Singapore Markets Eye Recovery Following Wall Street Record Highs

The Singapore stock market ended a brief winning streak on Wednesday, with the Straits Times Index (STI) slipping 12.24 points, or 0.24%, to close at 5,002.72. Despite the dip, the index remains positioned just above the 5,000-point threshold, with analysts anticipating renewed support in the coming session. The local decline was characterized by a divergence in sector performance. Financial shares weighed on the index, while industrial stocks provided a lift. Property sector results remained mixed. Notable movers included DFI Retail Group, which surged 4.57%, contrasting with SingTel, which plummeted 1.65% and Singapore Technologies Engineering, which tumbled 1.40%. Market sentiment is heavily influenced by a record-breaking session on Wall Street. The S&P 500 and NASDAQ both reached new record highs, with the Dow jumping 340.65 points to finish at 49,490.03. This rally followed news that President Donald Trump extended a ceasefire with Iran, although a blockade of Iranian ports remains in effect. The ongoing closure of the Strait of Hormuz has triggered supply concerns, pushing West Texas Intermediate (WTI) crude prices up 3.95% to $93.21 per barrel. This energy volatility is expected to play a significant role in Asian market dynamics as traders weigh geopolitical risks against corporate earnings strength. Investors are now shifting focus to domestic inflation data, as Singapore is scheduled to release March consumer price figures. In February, overall inflation rose 0.6% month-on-month and 1.2% year-on-year, while core CPI increased by 1.4% annually.