CICT and Keppel in focus: Weekly Review with SIAS

Stocks

By Gerald Wong, CFA • 27 Apr 2026

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We look at CapitaLand Integrated Commercial Trust (CICT), Keppel, and the key developments shaping the Singapore stock market in the latest Weekly Market Review.

In this article

What happened?

In this week's Weekly Market Review in partnership with Securities Investors Association Singapore (SIAS), we discuss the fresh all-time highs in US markets, the softer performance of the STI, and the latest update on CapitaLand Integrated Commercial Trust (CICT) and Keppel.

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

Weekly Market Review

1:43 - Macro Update

US markets continued their rally last week, with the S&P 500 climbing to a new all-time high of 7,165, while the NASDAQ also reached a record 24,837, led mainly by technology stocks.
The STI was softer over the week, even as selected Singapore names continued to perform well.
Oil prices remained elevated, with Brent crude still close to US$100 per barrel as the Strait of Hormuz stayed closed and there were few signs of progress in peace talks.
US 10-year government bond yields remained volatile but stayed around 4.3%, while markets continued to expect the Federal Reserve to keep interest rates unchanged at the upcoming meeting and likely through the rest of 2026 and much of 2027.
Within Singapore, Yangzijiang Shipbuilding rose 5.9%, UOL gained 5.0%, and CICT advanced 3.8%, while Hongkong Land and some banks were among the weaker performers.
Investors are watching a busy week ahead, including Singapore earnings, US Big Tech earnings, and the latest Fed meeting.

sti top performer 27 apr 2026

STI Top Performers:

sti worst performer 27 apr 2026

STI Worst Performers:

Companies in Focus:

CapitaLand Integrated Commercial Trust (SGX: C38U)

CICT was one of the better-performing REITs last week, supported by its proposed acquisition of Paragon and divestment of Asia Square Tower 2.
The deal allows CICT to recycle capital from a lower-yielding office asset into a higher-yielding freehold integrated development, and management expects the transaction to be about 2.1% distribution per unit (DPU) accretive.
Paragon also stands out for its high asset quality, with both its retail and medical-office components at 100% committed occupancy as at 31 January 2026.
Following the transaction, CICT’s portfolio value is expected to rise to S$28.7 billion, while aggregate leverage is expected to remain below 40%.
Separately, CICT’s first-quarter 2026 operating update showed net property income rising 8% year on year, while average cost of debt fell to 2.9%.

Keppel (SGX: BN4)

Keppel was also highlighted after reporting its first-quarter 2026 update, with investors watching whether its recent share price pullback reflects softer near-term earnings momentum.
Net profit for the “new Keppel” slipped slightly year on year, mainly because the real estate segment faced a tougher comparison base after higher valuation and divestment gains in the previous year.
This was partly offset by stronger earnings from its infrastructure and connectivity segments, while recurring income edged higher on stable asset management net profit and higher operating income.
Keppel also remains active on asset monetisation, with S$385 million announced year to date, including I12 Katong, although this is still below the pace seen in 2025.
Management said direct exposure to the Middle East remains limited, but flagged second-order risks from gas supply, energy prices and the broader impact on inflation and interest rates.
Despite the recent pullback, Keppel’s valuation remains above its historical average after its strong share price performance over the past 12 months.

Technical Analysis

Straits Times Index

The STI has pulled back after breaking below its 4,900 pivot level, with the index down 0.66% on Monday morning as investors rotated into more risk-on US assets ahead of a busy earnings week.
Immediate support is around 4,800, referencing the late January low, while 4,900 is now the key pivot and 5,000 remains the main near-term resistance level.
Momentum has weakened, with the relative strength index (RSI) falling to around 40 and trending lower.
The moving average convergence divergence (MACD) has also turned more negative, with a bearish crossover and a negative histogram pointing to further downside pressure.
For now, the STI may drift towards 4,800 before stabilising, with any rebound likely to depend on whether earnings and broader market sentiment improve.

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

Dow Jones Industrial Average

The Dow Jones has started to consolidate after the strong rebound seen earlier in April, ending near 49,230.
Immediate resistance is around 49,600, while the next major upside level is the 50,500 all-time high.
Support is around 48,887, with a deeper pullback potentially testing 48,431.
RSI has eased to around 63, suggesting there is still upward momentum, though it is no longer as strong as before.
The MACD remains positive, but the MACD line has started to converge towards the signal line, indicating that the uptrend is losing momentum.
In the near term, the Dow may remain range-bound, though a break below support could trigger a deeper technical pullback.

S&P 500

The S&P 500 broke to a fresh all-time high last week, closing at about 7,165 as optimism around earnings and improving sentiment towards the Middle East supported the rally.
Immediate resistance is around 7,200, which is now the key psychological level to watch.
On the downside, 7,000 has become the main support level after shifting from a previous resistance zone.
RSI has moved close to the 70 mark, suggesting the index is approaching overbought territory.
MACD remains constructive, although the pace of the uptrend has started to slow slightly after the sharp rebound in April.
For now, the S&P 500 may still push higher towards 7,200, but that level could also bring some profit-taking or a technical pullback.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

The Nasdaq remained the strongest major US index and climbed to a fresh all-time high of about 24,854, driven by optimism ahead of big tech earnings.
Immediate resistance is around 25,000, which is the next major psychological level after the recent breakout.
Support is around 24,019, while a deeper pullback could bring the index back towards 23,161.
RSI has already moved above 70, showing that momentum remains strong, though the index is entering overbought territory.
MACD is still firmly positive, even if the pace of the rally has started to moderate.
In the near term, the Nasdaq may still have room to test 25,000, though some profit-taking could emerge after earnings if expectations are not met.

What to look out for this week

Key Singapore earnings dates

Monday, 27 April 2026: Mapletree Pan Asia Commercial Trust earnings
Tuesday, 28 April 2026: Mapletree Industrial Trust earnings
Wednesday. 29 April 2026: Sheng Siong earnings
Thursday, 30 April 2026: DBS Group Holdings, Mapletree Logistics Trust earnings
Friday, 1 May 2026: Labour Day public holiday

Key US earnings

Wednesday. 29 April 2026: Alphabet Inc., Amazon.com, Microsoft
Thursday, 30 April 2026: Apple

Key Singapore ex-dividend dates

Monday, 27 April 2026: CapitaLand Integrated Commercial Trust, Keppel Ltd, PropNex
Tuesday, 28 April 2026: APAC Realty, ST Engineering,
Wednesday. 29 April 2026: Wilmar International
Thursday, 30 April 2026: BRC Asia, City Developments Limited, CSE Global, Frencken Group, Genting Singapore
Friday, 1 May 2026: Labour Day public holiday

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

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