Equator Weekly — 11 Sep 2026
Equator Pro — Week Ending 11 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: Riverstone Holdings (+6.54% this week)
- 📉 Biggest mover down: City Developments (-5.12% this week)
- 📊 Signal split: 25 bullish, 26 bearish on 20/50-day MA
- ⚡ Elevated volatility: Alibaba at 45.5% annualized
Price & Trend
| Stock | Price | 1wk | 1yr Return | Signal |
|---|---|---|---|---|
| DBS (D05.SI) | SGD 77.00 | -2.10% | +54.36% | BULLISH |
| OCBC (O39.SI) | SGD 31.60 | -2.08% | +95.02% | BULLISH |
| UOB (U11.SI) | SGD 41.26 | -1.79% | +21.19% | BEARISH |
| SGX (S68.SI) | SGD 24.30 | -3.95% | +50.48% | BULLISH |
| Singtel (Z74.SI) | SGD 4.50 | -0.44% | +7.64% | BULLISH |
| SIA (C6L.SI) | SGD 6.66 | -1.48% | +3.27% | BEARISH |
| SATS (S58.SI) | SGD 3.91 | +0.77% | +22.32% | BEARISH |
| ST Engineering (S63.SI) | SGD 10.24 | -2.29% | +28.58% | BULLISH |
| Keppel (BN4.SI) | SGD 11.43 | -0.95% | +34.76% | BULLISH |
| Sembcorp Industries (U96.SI) | SGD 6.10 | -0.16% | +4.18% | BULLISH |
| Seatrium (5E2.SI) | SGD 2.15 | -0.46% | -7.33% | BULLISH |
| Yangzijiang Shipbuilding (BS6.SI) | SGD 4.98 | +0.81% | +63.69% | BULLISH |
| Venture Corp (V03.SI) | SGD 16.67 | -0.30% | +28.63% | BULLISH |
| Wilmar International (F34.SI) | SGD 3.71 | -2.88% | +31.75% | BEARISH |
| Thai Beverage (Y92.SI) | SGD 0.44 | -2.22% | +0.92% | BULLISH |
| DFI Retail (D01.SI) | SGD 3.50 | -3.31% | +9.96% | BEARISH |
| Genting Singapore (G13.SI) | SGD 0.62 | -0.81% | -14.05% | BULLISH |
| Jardine Matheson (J36.SI) | SGD 58.43 | +0.02% | -0.13% | BEARISH |
| Hongkong Land (H78.SI) | SGD 8.48 | -0.82% | +36.79% | BULLISH |
| City Developments (C09.SI) | SGD 8.16 | -5.12% | +25.30% | BULLISH |
| UOL Group (U14.SI) | SGD 8.64 | -4.00% | +15.04% | BEARISH |
| CapitaLand Investment (9CI.SI) | SGD 2.60 | -2.26% | -6.14% | BULLISH |
| CapitaLand Integrated Commercial Trust (C38U.SI) | SGD 2.28 | -2.56% | +2.65% | BEARISH |
| CapitaLand Ascendas REIT (A17U.SI) | SGD 2.34 | -1.68% | -12.13% | BEARISH |
| Mapletree Industrial Trust (ME8U.SI) | SGD 1.91 | -1.04% | -4.57% | BULLISH |
| Mapletree Logistics Trust (M44U.SI) | SGD 1.12 | -2.61% | -5.15% | BEARISH |
| Mapletree Pan Asia Commercial Trust (N2IU.SI) | SGD 1.20 | -2.44% | -9.86% | BEARISH |
| Keppel DC REIT (AJBU.SI) | SGD 2.14 | -1.13% | -2.86% | BEARISH |
| Frasers Centrepoint Trust (J69U.SI) | SGD 2.09 | -2.34% | -9.18% | BEARISH |
| Frasers Logistics & Commercial Trust (BUOU.SI) | SGD 0.89 | -2.19% | +1.28% | BEARISH |
| Sheng Siong Group (OV8.SI) | SGD 3.22 | -1.53% | +57.37% | BEARISH |
| ComfortDelGro (C52.SI) | SGD 1.27 | -1.55% | -11.59% | BEARISH |
| SIA Engineering (S59.SI) | SGD 3.11 | -0.64% | +3.08% | BEARISH |
| Singapore Post (S08.SI) | SGD 0.32 | -4.48% | -24.44% | BEARISH |
| NetLink NBN Trust (CJLU.SI) | SGD 0.96 | -1.03% | +8.49% | BEARISH |
| Suntec REIT (T82U.SI) | SGD 1.40 | -4.11% | +11.03% | BEARISH |
| Keppel REIT (K71U.SI) | SGD 0.85 | -1.16% | -10.24% | BULLISH |
| Parkway Life REIT (C2PU.SI) | SGD 4.02 | -1.95% | -1.34% | BULLISH |
| Riverstone Holdings (AP4.SI) | SGD 0.79 | +6.54% | +15.23% | BEARISH |
| First Resources (EB5.SI) | SGD 4.32 | -5.05% | +170.87% | BULLISH |
| Delfi Limited (P34.SI) | SGD 0.73 | -3.31% | +0.40% | BEARISH |
| Apple (AAPL) | USD 332.27 (≈SGD 421.05) | +1.24% | +42.48% | BEARISH |
| Microsoft (MSFT) | USD 495.63 (≈SGD 628.06) | -2.84% | -2.00% | BULLISH |
| Alphabet (GOOGL) | USD 338.50 (≈SGD 428.95) | -1.10% | +40.94% | BEARISH |
| Amazon (AMZN) | USD 256.78 (≈SGD 325.39) | -0.82% | +12.55% | BULLISH |
| Nvidia (NVDA) | USD 218.29 (≈SGD 276.62) | -4.34% | +23.05% | BULLISH |
| Tencent (0700.HK) | HKD 428.40 (≈SGD 69.23) | -3.25% | -31.15% | BEARISH |
| Alibaba (9988.HK) | HKD 107.50 (≈SGD 17.37) | -2.36% | -24.90% | BEARISH |
| HSBC Holdings (0005.HK) | HKD 163.30 (≈SGD 26.39) | -2.04% | +61.76% | BULLISH |
| HSBC (London listing) (HSBA.L) | GBP 1,552.60 (≈SGD 2,659.45) | -1.75% | +53.52% | BULLISH |
| BP (BP.L) | GBP 564.60 (≈SGD 967.10) | +4.61% | +32.93% | 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 | 15.29% | 3.33 |
| OCBC | 17.43% | 5.25 |
| UOB | 15.48% | 1.14 |
| SGX | 20.15% | 2.33 |
| Singtel | 22.48% | 0.18 |
| SIA | 15.59% | -0.01 |
| SATS | 27.18% | 0.69 |
| ST Engineering | 25.63% | 0.98 |
| Keppel | 24.82% | 1.26 |
| Sembcorp Industries | 20.08% | 0.03 |
| Seatrium | 28.67% | -0.38 |
| Yangzijiang Shipbuilding | 33.43% | 1.8 |
| Venture Corp | 23.68% | 1.06 |
| Wilmar International | 22.87% | 1.24 |
| Thai Beverage | 19.30% | -0.13 |
| DFI Retail | 33.20% | 0.19 |
| Genting Singapore | 22.27% | -0.79 |
| Jardine Matheson | 33.40% | -0.11 |
| Hongkong Land | 32.80% | 1.01 |
| City Developments | 25.32% | 0.86 |
| UOL Group | 27.91% | 0.41 |
| CapitaLand Investment | 16.52% | -0.58 |
| CapitaLand Integrated Commercial Trust | 14.13% | -0.06 |
| CapitaLand Ascendas REIT | 12.50% | -1.25 |
| Mapletree Industrial Trust | 10.52% | -0.77 |
| Mapletree Logistics Trust | 13.61% | -0.64 |
| Mapletree Pan Asia Commercial Trust | 14.26% | -0.94 |
| Keppel DC REIT | 14.09% | -0.45 |
| Frasers Centrepoint Trust | 10.36% | -1.22 |
| Frasers Logistics & Commercial Trust | 13.63% | -0.16 |
| Sheng Siong Group | 19.81% | 2.72 |
| ComfortDelGro | 16.55% | -0.91 |
| SIA Engineering | 21.17% | -0.02 |
| Singapore Post | 24.28% | -1.15 |
| NetLink NBN Trust | 8.29% | 0.6 |
| Suntec REIT | 19.59% | 0.38 |
| Keppel REIT | 16.21% | -0.85 |
| Parkway Life REIT | 9.82% | -0.49 |
| Riverstone Holdings | 33.06% | 0.35 |
| First Resources | 45.11% | 3.71 |
| Delfi Limited | 32.03% | -0.1 |
| Apple | 24.32% | 1.6 |
| Microsoft | 33.61% | -0.16 |
| Alphabet | 31.42% | 1.19 |
| Amazon | 34.92% | 0.26 |
| Nvidia | 39.26% | 0.5 |
| Tencent | 31.42% | -1.1 |
| Alibaba | 45.54% | -0.62 |
| HSBC Holdings | 26.71% | 2.18 |
| HSBC (London listing) | 26.87% | 1.86 |
| BP | 30.51% | 0.96 |
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.