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Singapore hits record high for 14th session, sets the pace for Asian equities

Singapore hits record high for 14th session, sets the pace for Asian equities

The Star6 days ago
A file photo of the SGX Centre in Singapore. — Bloomberg
Singapore's equity benchmark scaled an all-time high for the 14th consecutive session on Monday, buoyed by strong inflows to high-yield stocks, while bourses elsewhere in emerging Asia also began the week on a largely positive note.
Most regional currencies slid against the U.S. dollar: the Indonesian rupiah and the Philippine peso weakened about 0.4% each, while South Korea's won, Taiwan's dollar, and Thai baht slipped marginally.
An MSCI gauge of global emerging market currencies also declined, now down more than 1% since hitting an all-time high on July 3.
Singapore's FTSE Straits Times Index climbed for an 11th consecutive session, its longest winning streak on record, and rose as much as 0.9% to 4,225.790 points.
The benchmark index was driven by a rally in banks, telecoms, and industrial firms. Analysts say the city-state's equity market has emerged as a relative safe-haven asset amid rising global risks, with ample liquidity, a strong local currency, and low interest rates boosting appetite for attractive dividend yield.
"Low interest rates and a lack of alternative yield instruments are likely to continue supporting market activity (in Singapore)," DBS analysts said, adding that a recovery in wealth management will offer medium-term tailwind for Singapore banks.
Defensive stocks are gaining appeal among global investors who seek stability amid ongoing uncertainty over U.S. trade policy and macroeconomic challenges.
Singapore's economy also surprised to the upside last week, reporting faster-than-expected second-quarter growth and a 13% jump in exports for June, further reinforcing bullish sentiment.
Across the rest of Southeast Asia, equities held largely firm: Indonesia's benchmark index jumped as much as 1% and continued to hover around its mid-December 2024 highs, while stocks in Manila and Seoul climbed 0.7% and 0.4%, respectively.
The MSCI index of equities in emerging Asia slipped 0.2%, but has gained more than 2% this month, outperforming the broader Asia-Pacific equities index, which includes Japan, which is up only 0.3%.
After last week's rate cut in Indonesia, markets are now waiting for the next catalyst, most likely growth data due early next month, said Fakhrul Fulvian, chief economist at Trimegah Securities.
He warned that the absence of near-term triggers could cap further upside.
Thailand's SET Index climbed nearly 1% but turned negative within an hour of opening. The gauge has risen more than 10% so far this month, outperforming its regional peers after clocking deep losses in the first half.
Investors in Asia continue to keenly scrutinise tariff headlines ahead of an August 1 deadline to strike a deal with Washington.
Local sentiment has improved after Vietnam and Indonesia reached an agreement on export levies, although final details are yet to be confirmed.
In the Philippines, President Ferdinand Marcos Jr is set to visit the United States this week to secure a trade agreement with Washington.
The U.S. earlier this month raised tariffs on exports to 20%, up from 17% threatened in April.
HIGHLIGHTS:
** Indonesian 10-year benchmark yield falls 2.9 bps to 6.522%
** ST Engineering and DBS at record high, Singtel at mid-August 2016 high
** South Korea reviews various options to improve North Korea ties
** Japan's shaky government loses upper house control - Reuters
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Asean News Headlines at 10pm on Sunday (July 27, 2025)
Asean News Headlines at 10pm on Sunday (July 27, 2025)

The Star

time3 hours ago

  • The Star

Asean News Headlines at 10pm on Sunday (July 27, 2025)

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Indonesia's first high-speed railway is now transforming inbound travel and driving economic growth
Indonesia's first high-speed railway is now transforming inbound travel and driving economic growth

The Star

time4 hours ago

  • The Star

Indonesia's first high-speed railway is now transforming inbound travel and driving economic growth

JAKARTA (Xinhua): Since the launch of commercial operations in October 2023, the Jakarta-Bandung High-Speed Railway, locally known as Whoosh, has ushered in a new era of modern transportation for Indonesia. As South-East Asia's first high-speed rail system, Whoosh connects Jakarta, Indonesia's largest city, with Bandung in West Java, drastically reducing travel time from over three hours to just 46 minutes. This leap in mobility has delivered more than just faster commutes. It has redefined the travel experience for millions of Indonesians and brought new momentum to economic activity along the railway corridor. ECONOMIC BENEFITS According to PT Kereta Cepat Indonesia China (KCIC), the Indonesian-Chinese railway joint venture has safely carried over 10.6 million passengers on 31,614 trips as of July 25, covering more than 4.9 million kilometers since its commercial operations began. With up to 62 daily train services and a peak daily ridership of 26,800, public enthusiasm continues to rise. For Sophia, a 37-year-old mother of two who commutes between Jakarta and Bandung every weekend, the benefits are deeply personal. "Whoosh has become a proper mode of transportation. Time is valuable; we shouldn't have to spend so much of it on the road," she said. Beyond convenience, Whoosh has also triggered notable economic benefits. Business owners like 45-year-old Akhyar, who runs a cake shop near Bandung's train station, have witnessed a sharp rise in customers, many of whom are tourists brought in by the high-speed service. Similarly, the Indonesian Travel Agent Association reported growing demand for group tours using Whoosh, especially among students and corporate travelers. "It helps promote Jakarta as a tourist destination, especially for ASEAN visitors," said the association's Chairwoman, Pauline Suharno, using the acronym for the Association of Southeast Asian Nations. "Among ASEAN countries, only Indonesia has a high-speed train." According to Segara Research Institute Executive Director Piter Abdullah, Whoosh is not only a game changer for mobility, but a catalyst for new economic activity. "Mobility is a driver of the economy. The growing number of passengers shows that people are increasingly recognizing the value of time efficiency and travel comfort. High-speed rail can trigger the emergence of new economic centers," he said. This project represents a crucial first step in developing rail-based transportation across Java Island, unlocking new zones of productivity and investment, he added. ENHANCED CONNECTIVITY The areas surrounding Whoosh's stations, such as Tegalluar, Padalarang, and Karawang, are already seeing the rise of new residential communities, commercial centers, and upgraded infrastructure. Halim Station, near Jakarta's international airport, is evolving into a critical intermodal hub, supporting seamless air-rail connectivity. "Whoosh has significantly enhanced regional connectivity and land value," said KCIC's Corporate Communications Manager Emir Monti. "It's also generated thousands of jobs and supported the growth of a full high-speed rail industry chain in Indonesia." Emir believed that Whoosh is not just a transport upgrade, but a strategic leap in Indonesia's development. "We didn't expect such a high level of enthusiasm at the beginning. But Whoosh has truly improved connectivity between Jakarta and Bandung and brought real convenience to the public," he said. He also emphasized the project's role as a model for international collaboration and local capacity building. "This isn't just about importing equipment; it's about building an integrated system. Through our joint venture with Chinese partners, we've transferred technology, trained local talent, and developed Indonesian professionals in operations, maintenance, and management," he said. Today, all train drivers and mechanics are Indonesians, a testament to the project's commitment to localization and sustainability. "From technology to management, our local teams are growing through hands-on experience," said Emir. "Whoosh didn't just bring infrastructure. It built a foundation for future Indonesian expertise." GROWING EXPECTATION According to Dwiyana Slamet Riyadi, president director of KCIC, Whoosh is the first full-scale application of Chinese high-speed rail technology abroad, making Indonesia the first country outside China to operate trains at a speed of 350 kilometers per hour. "Chinese high-speed rail technology is truly advanced. They're already developing trains that can reach 450 kilometers per hour. So I think it's natural that China is the technological benchmark for Indonesia's high-speed rail development," he said. He also noted that Indonesia's success with Whoosh has drawn attention from other Southeast Asian nations eager to replicate its achievement. "Indonesia is now seen as a model for high-speed rail development in ASEAN," he said. As demand continues to climb and public satisfaction remains high, expectations are rising. German expatriate Ali Kurtze, a long-time Jakarta resident and self-proclaimed loyal Whoosh rider, expressed hope for further expansion. "Fast, punctual, comfortable, I love this route. I hope the high-speed rail will one day extend to Surabaya or even Sumatra," said Kurtze. "That would completely transform Indonesia's transportation landscape." -- Xinhua

Awang Tengah leads mission to Nusantara for investment, collaboration
Awang Tengah leads mission to Nusantara for investment, collaboration

Borneo Post

time5 hours ago

  • Borneo Post

Awang Tengah leads mission to Nusantara for investment, collaboration

Awang Tengah (fourth right) and members of the Sarawak and Indonesian delegations give a thumbs-up following the tree planting ceremony. KUCHING (July 27): A Sarawak delegation, led by Deputy Premier Datuk Amar Awang Tengah Ali Hasan visited Indonesia's new capital, Nusantara, today to explore opportunities for deeper bilateral cooperation and economic investment. According to a statement from Awang Tengah's office, the visit was part of Sarawak's broader engagement efforts during the Sarawak Connects Fair in Balikpapan. One of the highlights of the visit was a symbolic tree planting ceremony at Plaza Bhineka, where Awang Tengah planted a commemorative tree to symbolise the growing partnership between Sarawak and Nusantara. 'The gesture underscored our commitment to sustainable development and long-term collaboration between both regions,' said Awang Tengah. The delegation also toured key administrative and infrastructure developments in Nusantara, including government precincts, the state-of-the-art Football Association of Indonesia (PSSI) Training Centre, and newly built healthcare facilities. These visits offered valuable insights into the rapid pace of the city's construction and urban planning. Awang Tengah, who also serves as Sarawak's Minister of International Trade, Industry and Investment, was accompanied by senior government officials and business leaders from Sarawak in a series of strategic engagements with their Indonesian counterparts. These included dialogue sessions focused on trade, infrastructure, and cross-border investment prospects. 'Nusantara, envisioned as Indonesia's sustainable and smart future capital, represents a key growth frontier in Southeast Asia, offering unique opportunities for regional integration and public-private partnerships,' said Awang Tengah. The discussions also aimed to foster mutual understanding and strengthen cross-border business synergies. Among those in the delegation were Sarawak Deputy Minister of Youth, Sports and Entrepreneur Development Datuk Ripin Lamat; Deputy State Secretary for Economic Planning and Development Dato Sri Muhammad Abdullah Zaidel; Economic Planning Unit Director Datu Lester Matthew; and Permanent Secretary to the Ministry of International Trade, Industry and Investment Dzulkornain Masron. Also present were key officials from East Kalimantan's government and the Nusantara Capital City Authority (OIKN), including OIKN Deputy Head for Environment and Natural Resources Myrna Asnawati, and Deputy for Funding and Investment Roi Sudiro. Awang Tengah Ali Hasan bilateral cooperation lead nusantara

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