SIA and Keppel 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 continued rise in the STI, elevated bond yields and oil prices, and the latest earnings updates from Singapore Airlines and Keppel. We also look at the technical outlook for the STI and major US indices ahead of earnings from DBS, UOB and OCBC.

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

Weekly Market Review

1:30 - Macro Update

• US markets recovered last week, with the S&P 500 rebounding towards the 7,500 level as selling pressure in AI-related stocks eased towards the end of the week.
• The STI continued to reach fresh record highs, closing the week at 5,638 points amid sustained optimism towards Singapore stocks.
• The US Federal Reserve kept interest rates unchanged, although three officials preferred to raise rates, suggesting that the next move in interest rates remains uncertain.
• US government bond yields stayed elevated, with the 10-year Treasury yield close to 4.7% and the 30-year yield exceeding 5.2% for the first time since 2007.
• Oil prices remained above US$90 per barrel as the Middle East conflict remained unresolved as of last Friday, continuing to create inflation concerns.
• Among the stronger-performing Singapore stocks, DFI Retail Group rose 15%, while CapitaLand Investment, UOL and City Developments gained after Singapore announced an easing of property measures.
• On the weaker side, ST Engineering fell 5% following a broker downgrade, while Yangzijiang Shipbuilding and Venture declined 2% and 1% respectively.

STI Top Performers:

• DFI Retail Group
• CapitaLand Investment
• UOL Group
• City Developments
• Sembcorp Industries

STI Worst Performers:

• Keppel DC REIT
• Venture
• Yangzijiang Shipbuilding
• ST Engineering

Companies in Focus: 

Singapore Airlines (SGX: C6L)

• Singapore Airlines reported record revenue for the first quarter of FY2026/27, supported by higher passenger and cargo revenue.
• Passenger and cargo capacity continued to increase across Singapore Airlines and Scoot, while passenger load factors and cargo yields remained healthy.
• However, group expenditure rose 28% year on year, significantly outpacing revenue growth.
• Net fuel costs surged 78.5% year on year following the increase in oil prices, while non-fuel expenditure rose 7.4%.
• The sharp increase in costs led to a decline in operating profit. Losses from associated companies, mainly Air India, also weighed on the results.
• SIA consequently recorded a quarterly net loss of S$75.8 million, compared with a S$186 million profit in the same period last year and a S$441 million profit in the previous quarter.
• Investors will be watching whether SIA can maintain its dividends following the quarterly loss. While earnings and return on equity have weakened, the group’s debt levels remain relatively low.

Read also: Can SIA maintain its 4.8% dividend yield? First quarterly loss since 2022

Related Links:

• Singapore Airlines (SGX: C6L) latest valuation, share price and analysis
• Singapore Airlines (SGX: C6L) dividend history and dividend forecast

Keppel (SGX: BN4)

• Keppel’s headline earnings were affected by losses and impairments from its legacy businesses, although its core operations continued to deliver healthy growth.
• Net profit from the “new Keppel” businesses increased 25% year on year to S$530 million in the first half of 2026.
• Funds under management reached S$106 billion, exceeding Keppel’s S$100 billion year-end target. The group is targeting S$200 billion in funds under management by 2030.
• Keppel also announced S$1.7 billion of asset monetisation year to date, bringing it closer to its full-year target of S$2 billion to S$3 billion.
• Operating cash flow improved significantly, swinging from a S$48 million outflow in the first half of 2025 to a S$517 million inflow in the latest period.
• The group maintained its interim dividend at 15 cents per share and continued its share buyback programme, repurchasing S$356 million worth of shares since July 2025.
• The new Keppel generated a return on equity of around 15%, while net debt-to-EBITDA remained healthy at 1.4 times.
• However, total group net profit fell 59% year on year to S$155 million because of impairments and losses from legacy offshore and marine and property-related assets.
• Investors will be watching the pace of further divestments, progress at M1 and whether Keppel can increase its dividend as its core businesses continue to grow.

Read also: Keppel 1H26 net profit fell 59% year-on-year, but “New Keppel” 1H26 profit rose 25%. What investors should watch

Related Links:

• Keppel (SGX: BN4) latest valuation, share price and analysis
• Keppel (SGX: BN4) dividend history and dividend forecast

Technical Analysis

Straits Times Index

• The STI reached a fresh all-time high of 5,713 last week after gaining close to 10% during July, significantly outperforming the major US indices.
• The rally was supported by safe-haven inflows during the escalation in the Middle East conflict, although easing uncertainty has led to some near-term profit-taking.
• Immediate resistance is around 5,700 to 5,730, close to the recent high and the upper Bollinger Band.
• Near-term support is around the 20-day moving average at 5,540. Stronger support is seen near 5,350 if the upcoming bank earnings disappoint.
• The STI is trading at elevated levels, and further gains will likely depend on whether earnings from DBS, UOB and OCBC can justify the strong rise in bank valuations.
• For now, the STI could remain range-bound between approximately 5,540 and 5,700 ahead of the bank earnings releases.

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

Dow Jones Industrial Average

• The Dow Jones rebounded after touching the lower Bollinger Band during the sharp mid-week sell-off, supported by its greater exposure to traditional businesses and financial stocks.
• The index closed at 52,485, above its short-term average following gains on Thursday and Friday.
• Immediate resistance is around 53,070, close to the upper Bollinger Band and the previous record high.
• Support is around 51,600, where the lower Bollinger Band helped generate a technical rebound.
• The RSI has recovered to around 54, suggesting that momentum has turned slightly positive.
• The Dow could continue trading above its short-term moving average and retest its recent highs if geopolitical tensions remain contained.

S&P 500

• The S&P 500 rebounded after falling below the lower Bollinger Band during the week and closed slightly above its 20-day moving average near 7,480.
• The index has remained broadly range-bound over the past two months as investors weighed resilient corporate earnings against geopolitical risks and the possibility of higher interest rates.
• Immediate support remains around 7,300 to 7,350, a region that has generated several technical rebounds since May.
• The 7,500 level remains the key pivot, while resistance is around 7,600.
• For the index to break decisively above its current range, investors will likely need greater clarity on the Middle East conflict and the Federal Reserve’s interest rate direction.

Learn more about the S&P 500 index here.

Nasdaq Composite Index

• The NASDAQ rebounded towards the end of the week following positive technology earnings, steady interest rates and inflation data that remained under control.
• However, the index remains the weakest of the three major US indices and has been in a broader consolidation trend over the past few months.
• The 20-day moving average near 25,600 is the immediate pivot, while resistance is around 26,600.
• Momentum remains slightly weak, with the RSI below the neutral 50 level.
• The outlook for the NASDAQ remains sensitive to the possibility of a September rate hike, elevated energy prices and developments in the Middle East.
• A sustained move in the RSI above 50 and a break above the 20-day moving average could signal a stronger technical rebound.

Learn more about the Nasdaq Composite index here.

What to look out for this week

Key dates

• Monday, 3 Aug : Lendlease Global Commercial REIT earnings, 
• Tuesday, 4 Aug : Keppel Pacific Oak US REIT, Keppel Infrastructure Trust, ESR Reit, Mapletree Logistics Trust, Capitaland Ascott Trust, Aztech Global Ltd ex-dividend.  Parkway Life REIT earnings. AMD, SpaceX earnings
• Wednesday, 5 Aug : Digital Core REIT, Keppel REIT, iFast Corporation Ltd ex-dividend. CapitaLand Ascendas REIT, CapitaLand China Trust, Centurion Accommodation REIT earnings
• Thursday, 6 Aug : CDL Hospitality Trust, Far East Hospitality Trust, Mapletree Pan Asia Commercial Trust ex-dividend. DBS, Singapore Exchange, Venture  earnings
• Friday, 7 Aug : AIMS APAC REIT, Boustead Singapore ex-dividend. OCBC, UOB, NetLink NBN Trust earnings

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

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