The pulse of Singapore’s financial market saw the Straits Times Index (SGX:^STI) soaring to a remarkable 17-year high on Monday, September 23, only to witness a slight dip by the week’s end. Closing at 3,573.36 on Friday after touching a peak of 3,638.54, the week was a mix of highs and lows for key players in the market.
- DFI Retail Group Holdings (SGX: D01) emerged as a star performer, reveling in a gain of over 9% for the week, marking a closing price of US$2.18. The market took notice as the company made headlines with its strategic move to divest a 21.1% stake in Chinese supermarket giant, Yonghui Superstores Co., Ltd (SHA: 601933).
- CapitaLand China Trust (SGX: AU8U) also commanded attention with a substantial 14% surge in its share price following the announcement of a new unit issuance. Closing the week at $0.86, the trust left investors pleasantly surprised.
- Ironically, the local banking giants saw a reversal of fortunes as earlier gains dissipated. DBS Group Holdings (SGX: D05) led the pack in the dip, marking a 1.8% decline or a S$0.70 drop to close at S$37.60, donning the title of the second-biggest loser on the STI. The banking powerhouse had recently reached an all-time high share price of S$39.70, propelling its market capitalization to nearly S$113 billion at its zenith.
The intricacies of the stock market painted a dynamic picture throughout the week, with each player experiencing their own unique journey of highs and lows. As the week came to a close, it reminded investors of the inherent volatility and unpredictability that make the stock market both a playground and a battleground.
