10.07.202602:42:04UTC+00STI Hits Record High, Head for 2nd Weekly Gain

Singapore shares climbed 28 points, or 0.5%, to 5,462 in Friday morning trade, rising for a seventh straight session and setting a new high. The market followed overnight gains on Wall Street, where renewed strength in chipmaker stocks spurred a rally.

Retail, industrial services, utilities, technology, and financial shares were the main drivers of the broader index.

Market participants were looking ahead to Singapore’s advance Q2 GDP release due next week. Consensus forecasts point to growth moderating to 5.3%, after the economy expanded 6.0% in the previous quarter, its fastest pace in 18 months.

Investors were also awaiting a series of key Chinese data releases, including Q2 GDP, industrial production, and June trade figures.

Among the session’s notable gainers were:

- Yangzijiang Shipbuilding Holdings (+5.9%)

- Keppel (+4.4%)

- City Developments (+1.9%)

- Hongkong Land Holdings (+1.8%)

- Sembcorp (+1.3%)

For the week, the index is on course for a 4.2% advance, positioning it for a second consecutive weekly gain.