Banks drove the STI up 1% to 5,711.12

Date: September 28, 2026

• Wall Street rose over the week despite higher bond yields
• Yangzijang, Keppel enjoyed net institutional inflows in 3Q, Thai Bevergage recorded net outflows: SGX Research
• Seatrium allocated S$200 million for new share buyback programme
• Addvalue shareholders approved spinoff of unit, share dilution for Nasdaq listing
• Geopolitical risks remain top risk; more investors looking to increase cash exposure: Marsh survey
• Incredible Holdings filed application for judicial management
• Multi-Chem said CEO, COO to stay put for now despite CPIB probe
• Buybacks and Director Buying Marked Active Filing Week: SGX Research

 

Bank gains of 1.5-2% helped the STI rise above 5,700

The Straits Times Index managed a gain of about 56 points or 1% at 5,711.12 over the week, driven almost entirely by the three banks, against a backdrop of a relatively benign Wall Street.

Over the week DBS jumped S$1.14 or 1.5% to S$78, OCBC rose S$0.63 or 2% to S$32.01 and UOB gained S$0.79 or 1.9% at S$42.57.

The market’s narrow focus was especially evident on days like Monday and Friday when the index rose strongly but the broad market was actually weak.

On Monday the STI gained 19 points but the advance-decline score was 262-282 and on Friday when the index added 28 points, there were 275 falls against 232 rises.

 

Wall Street rose over the week despite higher bond yields

Wall Street’s major market averages advanced on the week even as Treasury yields surged. Meanwhile, oil and gas markets continued to remain in focus, and President Xi Jinping and President Trump wrapped up their summit.

U.S. Treasury yields kept climbing this week as the benchmark U.S. 10-year Treasury yield hit 5.15%, marking its strongest reading since July 2007.

Oil and gas markets remained in focus as reports surfaced that Washington and Tehran are exploring a phased arrangement to restore commercial traffic through the Strait of Hormuz.

Chinese President Xi Jinping wrapped up his U.S. state visit with President Trump, but the trip produced little beyond a two-month extension of the countries’ trade truce.

For the week, the blue-chip Dow Jones Industrial Average added 0.28%, the benchmark S&P 500 gained 1.21%, and the tech-heavy Nasdaq Composite climbed up 2.06%.

 

Yangzijang, Keppel enjoyed net institutional inflows in 3Q, Thai Bevergage recorded net outflows: SGX Research

In a 23 Sep Market Update, SGX Research reported that among Singapore’s large-cap stocks, Yangzijiang Shipbuilding Holdings and Keppel have more than reversed 1H26 net institutional outflows with net institutional inflows in 3Q26.

“This means Yangzijiang Shipbuilding Holdings has now chalked up S$180 million in net institutional flow for 2026 to Sep 22, after reversing a net outflow of S$40 million in 1H26 with net institutional inflow of S$219 million in 3Q26’’ said SGX Research.

“Keppel has similarly chalked up S$123 million in net institutional flow in the 2026 year to Sep 22, after reversing net outflow of S$36 million in 1H26 with net inflow of S$159 million in 3Q26’’.

SGX Research also reported thatThai Beverage has also reversed more than 90% of its 1H26 net institutional outflow.

“Net institutional outflow narrowed to S$2 million for the 2026 year to Sep 22, after the stock recorded net institutional outflow of S$34 million in 1H26 and net institutional inflow of S$32 million in 3Q26’’.

 

Seatrium allocated S$200 million for new share buyback programme

Seatrium’s new share buyback programme will be worth S$200 million – double the size of its previous one – in a move it says shows its confidence in its long-term outlook.

Seatrium CEO Chris Ong said in a bourse filing that the company has a clear pathway for further growth, underpinned by strengthened fundamentals and margins, as well as a global pipeline of opportunities that it is pursuing.

The offshore and marine player’s previous buyback programme totalled S$100 million. It was announced in April 2024 and was completed on Sep 1 this year.

Funded by existing cash resources, the buybacks will be subject to shareholder approval at each annual general meeting. They will also allow Seatrium to repurchase up to a maximum of 2% of its total issued shares.

The new programme will be executed progressively, said the company, taking into account prevailing share-price levels, market conditions and the group’s capital-management priorities.

 

Addvalue shareholders approved spinoff of unit, share dilution for Nasdaq listing

Shareholders of satellite communications provider Addvalue Technologies have approved a proposed spinoff and Nasdaq listing of its wholly owned subsidiary Addvalue Solutions (AVS), as well as an associated proposed dilution of its shares.

AVS deals with the group’s activities involving the Inter-Satellite Data Relay System (IDRS). It serves to establish a connection between network operators and their space assets.

A new entity, incorporated as a holding company of AVS, will undertake an initial public offering of its shares. Addvalue in April said AVS and any other entities engaged in the IDRS business would be transferred or grouped under a newly incorporated investment holding company.

The proposed spinoff and listing will result in a dilution of Addvalue’s indirect equity interest in AVS, due to the issue of new holding company shares during the offering and an allotment of underwriter fee shares.

Addvalue anticipated a percentage reduction of no more than 30% of its indirect equity interest in AVS. Because AVS is considered a principal subsidiary that accounted for 24% of the group’s pre-tax profits for the 2026 financial year, Addvalue was required to seek shareholder approval.

 

Geopolitical risks remain top risk; more investors looking to increase cash exposure: Marsh survey

Large asset owners are turning to cash, infrastructure and emerging markets amid global volatility, with geopolitics remaining a top risk among these investors, the 2026 Global Asset Owner Barometer survey by professional services firm Marsh has found.

Geopolitics aside, these investors are also making changes to their portfolios in response to persistent inflation and an evolving set of opportunities.

Amit Popat, Marsh’s global head of financial institutions, said more than three-quarters of investors who responded to the poll undertaken by Marsh named geo-economic risk as the top risk.

Their response has been to increase their exposure to cash, “which provides a defensive component in an unknown environment”, he told The Business Times in an interview.

He added that cash also provides options for these investors to take advantage of opportunities that crop up.

Marsh’s survey found that the most significant year-on-year shift in asset class plans was in cash; 38% of respondents plan to step up allocations in the next year, up from 9% in 2025.

Increasing exposure to cash aside, more than half of the asset owners surveyed said they intended to increase allocations to investments in infrastructure over the next 12 months; 41% said they were planning to raise their allocations to inflation-linked assets.

The survey gathered the views of 430 global asset owners with more than US$5 trillion in assets under management; they were asked in an online poll between June and July about how decisions on their portfolios were being made amid global volatility.

 

Incredible Holdings filed application for judicial management

Catalist-listed Incredible Holdings has filed a Singapore High Court application to place the company under judicial management.

The application, filed two days ago, proposed the appointment of Ellyn Tan Huixian and Terrence Chin Khee Loon of Forvis Mazars Consulting as joint and several judicial managers of the electronics and consumer goods company.

Incredible Holdings had earlier said that one of its independent directors, Eunice Veon Koh Pei Lee, was assisting in investigations by the Commercial Affairs Department (CAD) and the Monetary Authority of Singapore (MAS).

The investigations involve alleged offences under the Securities and Futures Act (Chapter 289) and Securities and Futures Act 2001.

The company said that Koh had told the company she understood that she was only asked to assist with investigations and was not their subject.

Shares of Incredible Holdings have been suspended from trading since September 2022. The company last held an annual general meeting in 2023 and has not convened meetings for the financial periods ended June 2024 and June 2025, placing it in breach of listing rules.

 

Multi-Chem said CEO, COO to stay put for now despite CPIB probe

The CEO and chief operating officer (COO) of Multi-Chem are “suitable to continue” as company directors, said the mainboard-listed IT distribution company.

It was responding to Singapore Exchange queries after announcing on Sep 17 that the two, as well as two other senior employees, were interviewed by the Corrupt Practices Investigation Bureau (CPIB).

CEO Foo Suan Sai and COO Han Juat Hoon will continue to perform their executive functions and responsibilities in full, said Multi-Chem’s audit and risk management committee.

The company’s nominating committee, with Foo recusing himself, said Foo and Han are founders of the group and are “intimately familiar with its operations and business”, necessitating their continued involvement in the group’s affairs to ensure continuity in operations.

In its statement, the company said the two other senior staff assisting in the CPIB investigations are regional director Pui Boon Tiong and regional product manager Ker Jian Yan.

 

Buybacks and Director Buying Marked Active Filing Week

In a 21 Sep Market Update, SGX Research reported that over the five sessions through to 17 September, 75 director interests and substantial shareholdings were filed for close to 40 primary-listed stocks.

“Directors or CEOs reported 18 acquisitions and six disposals, while substantial shareholders recorded nine acquisitions and eight disposals.

“This included CEO or director acquisitions filed forAll-Link Air & Sea, A-Sonic Aerospace, Bukit Sembawang Estates, Duty Free International, Foundation Healthcare Holdings, Frencken Group, GuocoLand, Ho Bee Land, Lincotrade & Associates Holdings, Luminor Financial Holdings, Metrocon Holdings, Nera Telecommunications, Skylink Holdings and TrickleStar’’ said SGX Research.

“In addition, the five sessions saw 28 primary-listed companies conduct buybacks with a total consideration of S$101 million, led by Singapore Telecommunications and Keppel’’.