Weekly Round up: Singapore Sees Minor Decline, US Tech Leads, and Europe Celebrates Earnings

Yahoo

17-02-2025

Last week, global markets experienced mixed results as investor sentiment shifted from early optimism to cautious realism. In Singapore, the Straits Times Index (SGX: ^STI) saw a slight decline, while Wall Street posted a modest rally amid fluctuating economic signals and strong corporate earnings.
Singapore's benchmark STI slid by 0.1%, closing at 3,877.50 on Friday. Although the index hit record highs earlier in the week, selling pressure in key sectors eventually dampened the initial enthusiasm.
The Singapore Exchange emerged as the week's biggest decliner, dropping 5.8% to S$12.69. The decline came after the exchange traded ex-dividend.
Hongkong Land turned the tide by rising 4.1% to US$4.35, making it the top gainer on the STI. Investors remain optimistic about the property developer's expansion plans and long-term prospects.
With 51.9 million shares traded on Friday, Seatrium was the most actively traded stock, climbing 1.2% to S$2.58. Its performance reflects growing investor interest in Singapore's offshore and marine industries.
iFast Corporation reported on Wednesday that it posted an impressive 46.3% increase in Q4 net profit to S$19.3 million, supported by record-high assets under administration of S$25 billion. The group's wealth management platform and turnaround of its banking arm, iFast Global Bank (iGB), played a pivotal role in these results. Notably, iGB achieved profitability for the first time. iFast's share price ended the week at S$7.890 on Friday, up 0.25%.
In the United States, market sentiment was mixed as investors juggled optimistic gains with caution over recent economic data. The S&P 500 recorded a modest weekly gain of 1.5%, while the Nasdaq advanced 2.6% thanks to robust performances in the tech sector.
The Dow Jones managed a smaller increase of 0.5%. Investor caution was heightened by data indicating a 0.9% decline in US retail sales for January 2025—a reversal from the previous month's revised increase of 0.7%.
Meanwhile, falling Treasury yields and concerns over potential new tariffs fueled uncertainty, prompting traders to consider the possibility of interest rate cuts later in the year.
Nvidia's stock surged 2.6%, contributing to the Nasdaq's positive close. The company's strong position in the AI and semiconductor industries continues to attract investor confidence.
Airbnb jumped 14% after posting higher-than-expected quarterly revenue, showcasing its resilience and adaptability in the competitive travel industry.
By contrast, DaVita underperformed, falling 11% after missing fourth-quarter profit estimates. Further dampening the stock's performance was news that Berkshire Hathaway had reduced its stake in the company, signalling diminishing investor confidence.
European markets maintained a strong performance over the past eight weeks. Despite a 0.2% dip on Friday, the pan-European Stoxx 600 closed at record levels, marking its longest winning streak since Q1 2024. On an annual basis, the index has surged over 8%, outperforming major US indices.
This robust performance was credited to better-than-expected earnings from key sectors like financials, technology, and consumer goods. Strong corporate results have bolstered investor confidence across the region.
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Disclosure: Joanna Sng owns shares of SGX, iFast, and Nvidia.
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