Equator Weekly — 28 Aug 2026
Equator Pro — Week Ending 28 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: Microsoft (+6.27% this week)
- 📉 Biggest mover down: Suntec REIT (-7.69% this week)
- 📊 Signal split: 35 bullish, 16 bearish on 20/50-day MA
- ⚡ Elevated volatility: Alibaba at 46.1% annualized
Price & Trend
| Stock | Price | 1wk | 1yr Return | Signal |
|---|---|---|---|---|
| DBS (D05.SI) | SGD 76.15 | +0.20% | +59.45% | BULLISH |
| OCBC (O39.SI) | SGD 31.07 | +0.29% | +93.24% | BULLISH |
| UOB (U11.SI) | SGD 40.78 | +0.62% | +20.32% | BULLISH |
| SGX (S68.SI) | SGD 25.51 | +2.49% | +59.04% | BULLISH |
| Singtel (Z74.SI) | SGD 4.52 | +2.73% | +9.13% | BULLISH |
| SIA (C6L.SI) | SGD 6.89 | -0.72% | +5.87% | BEARISH |
| SATS (S58.SI) | SGD 4.01 | -1.47% | +22.80% | BEARISH |
| ST Engineering (S63.SI) | SGD 10.64 | -0.37% | +42.15% | BEARISH |
| Keppel (BN4.SI) | SGD 11.46 | +1.24% | +37.67% | BULLISH |
| Sembcorp Industries (U96.SI) | SGD 6.01 | -0.50% | +4.00% | BULLISH |
| Seatrium (5E2.SI) | SGD 2.20 | +2.33% | -2.69% | BULLISH |
| Yangzijiang Shipbuilding (BS6.SI) | SGD 4.90 | +2.94% | +75.95% | BULLISH |
| Venture Corp (V03.SI) | SGD 16.67 | +0.41% | +31.44% | BULLISH |
| Wilmar International (F34.SI) | SGD 3.81 | +2.70% | +34.39% | BULLISH |
| Thai Beverage (Y92.SI) | SGD 0.47 | +0.00% | +5.51% | BULLISH |
| DFI Retail (D01.SI) | SGD 3.53 | -3.55% | +17.66% | BULLISH |
| Genting Singapore (G13.SI) | SGD 0.63 | -0.74% | -7.70% | BULLISH |
| Jardine Matheson (J36.SI) | SGD 58.71 | -4.83% | +1.98% | BEARISH |
| Hongkong Land (H78.SI) | SGD 8.19 | -3.19% | +36.37% | BULLISH |
| City Developments (C09.SI) | SGD 8.34 | +1.09% | +28.25% | BULLISH |
| UOL Group (U14.SI) | SGD 9.20 | -3.87% | +26.27% | BEARISH |
| CapitaLand Investment (9CI.SI) | SGD 2.66 | -0.37% | -2.92% | BULLISH |
| CapitaLand Integrated Commercial Trust (C38U.SI) | SGD 2.37 | -1.25% | +9.54% | BULLISH |
| CapitaLand Ascendas REIT (A17U.SI) | SGD 2.43 | -1.22% | -4.70% | BEARISH |
| Mapletree Industrial Trust (ME8U.SI) | SGD 1.92 | +0.00% | -0.32% | BULLISH |
| Mapletree Logistics Trust (M44U.SI) | SGD 1.16 | -0.85% | +1.49% | BEARISH |
| Mapletree Pan Asia Commercial Trust (N2IU.SI) | SGD 1.27 | -0.78% | -1.82% | BEARISH |
| Keppel DC REIT (AJBU.SI) | SGD 2.20 | -2.65% | -0.87% | BULLISH |
| Frasers Centrepoint Trust (J69U.SI) | SGD 2.16 | -1.37% | -4.52% | BEARISH |
| Frasers Logistics & Commercial Trust (BUOU.SI) | SGD 0.93 | -1.59% | +9.92% | BEARISH |
| Sheng Siong Group (OV8.SI) | SGD 3.19 | -0.93% | +59.76% | BEARISH |
| ComfortDelGro (C52.SI) | SGD 1.29 | +0.00% | -8.34% | BULLISH |
| SIA Engineering (S59.SI) | SGD 3.14 | +0.96% | +5.09% | BEARISH |
| Singapore Post (S08.SI) | SGD 0.34 | +1.49% | -25.76% | BEARISH |
| NetLink NBN Trust (CJLU.SI) | SGD 0.98 | -0.51% | +10.79% | BULLISH |
| Suntec REIT (T82U.SI) | SGD 1.44 | -7.69% | +15.94% | BULLISH |
| Keppel REIT (K71U.SI) | SGD 0.88 | -1.12% | -4.69% | BULLISH |
| Parkway Life REIT (C2PU.SI) | SGD 4.12 | -0.48% | +1.35% | BULLISH |
| Riverstone Holdings (AP4.SI) | SGD 0.77 | -3.13% | +17.48% | BEARISH |
| First Resources (EB5.SI) | SGD 4.47 | +3.02% | +176.96% | BULLISH |
| Delfi Limited (P34.SI) | SGD 0.77 | -2.05% | +7.30% | BEARISH |
| Apple (AAPL) | USD 319.70 (≈SGD 407.43) | +3.35% | +38.23% | BEARISH |
| Microsoft (MSFT) | USD 513.53 (≈SGD 654.44) | +6.27% | +2.18% | BULLISH |
| Alphabet (GOOGL) | USD 346.59 (≈SGD 441.69) | +0.51% | +63.25% | BULLISH |
| Amazon (AMZN) | USD 266.43 (≈SGD 339.54) | +3.02% | +16.34% | BULLISH |
| Nvidia (NVDA) | USD 217.55 (≈SGD 277.25) | +1.32% | +25.07% | BULLISH |
| Tencent (0700.HK) | HKD 455.20 (≈SGD 73.97) | -0.39% | -22.47% | BULLISH |
| Alibaba (9988.HK) | HKD 113.90 (≈SGD 18.51) | -7.40% | -1.53% | BULLISH |
| HSBC Holdings (0005.HK) | HKD 161.40 (≈SGD 26.23) | -0.92% | +67.03% | BULLISH |
| HSBC (London listing) (HSBA.L) | GBP 1,504.00 (≈SGD 2,595.30) | +0.09% | +57.43% | BULLISH |
| BP (BP.L) | GBP 515.40 (≈SGD 889.37) | -6.66% | +20.18% | 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 | 15.72% | 3.56 |
| OCBC | 17.32% | 5.18 |
| UOB | 15.38% | 1.09 |
| SGX | 20.02% | 2.77 |
| Singtel | 22.48% | 0.25 |
| SIA | 15.53% | 0.15 |
| SATS | 26.97% | 0.72 |
| ST Engineering | 25.66% | 1.51 |
| Keppel | 24.57% | 1.39 |
| Sembcorp Industries | 19.89% | 0.03 |
| Seatrium | 28.43% | -0.22 |
| Yangzijiang Shipbuilding | 32.88% | 2.2 |
| Venture Corp | 23.76% | 1.18 |
| Wilmar International | 22.71% | 1.36 |
| Thai Beverage | 19.25% | 0.1 |
| DFI Retail | 32.93% | 0.43 |
| Genting Singapore | 22.48% | -0.5 |
| Jardine Matheson | 33.44% | -0.05 |
| Hongkong Land | 32.49% | 1.01 |
| City Developments | 25.14% | 0.98 |
| UOL Group | 28.37% | 0.8 |
| CapitaLand Investment | 16.41% | -0.39 |
| CapitaLand Integrated Commercial Trust | 14.14% | 0.43 |
| CapitaLand Ascendas REIT | 12.53% | -0.65 |
| Mapletree Industrial Trust | 10.57% | -0.36 |
| Mapletree Logistics Trust | 13.63% | -0.15 |
| Mapletree Pan Asia Commercial Trust | 14.08% | -0.38 |
| Keppel DC REIT | 14.14% | -0.31 |
| Frasers Centrepoint Trust | 10.54% | -0.76 |
| Frasers Logistics & Commercial Trust | 13.65% | 0.47 |
| Sheng Siong Group | 19.77% | 2.85 |
| ComfortDelGro | 16.68% | -0.71 |
| SIA Engineering | 21.14% | 0.07 |
| Singapore Post | 23.87% | -1.23 |
| NetLink NBN Trust | 8.39% | 0.87 |
| Suntec REIT | 19.62% | 0.63 |
| Keppel REIT | 16.46% | -0.5 |
| Parkway Life REIT | 10.23% | -0.21 |
| Riverstone Holdings | 32.94% | 0.42 |
| First Resources | 44.31% | 3.92 |
| Delfi Limited | 32.07% | 0.12 |
| Apple | 24.45% | 1.42 |
| Microsoft | 33.44% | -0.04 |
| Alphabet | 32.67% | 1.83 |
| Amazon | 35.02% | 0.37 |
| Nvidia | 38.91% | 0.55 |
| Tencent | 31.48% | -0.83 |
| Alibaba | 46.15% | -0.11 |
| HSBC Holdings | 26.74% | 2.38 |
| HSBC (London listing) | 26.70% | 2.02 |
| BP | 30.62% | 0.54 |
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.