Equator Weekly — 04 Sep 2026
Equator Pro — Week Ending 04 Sep 2026
Part of Equator — Singapore & global markets, made simple.
Your weekly recap of SGX blue-chip performance.
This Week's Take
The Straits Times Index closed the week at a fresh all-time high of 5,774 (+0.8% to ~5,744), its seventh straight weekly gain — but the move underneath was uneven. OCBC extended its lead over the other two local banks, up 5% this week and above $30/share for the first time, building on the 2Q profit surge it reported earlier this month (net profit +22% YoY to a record $2.22b, driven by wealth management and trading income). UOB slipped another 3.5%, continuing the divergence that opened after its own 10% profit growth (inflated by a one-off $330m gain) came bundled with cut fee-income guidance and rising non-performing assets tied to its Greater China exposure. Same sector, same reporting season, still pulling apart — worth remembering if holding all three banks feels like diversification.
SGX itself was one of the week's stronger movers: FY revenue +13.9%, adjusted profit +24.6% YoY on a 35% jump in securities trading value, and a 52% lift to the full-year dividend. Yangzijiang Shipbuilding (+10%) and Genting Singapore (+7.3%) led gainers on their own earnings prints. On the other side, Singapore Airlines (-7.2%), UOL Group (-5.4%) and Wilmar International (-4.8%) were the week's weakest blue chips. SIA's drop is flagged rather than explained here — nothing in this week's reporting pointed to a single clear catalyst, so treat that one as open until a clearer reason surfaces.
Hong Kong tech split the same way the banks did, but the market read it in opposite directions. Alibaba fell roughly 4-5% after quarterly profit dropped 75% on close to $10b in AI infrastructure spend, even with revenue up 9%. Tencent's swing was sharper on paper — capex +176% YoY, free cash flow flipping to -RMB13.8b from +RMB43.0b a year earlier — yet the stock rose 1.1%, as strong marketing (+22%) and domestic games (+17%) revenue reassured investors the AI spend is buying growth rather than just burning cash. Same "AI spend now" story, opposite verdict — a reminder that the capex headline alone doesn't tell you how the market will price it.
- 📈 Biggest mover up: Nvidia (+5.89% this week)
- 📉 Biggest mover down: Alibaba (-3.34% this week)
- 📊 Signal split: 30 bullish, 21 bearish on 20/50-day MA
- ⚡ Elevated volatility: Alibaba at 46.0% annualized
Price & Trend
| Stock | Price | 1wk | 1yr Return | Signal |
|---|---|---|---|---|
| DBS (D05.SI) | SGD 78.65 | +3.28% | +64.00% | BULLISH |
| OCBC (O39.SI) | SGD 32.27 | +3.86% | +97.98% | BULLISH |
| UOB (U11.SI) | SGD 42.01 | +3.02% | +22.36% | BEARISH |
| SGX (S68.SI) | SGD 25.30 | -0.82% | +59.08% | BULLISH |
| Singtel (Z74.SI) | SGD 4.52 | +0.00% | +7.63% | BULLISH |
| SIA (C6L.SI) | SGD 6.76 | -1.89% | +4.19% | BEARISH |
| SATS (S58.SI) | SGD 3.88 | -3.24% | +21.01% | BEARISH |
| ST Engineering (S63.SI) | SGD 10.48 | -1.50% | +34.91% | BULLISH |
| Keppel (BN4.SI) | SGD 11.54 | +0.70% | +37.01% | BULLISH |
| Sembcorp Industries (U96.SI) | SGD 6.11 | +1.66% | +4.69% | BULLISH |
| Seatrium (5E2.SI) | SGD 2.16 | -1.82% | -7.68% | BULLISH |
| Yangzijiang Shipbuilding (BS6.SI) | SGD 4.94 | +0.82% | +69.27% | BULLISH |
| Venture Corp (V03.SI) | SGD 16.72 | +0.30% | +29.12% | BULLISH |
| Wilmar International (F34.SI) | SGD 3.82 | +0.26% | +34.74% | BEARISH |
| Thai Beverage (Y92.SI) | SGD 0.45 | -3.23% | +1.02% | BULLISH |
| DFI Retail (D01.SI) | SGD 3.62 | +2.55% | +16.91% | BULLISH |
| Genting Singapore (G13.SI) | SGD 0.62 | -1.59% | -11.61% | BULLISH |
| Jardine Matheson (J36.SI) | SGD 58.42 | -0.49% | -0.23% | BEARISH |
| Hongkong Land (H78.SI) | SGD 8.55 | +4.40% | +38.78% | BULLISH |
| City Developments (C09.SI) | SGD 8.60 | +3.12% | +34.65% | BULLISH |
| UOL Group (U14.SI) | SGD 9.00 | -2.17% | +27.11% | BEARISH |
| CapitaLand Investment (9CI.SI) | SGD 2.66 | +0.00% | -3.27% | BULLISH |
| CapitaLand Integrated Commercial Trust (C38U.SI) | SGD 2.34 | -1.27% | +9.12% | BEARISH |
| CapitaLand Ascendas REIT (A17U.SI) | SGD 2.38 | -2.06% | -8.36% | BEARISH |
| Mapletree Industrial Trust (ME8U.SI) | SGD 1.93 | +0.52% | -1.25% | BULLISH |
| Mapletree Logistics Trust (M44U.SI) | SGD 1.15 | -0.86% | -1.02% | BEARISH |
| Mapletree Pan Asia Commercial Trust (N2IU.SI) | SGD 1.23 | -3.15% | -5.60% | BEARISH |
| Keppel DC REIT (AJBU.SI) | SGD 2.19 | -0.45% | -0.47% | BULLISH |
| Frasers Centrepoint Trust (J69U.SI) | SGD 2.14 | -0.93% | -5.41% | BEARISH |
| Frasers Logistics & Commercial Trust (BUOU.SI) | SGD 0.92 | -1.61% | +5.79% | BEARISH |
| Sheng Siong Group (OV8.SI) | SGD 3.27 | +2.51% | +62.96% | BEARISH |
| ComfortDelGro (C52.SI) | SGD 1.29 | +0.00% | -9.59% | BULLISH |
| SIA Engineering (S59.SI) | SGD 3.13 | -0.32% | +4.08% | BEARISH |
| Singapore Post (S08.SI) | SGD 0.34 | -1.47% | -26.05% | BEARISH |
| NetLink NBN Trust (CJLU.SI) | SGD 0.98 | +0.00% | +10.20% | BEARISH |
| Suntec REIT (T82U.SI) | SGD 1.46 | +1.39% | +18.46% | BULLISH |
| Keppel REIT (K71U.SI) | SGD 0.86 | -2.27% | -7.33% | BULLISH |
| Parkway Life REIT (C2PU.SI) | SGD 4.10 | -0.49% | +2.07% | BULLISH |
| Riverstone Holdings (AP4.SI) | SGD 0.79 | +1.94% | +8.16% | BEARISH |
| First Resources (EB5.SI) | SGD 4.55 | +1.79% | +180.26% | BULLISH |
| Delfi Limited (P34.SI) | SGD 0.75 | -2.58% | +6.67% | BEARISH |
| Apple (AAPL) | USD 319.97 (≈SGD 405.34) | +0.08% | +33.99% | BEARISH |
| Microsoft (MSFT) | USD 499.70 (≈SGD 633.02) | -2.69% | +1.78% | BULLISH |
| Alphabet (GOOGL) | USD 338.46 (≈SGD 428.76) | -2.28% | +44.53% | BEARISH |
| Amazon (AMZN) | USD 258.51 (≈SGD 327.48) | -2.97% | +11.27% | BULLISH |
| Nvidia (NVDA) | USD 230.36 (≈SGD 291.82) | +5.89% | +38.11% | BULLISH |
| Tencent (0700.HK) | HKD 442.80 (≈SGD 71.51) | -2.72% | -24.40% | BEARISH |
| Alibaba (9988.HK) | HKD 110.10 (≈SGD 17.78) | -3.34% | -15.08% | BULLISH |
| HSBC Holdings (0005.HK) | HKD 166.70 (≈SGD 26.92) | +3.28% | +74.24% | BULLISH |
| HSBC (London listing) (HSBA.L) | GBP 1,580.20 (≈SGD 2,704.83) | +5.07% | +64.44% | BULLISH |
| BP (BP.L) | GBP 539.70 (≈SGD 923.80) | +4.71% | +26.49% | BULLISH |
HKEX closes 16:00 local (4:00PM SGT) · LSE closes 16:30 local (11:30PM SGT) · NYSE/Nasdaq closes 16:00 local (4:00AM SGT)
Risk & Sharpe
| Stock | Volatility (ann.) | Sharpe Ratio |
|---|---|---|
| DBS | 15.71% | 3.85 |
| OCBC | 17.31% | 5.46 |
| UOB | 15.37% | 1.23 |
| SGX | 19.98% | 2.78 |
| Singtel | 22.50% | 0.18 |
| SIA | 15.50% | 0.04 |
| SATS | 26.95% | 0.65 |
| ST Engineering | 25.56% | 1.23 |
| Keppel | 24.50% | 1.37 |
| Sembcorp Industries | 19.98% | 0.06 |
| Seatrium | 28.52% | -0.39 |
| Yangzijiang Shipbuilding | 33.26% | 1.98 |
| Venture Corp | 23.61% | 1.08 |
| Wilmar International | 22.79% | 1.37 |
| Thai Beverage | 19.31% | -0.13 |
| DFI Retail | 32.85% | 0.41 |
| Genting Singapore | 22.25% | -0.68 |
| Jardine Matheson | 33.38% | -0.11 |
| Hongkong Land | 32.68% | 1.08 |
| City Developments | 25.20% | 1.24 |
| UOL Group | 28.27% | 0.84 |
| CapitaLand Investment | 16.43% | -0.41 |
| CapitaLand Integrated Commercial Trust | 14.07% | 0.4 |
| CapitaLand Ascendas REIT | 12.54% | -0.95 |
| Mapletree Industrial Trust | 10.60% | -0.45 |
| Mapletree Logistics Trust | 13.67% | -0.33 |
| Mapletree Pan Asia Commercial Trust | 14.23% | -0.64 |
| Keppel DC REIT | 14.02% | -0.28 |
| Frasers Centrepoint Trust | 10.40% | -0.86 |
| Frasers Logistics & Commercial Trust | 13.57% | 0.17 |
| Sheng Siong Group | 19.73% | 3.01 |
| ComfortDelGro | 16.65% | -0.79 |
| SIA Engineering | 21.08% | 0.03 |
| Singapore Post | 24.22% | -1.22 |
| NetLink NBN Trust | 8.29% | 0.81 |
| Suntec REIT | 19.78% | 0.76 |
| Keppel REIT | 16.42% | -0.66 |
| Parkway Life REIT | 10.13% | -0.14 |
| Riverstone Holdings | 32.75% | 0.14 |
| First Resources | 44.75% | 3.95 |
| Delfi Limited | 31.86% | 0.1 |
| Apple | 24.30% | 1.25 |
| Microsoft | 33.50% | -0.05 |
| Alphabet | 31.22% | 1.31 |
| Amazon | 34.90% | 0.22 |
| Nvidia | 39.22% | 0.88 |
| Tencent | 31.49% | -0.89 |
| Alibaba | 46.04% | -0.4 |
| HSBC Holdings | 26.64% | 2.66 |
| HSBC (London listing) | 26.72% | 2.28 |
| BP | 30.36% | 0.76 |
Correlation Highlights
Strongest pairs by magnitude, across the tracked universe:
Generated automatically. Not financial advice — for informational purposes only. Prices shown in SGD. Set your preferred currency in the app.