Singapore’s Straits Times Index (STI) stayed near record territory over the week ended July 31, despite profit-taking and global technology volatility weighing on sentiment towards the end of the week.
The STI rose 31.90 points, or 0.60%, on Monday to close at a record 5,620.24, supported by gains in banks and Seatrium. The index then came under pressure as investors took profits following the record high, with weaker US futures and a global tech sell-off adding to caution.
The benchmark rebounded mid-week to another record high of around 5,640 as technology, communication services and financial stocks recovered. However, gains were pared towards the end of the week as investors assessed US economic data and Federal Reserve signals.
On Friday, the STI fell 45.08 points, or 0.79%, to 5,628.50, with banking and industrial heavyweights dragging the index lower. The benchmark traded between 5,604.22 and 5,654.39 during the session.
Despite the late-week pullback, the STI ended 8.26 points, or about 0.15%, higher for the week, rising from 5,620.24 on July 27 to 5,628.50 on July 31. The figures therefore show a modest weekly gain rather than a decline, although the index finished below its mid-week record.
