Equator Pro — Week Ending 18 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: First Resources (+17.36% this week)
• 📉 Biggest mover down: DFI Retail (-10.86% this week)
• 📊 Signal split: 23 bullish, 28 bearish on 20/50-day MA
• ⚡ Elevated volatility: First Resources at 46.1% annualized

Price & Trend

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

Correlation Highlights

Strongest pairs by magnitude, across the tracked universe:

• City Developments ↔ UOL Group: +0.70
• DBS ↔ OCBC: +0.66
• Tencent ↔ Alibaba: +0.65
• OCBC ↔ UOB: +0.62
• Mapletree Industrial Trust ↔ Mapletree Pan Asia Commercial Trust: +0.57
• CapitaLand Ascendas REIT ↔ Mapletree Pan Asia Commercial Trust: +0.55
• Mapletree Logistics Trust ↔ Mapletree Industrial Trust: +0.55
• Mapletree Logistics Trust ↔ Mapletree Pan Asia Commercial Trust: +0.53
• DBS ↔ UOB: +0.52
• SATS ↔ SIA Engineering: +0.52
• CapitaLand Ascendas REIT ↔ Mapletree Industrial Trust: +0.52
• Hongkong Land ↔ Jardine Matheson: +0.52
• Amazon ↔ Alphabet: +0.52
• Seatrium ↔ Yangzijiang Shipbuilding: +0.50
• SIA ↔ SATS: +0.50

Generated automatically. Not financial advice — for informational purposes only. Prices shown in SGD. Set your preferred currency in the app.