Equator Weekly — 25 Sep 2026
Equator Pro — Week Ending 25 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: DFI Retail (+5.77% this week)
- 📉 Biggest mover down: First Resources (-8.88% this week)
- 📊 Signal split: 18 bullish, 33 bearish on 20/50-day MA
- ⚡ Elevated volatility: First Resources at 48.0% annualized
Price & Trend
| Stock | Price | 1wk | 1yr Return | Signal |
|---|---|---|---|---|
| DBS (D05.SI) | SGD 78.00 | +1.48% | +63.52% | BULLISH |
| OCBC (O39.SI) | SGD 32.01 | +2.01% | +105.08% | BULLISH |
| UOB (U11.SI) | SGD 42.57 | +1.89% | +29.04% | BULLISH |
| SGX (S68.SI) | SGD 22.40 | +0.90% | +37.97% | BEARISH |
| Singtel (Z74.SI) | SGD 4.28 | -1.61% | +4.30% | BULLISH |
| SIA (C6L.SI) | SGD 6.65 | +2.15% | +3.28% | BEARISH |
| SATS (S58.SI) | SGD 3.83 | +0.52% | +14.19% | BEARISH |
| ST Engineering (S63.SI) | SGD 10.87 | +4.22% | +32.12% | BEARISH |
| Keppel (BN4.SI) | SGD 11.30 | +2.45% | +29.78% | BULLISH |
| Sembcorp Industries (U96.SI) | SGD 5.87 | -0.51% | +1.58% | BULLISH |
| Seatrium (5E2.SI) | SGD 2.10 | -0.94% | -12.10% | BEARISH |
| Yangzijiang Shipbuilding (BS6.SI) | SGD 5.19 | +0.39% | +63.91% | BULLISH |
| Venture Corp (V03.SI) | SGD 16.72 | +1.33% | +25.15% | BULLISH |
| Wilmar International (F34.SI) | SGD 3.68 | +0.00% | +32.49% | BEARISH |
| Thai Beverage (Y92.SI) | SGD 0.44 | +0.00% | -0.17% | BEARISH |
| DFI Retail (D01.SI) | SGD 3.30 | +5.77% | +8.60% | BEARISH |
| Genting Singapore (G13.SI) | SGD 0.62 | +0.00% | -12.91% | BEARISH |
| Jardine Matheson (J36.SI) | SGD 55.86 | -2.92% | -6.76% | BEARISH |
| Hongkong Land (H78.SI) | SGD 8.57 | -0.81% | +40.43% | BULLISH |
| City Developments (C09.SI) | SGD 8.26 | +2.61% | +26.09% | BULLISH |
| UOL Group (U14.SI) | SGD 8.46 | +0.12% | +10.63% | BEARISH |
| CapitaLand Investment (9CI.SI) | SGD 2.60 | +0.00% | -2.62% | BEARISH |
| CapitaLand Integrated Commercial Trust (C38U.SI) | SGD 2.24 | -2.18% | +3.53% | BEARISH |
| CapitaLand Ascendas REIT (A17U.SI) | SGD 2.28 | -2.56% | -13.15% | BEARISH |
| Mapletree Industrial Trust (ME8U.SI) | SGD 1.86 | -2.62% | -7.07% | BEARISH |
| Mapletree Logistics Trust (M44U.SI) | SGD 1.10 | +0.00% | -6.84% | BEARISH |
| Mapletree Pan Asia Commercial Trust (N2IU.SI) | SGD 1.22 | +0.83% | -8.36% | BEARISH |
| Keppel DC REIT (AJBU.SI) | SGD 2.12 | -1.40% | -4.99% | BEARISH |
| Frasers Centrepoint Trust (J69U.SI) | SGD 2.05 | -2.38% | -10.16% | BEARISH |
| Frasers Logistics & Commercial Trust (BUOU.SI) | SGD 0.87 | -2.79% | -2.59% | BEARISH |
| Sheng Siong Group (OV8.SI) | SGD 3.25 | +1.25% | +55.82% | BULLISH |
| ComfortDelGro (C52.SI) | SGD 1.27 | +1.60% | -11.59% | BEARISH |
| SIA Engineering (S59.SI) | SGD 3.19 | +2.57% | -7.07% | BEARISH |
| Singapore Post (S08.SI) | SGD 0.31 | +1.61% | -24.74% | BEARISH |
| NetLink NBN Trust (CJLU.SI) | SGD 0.95 | +0.00% | +6.80% | BEARISH |
| Suntec REIT (T82U.SI) | SGD 1.36 | -1.45% | +9.50% | BEARISH |
| Keppel REIT (K71U.SI) | SGD 0.85 | -0.59% | -10.77% | BEARISH |
| Parkway Life REIT (C2PU.SI) | SGD 4.00 | -0.99% | +1.52% | BEARISH |
| Riverstone Holdings (AP4.SI) | SGD 0.78 | -1.27% | +14.47% | BEARISH |
| First Resources (EB5.SI) | SGD 4.62 | -8.88% | +194.98% | BULLISH |
| Delfi Limited (P34.SI) | SGD 0.71 | -1.39% | -5.48% | BEARISH |
| Apple (AAPL) | USD 341.07 (≈SGD 436.13) | +1.47% | +34.01% | BULLISH |
| Microsoft (MSFT) | USD 516.17 (≈SGD 660.03) | +4.53% | +1.75% | BULLISH |
| Alphabet (GOOGL) | USD 343.92 (≈SGD 439.77) | -1.61% | +39.86% | BEARISH |
| Amazon (AMZN) | USD 249.67 (≈SGD 319.25) | -1.59% | +13.60% | BEARISH |
| Nvidia (NVDA) | USD 225.07 (≈SGD 287.80) | +1.26% | +26.61% | BULLISH |
| Tencent (0700.HK) | HKD 436.60 (≈SGD 71.12) | +4.20% | -32.05% | BEARISH |
| Alibaba (9988.HK) | HKD 108.40 (≈SGD 17.66) | -0.82% | -36.91% | BEARISH |
| HSBC Holdings (0005.HK) | HKD 157.60 (≈SGD 25.67) | -2.48% | +53.85% | BULLISH |
| HSBC (London listing) (HSBA.L) | GBP 1,512.20 (≈SGD 2,558.34) | -0.03% | +47.57% | BULLISH |
| BP (BP.L) | GBP 558.50 (≈SGD 944.87) | -0.04% | +26.95% | 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 | 15.23% | 3.94 |
| OCBC | 17.80% | 5.71 |
| UOB | 16.10% | 1.59 |
| SGX | 21.20% | 1.63 |
| Singtel | 22.40% | 0.04 |
| SIA | 15.69% | -0.01 |
| SATS | 26.93% | 0.4 |
| ST Engineering | 25.86% | 1.11 |
| Keppel | 24.86% | 1.06 |
| Sembcorp Industries | 20.12% | -0.1 |
| Seatrium | 29.05% | -0.54 |
| Yangzijiang Shipbuilding | 33.37% | 1.81 |
| Venture Corp | 23.60% | 0.92 |
| Wilmar International | 22.85% | 1.27 |
| Thai Beverage | 19.53% | -0.19 |
| DFI Retail | 34.48% | 0.15 |
| Genting Singapore | 22.07% | -0.74 |
| Jardine Matheson | 32.99% | -0.31 |
| Hongkong Land | 32.36% | 1.14 |
| City Developments | 25.57% | 0.88 |
| UOL Group | 28.02% | 0.25 |
| CapitaLand Investment | 16.59% | -0.37 |
| CapitaLand Integrated Commercial Trust | 14.11% | 0.0 |
| CapitaLand Ascendas REIT | 12.60% | -1.32 |
| Mapletree Industrial Trust | 10.67% | -0.99 |
| Mapletree Logistics Trust | 13.75% | -0.75 |
| Mapletree Pan Asia Commercial Trust | 14.46% | -0.82 |
| Keppel DC REIT | 13.84% | -0.61 |
| Frasers Centrepoint Trust | 10.44% | -1.31 |
| Frasers Logistics & Commercial Trust | 13.71% | -0.44 |
| Sheng Siong Group | 19.47% | 2.69 |
| ComfortDelGro | 16.69% | -0.9 |
| SIA Engineering | 20.24% | -0.52 |
| Singapore Post | 24.55% | -1.15 |
| NetLink NBN Trust | 8.30% | 0.4 |
| Suntec REIT | 19.90% | 0.3 |
| Keppel REIT | 16.36% | -0.87 |
| Parkway Life REIT | 9.35% | -0.21 |
| Riverstone Holdings | 32.77% | 0.33 |
| First Resources | 48.04% | 3.99 |
| Delfi Limited | 32.04% | -0.28 |
| Apple | 23.62% | 1.29 |
| Microsoft | 33.94% | -0.05 |
| Alphabet | 31.56% | 1.15 |
| Amazon | 35.00% | 0.29 |
| Nvidia | 38.99% | 0.59 |
| Tencent | 31.96% | -1.11 |
| Alibaba | 44.47% | -0.91 |
| HSBC Holdings | 27.07% | 1.86 |
| HSBC (London listing) | 27.14% | 1.62 |
| BP | 31.03% | 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.