Equator Weekly — 21 Aug 2026
Equator Pro — Week Ending 21 Aug 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 (+11.90% this week)
- 📉 Biggest mover down: SATS (-13.22% this week)
- 📊 Signal split: 38 bullish, 13 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 76.00 | +0.62% | +58.29% | BULLISH |
| OCBC (O39.SI) | SGD 30.98 | -1.09% | +91.31% | BULLISH |
| UOB (U11.SI) | SGD 40.53 | -0.95% | +20.30% | BULLISH |
| SGX (S68.SI) | SGD 24.89 | -1.39% | +55.93% | BULLISH |
| Singtel (Z74.SI) | SGD 4.40 | -1.12% | +11.40% | BULLISH |
| SIA (C6L.SI) | SGD 6.94 | -1.56% | +6.15% | BEARISH |
| SATS (S58.SI) | SGD 4.07 | -13.22% | +26.93% | BULLISH |
| ST Engineering (S63.SI) | SGD 10.68 | -2.10% | +39.77% | BEARISH |
| Keppel (BN4.SI) | SGD 11.32 | +1.34% | +38.10% | BULLISH |
| Sembcorp Industries (U96.SI) | SGD 6.04 | +5.52% | +3.66% | BEARISH |
| Seatrium (5E2.SI) | SGD 2.15 | +0.47% | -5.31% | BULLISH |
| Yangzijiang Shipbuilding (BS6.SI) | SGD 4.76 | +3.03% | +73.90% | BULLISH |
| Venture Corp (V03.SI) | SGD 16.90 | +0.00% | +33.75% | BEARISH |
| Wilmar International (F34.SI) | SGD 3.71 | +0.29% | +33.11% | BULLISH |
| Thai Beverage (Y92.SI) | SGD 0.47 | -1.06% | +4.38% | BULLISH |
| DFI Retail (D01.SI) | SGD 3.66 | -2.59% | +20.45% | BULLISH |
| Genting Singapore (G13.SI) | SGD 0.65 | -1.50% | -7.05% | BULLISH |
| Jardine Matheson (J36.SI) | SGD 61.69 | +0.01% | +11.17% | BULLISH |
| Hongkong Land (H78.SI) | SGD 8.46 | -1.48% | +43.18% | BULLISH |
| City Developments (C09.SI) | SGD 8.25 | +2.36% | +27.06% | BEARISH |
| UOL Group (U14.SI) | SGD 9.57 | +3.12% | +34.23% | BEARISH |
| CapitaLand Investment (9CI.SI) | SGD 2.67 | -2.55% | -1.11% | BULLISH |
| CapitaLand Integrated Commercial Trust (C38U.SI) | SGD 2.40 | -0.38% | +11.42% | BULLISH |
| CapitaLand Ascendas REIT (A17U.SI) | SGD 2.46 | +0.82% | -2.44% | BULLISH |
| Mapletree Industrial Trust (ME8U.SI) | SGD 1.92 | +0.52% | +1.66% | BULLISH |
| Mapletree Logistics Trust (M44U.SI) | SGD 1.17 | +0.00% | +5.86% | BEARISH |
| Mapletree Pan Asia Commercial Trust (N2IU.SI) | SGD 1.28 | +0.00% | -0.32% | BULLISH |
| Keppel DC REIT (AJBU.SI) | SGD 2.26 | +2.73% | +1.83% | BULLISH |
| Frasers Centrepoint Trust (J69U.SI) | SGD 2.19 | -0.45% | -0.63% | BEARISH |
| Frasers Logistics & Commercial Trust (BUOU.SI) | SGD 0.94 | -2.07% | +13.58% | BULLISH |
| Sheng Siong Group (OV8.SI) | SGD 3.22 | +0.31% | +58.13% | BEARISH |
| ComfortDelGro (C52.SI) | SGD 1.29 | -1.55% | -7.70% | BULLISH |
| SIA Engineering (S59.SI) | SGD 3.11 | -0.64% | +2.75% | BEARISH |
| Singapore Post (S08.SI) | SGD 0.34 | -4.29% | -31.97% | BULLISH |
| NetLink NBN Trust (CJLU.SI) | SGD 0.98 | +0.51% | +13.19% | BULLISH |
| Suntec REIT (T82U.SI) | SGD 1.56 | +4.00% | +29.56% | BULLISH |
| Keppel REIT (K71U.SI) | SGD 0.89 | +0.56% | -2.10% | BULLISH |
| Parkway Life REIT (C2PU.SI) | SGD 4.14 | +0.49% | +4.82% | BULLISH |
| Riverstone Holdings (AP4.SI) | SGD 0.80 | -4.76% | +20.41% | BEARISH |
| First Resources (EB5.SI) | SGD 4.42 | +11.90% | +164.89% | BULLISH |
| Delfi Limited (P34.SI) | SGD 0.81 | -1.83% | +10.68% | BEARISH |
| Apple (AAPL) | USD 309.35 (≈SGD 392.66) | +1.12% | +36.32% | BULLISH |
| Microsoft (MSFT) | USD 483.24 (≈SGD 613.38) | -2.27% | -3.95% | BULLISH |
| Alphabet (GOOGL) | USD 344.82 (≈SGD 437.68) | -0.31% | +67.79% | BEARISH |
| Amazon (AMZN) | USD 258.63 (≈SGD 328.28) | -1.53% | +13.02% | BULLISH |
| Nvidia (NVDA) | USD 214.72 (≈SGD 272.54) | -4.64% | +20.80% | BULLISH |
| Tencent (0700.HK) | HKD 457.00 (≈SGD 73.99) | +3.86% | -22.04% | BULLISH |
| Alibaba (9988.HK) | HKD 123.00 (≈SGD 19.91) | +2.59% | +6.43% | BULLISH |
| HSBC Holdings (0005.HK) | HKD 162.90 (≈SGD 26.37) | +1.31% | +68.08% | BULLISH |
| HSBC (London listing) (HSBA.L) | GBP 1,518.40 (≈SGD 2,626.53) | -0.62% | +57.04% | BULLISH |
| BP (BP.L) | GBP 549.50 (≈SGD 950.53) | +5.09% | +31.06% | 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 | 15.67% | 3.5 |
| OCBC | 17.15% | 5.12 |
| UOB | 15.37% | 1.09 |
| SGX | 20.00% | 2.62 |
| Singtel | 22.48% | 0.35 |
| SIA | 15.56% | 0.17 |
| SATS | 27.00% | 0.87 |
| ST Engineering | 25.71% | 1.41 |
| Keppel | 24.86% | 1.39 |
| Sembcorp Industries | 19.87% | 0.01 |
| Seatrium | 28.23% | -0.31 |
| Yangzijiang Shipbuilding | 32.96% | 2.14 |
| Venture Corp | 23.79% | 1.27 |
| Wilmar International | 22.73% | 1.3 |
| Thai Beverage | 19.37% | 0.05 |
| DFI Retail | 32.86% | 0.52 |
| Genting Singapore | 22.54% | -0.47 |
| Jardine Matheson | 33.65% | 0.23 |
| Hongkong Land | 32.51% | 1.22 |
| City Developments | 25.21% | 0.93 |
| UOL Group | 28.31% | 1.09 |
| CapitaLand Investment | 16.46% | -0.28 |
| CapitaLand Integrated Commercial Trust | 14.18% | 0.56 |
| CapitaLand Ascendas REIT | 12.57% | -0.47 |
| Mapletree Industrial Trust | 10.61% | -0.17 |
| Mapletree Logistics Trust | 13.63% | 0.17 |
| Mapletree Pan Asia Commercial Trust | 14.09% | -0.27 |
| Keppel DC REIT | 14.22% | -0.12 |
| Frasers Centrepoint Trust | 10.53% | -0.39 |
| Frasers Logistics & Commercial Trust | 13.72% | 0.73 |
| Sheng Siong Group | 19.86% | 2.75 |
| ComfortDelGro | 16.81% | -0.67 |
| SIA Engineering | 21.19% | -0.04 |
| Singapore Post | 23.53% | -1.51 |
| NetLink NBN Trust | 8.43% | 1.15 |
| Suntec REIT | 19.44% | 1.34 |
| Keppel REIT | 16.52% | -0.34 |
| Parkway Life REIT | 10.26% | 0.13 |
| Riverstone Holdings | 32.91% | 0.51 |
| First Resources | 44.47% | 3.63 |
| Delfi Limited | 32.10% | 0.22 |
| Apple | 24.50% | 1.34 |
| Microsoft | 33.45% | -0.22 |
| Alphabet | 32.73% | 1.96 |
| Amazon | 35.07% | 0.27 |
| Nvidia | 37.80% | 0.46 |
| Tencent | 31.35% | -0.81 |
| Alibaba | 45.51% | 0.06 |
| HSBC Holdings | 26.76% | 2.41 |
| HSBC (London listing) | 26.74% | 2.0 |
| BP | 30.45% | 0.91 |
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.