 to 25,000 region during any deeper pullback.
• The RSI remains around 60, suggesting healthy momentum with some room for further upside before the index becomes overbought.
• With much of the positive earnings news already reflected in valuations, the NASDAQ may become increasingly sensitive to macro factors such as inflation, energy prices and the Federal Reserve’s interest rate outlook.

Learn more about the Nasdaq Composite index here.

What to look out for this week

Key dates

• Monday, 17 Aug:  OCBC, UOB, CapitaLand India Trust ex-dividend. Singapore NODX (July)
• Wednesday, 19 Aug:  AEM Holdings, CapitaLand Integrated Commercial Trust, Wilmar International ex-dividend. SATS results. U.S FOMC minutes 
• Thursday, 20 Aug:  City Developments, Jardine Matheson, Hongkong Land, Starhub, CSE Global, DFI Retail Group, Stoneweg Europe Stapled Trust, Ultragreen.AI ex-dividend. Walmart results
• Friday, 21 Aug:  ST Engineering, Sembcorp Industries ex-dividend.

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

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