Singtel and Keppel 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 key developments in the global equity market alongside Singtel and Keppel. 

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

Weekly Market Review

1:33 - Macro Update 

• The Straits Times Index (STI) pushed higher to reclaim the 5,000 level, posting a 1.6% gain for the week despite global uncertainties. In the US, the S&P 500 rebounded by 1.1% to cross back above 6,900, largely driven by a late-week rally following shifts in tariff policies.
• The US Supreme Court ruled against President Donald Trump's previous tariffs, deeming them unlawful. However, Trump quickly countered by introducing a new 10% tariff, which was subsequently raised to 15% over the weekend.
• The release of the FOMC minutes revealed a hawkish pause, with Fed officials expressing concerns over sticky and high inflation. Consequently, expectations for an interest rate cut have been pushed back from June to July.
• Tensions between the US and Iran escalated after the White House issued an ultimatum regarding Iran's nuclear program. This geopolitical friction drove WTI crude oil to a five-month high of $66, sparking concerns about profit margins and renewed inflation.
• Among the best performers, Yangzijiang Shipbuilding jumped 8.7%, staging a strong rebound after being the worst performer in the previous week, while Genting Singapore rose 5.2%.
• Conversely, some blue-chip stocks faced slight loss in the past week , with SGX dropping 1.3%, while SIA and CapitaLand Investment fell 0.9% and 0.3% respectively.

STI Top Performers:

• Yangzijiang Shipbuilding
• Genting Singapore
• Seatrium
• OCBC
• Jardine Matheson

STI Worst Performers:

• SGX
• Singapore Airlines
• Mapletree Logistics Trust
• Mapletree Pan Asia Commercial Trust
• CapitaLand Investments

Singtel (SGX: Z74)

• Singtel shares surged past $5, reaching a new all-time high following a strong run-up over the past year.
• The telecommunications giant reported robust growth in underlying net profit for the nine months of FY2026, driven significantly by its Australian subsidiary Optus (which saw a 28% YoY jump in operating profit) and its growth engines like NCS (up 38%).
• Regional associates, particularly Airtel in India, also contributed heavily to the bottom line, helping offset a slight 3% decline in the Singapore business.
• The company affirmed its FY2026 guidance and is progressing with its acquisition of ST Telemedia Global Data Centers, expected to close in the second half of 2026.

Related Links:

• Singtel Share Price and Share Price Target
• Singtel forecast and dividend history

Keppel Ltd. (SGX: BN4)

• Keppel shares have nearly doubled over the past 12 months, climbing to $12.93 on the back of impressive full-year 2025 results.
• Excluding non-core and discontinued operations, Keppel's net profit jumped 39% YoY to $1.1 billion.
• A key driver of this success was a 21% increase in recurring income to $941 million, heavily supported by a massive expansion in funds under management (now at $95 billion) and strong infrastructure division performance.
• The company rewarded shareholders with a total dividend of $0.47 per share (a 38% increase) and continues its $500 million share buyback program.
• Keppel Ltd. Share Price and Share Price Target
• Keppel Ltd. forecast and dividend history

Technical Analysis

Straits Times Index

• The index reached a fresh all time high of 5,039 points on Monday morning as it confidently breached the 5,000 psychological level.
• Momentum indicators like the RSI are stretched at 67 which suggests the market is elevated but strong banking earnings could provide further upside.
• Immediate support is seen around the recent low of 4,920 points with 5,000 acting as a new pivot.
• If the bullish momentum continues, the next major target will be the 5,100 resistance level.

Dow Jones Industrial Average

• The index pulled back from its recent all time high of 50,512 points to trade near 49,625 amid a rotation out of tech and into traditional sectors.
• The 50,000 mark is now acting as a key pivot level while the RSI at 53 indicates a lack of immediate directional momentum.
• A horizontal consolidation phase is expected with a firm support floor established around the 48,400 to 48,500 zone.

S&P 500

• The broad market index rebounded to reclaim the 6,900 level but remains essentially flat for the year with a modest 0.46% year to date gain.
• Indicators reflect a neutral stance as the RSI sits at 51 and the MACD converges toward the zero baseline to hint at a potential bullish crossover.
• The index is trading in a defined range with key support located at 6,800 and stiff resistance remaining at the 7,002 all time high.

Nasdaq Composite Index

• The tech heavy index remains the laggard with a 2.5% year to date decline driven by ongoing concerns over AI valuations and massive capital expenditure plans.
• Momentum is currently weak with the RSI sitting below the 50 point neutral mark and the MACD reflecting a downward trend.
• Investors are closely watching the 23,000 pivot level while eyeing the 22,200 area for solid support.
• The highly anticipated Nvidia earnings report on Wednesday is expected to be the major catalyst needed to test the 24,000 resistance.

What to look out for this week

• Monday, 23 February: Centurion Accommodation REIT earnings

• Tuesday, 24 February: UOB, SIA, Genting Singapore earnings

• Wednesday. 25 February: OCBC, Sembcorp Industries, Stoneweg European REIT, Singpost, Hong Leong Asia earnings

• Thursday, 26 February: CSE Global, Wilmar earnings

• Friday, 27 February: ST Engineering ComfortDelgro, SATS, City Developments, Daiwa House Logistics Trust earnings 

Get the full list of stocks with upcoming dividends here. 

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