iEdge Next 50 Liquidity Full List By Sector

SGX's liquidity-weighted index of the 50 most actively traded mid-cap stocks outside the Straits Times Index (STI) is showing a clear structural shift — technology names are claiming a bigger share of daily turnover, even as S-REITs remain the dominant sector by weight. Here is a full breakdown of the index, what's driving the tech rotation, and the key takeaways for Singapore investors.

Source: SGX Research, 16 April 2026 ↗

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📊 Index at a Glance

Constituents	REIT Weight	Trailing Div. Yield	2025 Return
50 stocks	~40% (16 S-REITs)	~5.4%	+27.4% (vs STI +28.6%)

 

The iEdge Next 50 Liquidity index tracks the 50 most liquid SGX Mainboard stocks outside the STI, weighted by six-month median daily turnover rather than market cap. This means stocks with high trader participation carry more weight than those with large but illiquid balance sheets — and right now, that signal is pointing strongly toward technology.

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🔑 Key Takeaways

1️⃣ The index is one tier below the STI — the best of the mid-caps.
To qualify, stocks must be listed on the SGX Mainboard, have a minimum market cap of S$100M, meet minimum trading velocity thresholds, and maintain at least 15% free float. The 50 constituents are selected from this screened universe and rebalanced quarterly (March, June, September, December).

2️⃣ Technology is the article's headline theme.
UMS Integration [558.SI], Frencken Group [E28.SI], and iFAST Corporation [AIY.SI] together account for over 13% of turnover-weighted exposure. All three are seeing disproportionate institutional and retail interest relative to their market-cap weight — a strong signal of active accumulation.

3️⃣ S-REITs still dominate at ~40% liquidity weight across 16 names.
Data centre REITs (NTT DC REIT [NTDU.SI]) and accommodation REITs (Centurion Accommodation REIT [8C8U.SI]) are punching well above their market-cap weight in liquidity terms, reflecting growing investor interest in new-economy and alternative real estate asset classes.

4️⃣ Trailing yield of ~5.4% is meaningfully above the STI's ~4.1%.
This makes the index an attractive hunting ground for income investors who want exposure beyond the 30 blue chips, without giving up yield quality. With rate cut expectations building, the REIT-heavy composition provides rate-cycle optionality.

5️⃣ The S$5 billion EQDP is a sustained structural tailwind.
The Equity Market Development Programme continues to direct institutional flows toward non-STI mid-caps. Since its announcement, 44 of the 50 Next 50 stocks have shown higher turnover — a broad-based improvement in liquidity, not just index-driven noise.

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💻 Technology Spotlight — Where the Weight Is Shifting

Three names stand out for their outsized liquidity weight relative to market cap. These are the stocks the index is telling us traders and institutions are actively interested in.

 

1️⃣ iFAST Corporation [AIY.SI] — Liquidity weight: 5.3% (highest in the entire index)
Analyst call: BUY (DBS)
Core business: Digital wealth management platform and digital bank
iFAST is a dual-engine fintech story — its wealth management platform spans Singapore, Hong Kong, Malaysia, the UK and China, while its digital banking licence adds a second growth runway. The fact that it commands the highest liquidity weight across all 50 constituents speaks to how actively this name is being traded by both retail and institutional participants. It is a new-economy proxy in a traditionally yield-focused index.

 

2️⃣ UMS Integration [558.SI] — Liquidity weight: 4.5%
Analyst call: BUY (DBS)
Core business: Precision semiconductor components manufacturer
UMS is the highest-weight pure technology stock in the index. It manufactures precision components for semiconductor equipment OEMs and benefits directly from the global AI infrastructure buildout cycle — a structural, multi-year demand driver. Institutional investors (including Amova, which recently crossed the 5% threshold) have been actively accumulating the stock, reflecting confidence in the semiconductor recovery cycle through FY2026.

 

3️⃣ Frencken Group [E28.SI] — Liquidity weight: 3.6%
Analyst call: Consensus TP S$2.41
Core business: Precision manufacturing — semiconductor equipment, medical, analytical, automotive
Frencken was the best-performing Next 50 stock in 1Q2026, posting a total return of +47.8% for the quarter. The rally was driven by stronger confidence in the semiconductor recovery, margin beats in its FY2025 results, and its move into higher-value semiconductor equipment prototypes for a leading European customer. Capacity is being expanded across Singapore, Malaysia and a new US facility targeted for completion in 1Q2027. Consensus forecasts dividend per share of S$0.031 for FY2026.

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🏢 S-REITs — Still the Index Anchor (~40% Liquidity Weight)

16 S-REITs make up the largest single sector allocation. Below are the key names, ranked by liquidity weight:

· Suntec REIT [T82U.SI] — Diversified retail & office REIT · 4.5%
· Keppel REIT [K71U.SI] — Grade-A office REIT · 4.4%
· Centurion Accommodation REIT [8C8U.SI] — Worker & student accommodation REIT · 3.9%
· NTT DC REIT [NTDU.SI] — Data centre REIT, new-economy asset · 3.7%
· CapitaLand Ascott Trust [HMN.SI] — Global serviced apartments & hotels · 3.5%
· Lendlease REIT [JYEU.SI] — Retail mall REIT · 2.7%
· Parkway Life REIT [C2PU.SI] — Healthcare property REIT · 2.4%
· ESR-REIT [9A4U.SI] — Industrial & logistics REIT · 1.7%
· CapitaLand India Trust [CY6U.SI] — India IT parks & logistics · 1.6%
· AIMS APAC REIT [O5RU.SI] — Industrial & logistics REIT · 1.2%
· CapitaLand China Trust [AU8U.SI] — China retail & logistics REIT · 1.1%
· Digital Core REIT [DCRU.SI] — US-focused data centre REIT · 1.0%
· CDL Hospitality Trust [J85.SI] — Hotels & resorts REIT · 0.8%
· Starhill Global REIT [P40U.SI] — Retail & office properties · 0.5%
· Far East Hospitality Trust [Q5T.SI] — Singapore hospitality assets · 0.4%
· Sasseur REIT [CRPU.SI] — China outlet mall REIT · 0.4%

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📋 All 50 Constituents — Full Sector Breakdown

Stock	SGX Code	Core Business / Asset	Analyst Call	Liq. Weight
💻 Technology
iFAST Corporation	AIY.SI	Digital wealth management platform & digital bank	BUY (DBS)	5.3%
UMS Integration	558.SI	Precision semiconductor components manufacturer	BUY (DBS)	4.5%
Frencken Group	E28.SI	Precision manufacturing: semicon equipment, medical, automotive	TP S$2.41 (Consensus)	3.6%
🏢 S-REITs (16 stocks)
Suntec REIT	T82U.SI	Diversified retail & office REIT	—	4.5%
Keppel REIT	K71U.SI	Grade-A office REIT	—	4.4%
Centurion Accommodation REIT	8C8U.SI	Worker & student accommodation REIT	—	3.9%
NTT DC REIT	NTDU.SI	Data centre REIT, new-economy asset	—	3.7%
CapitaLand Ascott Trust	HMN.SI	Global serviced apartments & hotels	—	3.5%
Lendlease REIT	JYEU.SI	Retail mall REIT	—	2.7%
Parkway Life REIT	C2PU.SI	Healthcare property REIT	—	2.4%
ESR-REIT	9A4U.SI	Industrial & logistics REIT	—	1.7%
CapitaLand India Trust	CY6U.SI	India IT parks & logistics	—	1.6%
AIMS APAC REIT	O5RU.SI	Industrial & logistics REIT	—	1.2%
CapitaLand China Trust	AU8U.SI	China retail & logistics REIT	—	1.1%
Digital Core REIT	DCRU.SI	US-focused data centre REIT	—	1.0%
CDL Hospitality Trust	J85.SI	Hotels & resorts REIT	—	0.8%
Starhill Global REIT	P40U.SI	Retail & office properties	—	0.5%
Far East Hospitality Trust	Q5T.SI	Singapore hospitality assets	—	0.4%
Sasseur REIT	CRPU.SI	China outlet mall REIT	—	0.4%
🚌 Industrials (7 stocks)
ComfortDelGro	C52.SI	Land transport & bus operations	Resilient yield (DBS)	5.1%
Singapore Post	S08.SI	Logistics & postal delivery	—	2.4%
Hong Leong Asia	H22.SI	Building materials & industrials	—	2.1%
SIA Engineering	S59.SI	Aviation MRO & cabin retrofitting	Growth (DBS)	2.0%
Boustead Singapore	F9D.SI	Geospatial & energy engineering	—	0.8%
SBS Transit	S61.SI	Public bus & rail operator	—	0.2%
COSCO Shipping Intl	F83.SI	International shipping trade	—	0.2%
💰 Financials (7 stocks)
YZJ Maritime Dev.	SGX-listed	Shipping assets & debt management	—	4.5%
Yangzijiang Financial	YF8.SI	Debt management & maritime assets	—	4.2%
Wee Hur Holdings	E3B.SI	Construction & worker dormitories	—	2.2%
Centurion Corp.	OU8.SI	Dormitory asset developer/operator	—	1.7%
PropNex	OYY.SI	Singapore's largest property agency	—	1.5%
Yanlord Land	Z25.SI	China premium residential property	—	1.4%
UOB-Kay Hian	U10.SI	UOB's stockbroking arm	—	1.1%
📡 Telecommunications (2 stocks)
NetLink NBN Trust	CJLU.SI	Nationwide fibre network infrastructure trust	Resilient yield (DBS)	2.9%
StarHub	CC3.SI	Integrated telco & enterprise ICT	—	0.7%
🛒 Consumer (5 stocks)
Sheng Siong	OV8.SI	Supermarket retailer, defensive	—	3.1%
Riverstone Holdings	AP4.SI	Medical & industrial glove maker	—	2.0%
Olam Group	VC2.SI	Global agri-food supply chain	—	1.2%
Golden Agri-Resources	E5H.SI	Palm oil plantation & processing	—	1.2%
Food Empire Holdings	F03.SI	F&B brands, Russia & Southeast Asia	—	1.2%
⚡ Energy (3 stocks)
CSE Global	544.SI	Industrial automation & systems integration	—	2.7%
Geo Energy Resources	RE4.SI	Indonesia coal mining	—	1.7%
China Aviation Oil	G92.SI	International aviation fuel supply	—	1.0%
🏗️ Materials (5 stocks)
First Resources	EB5.SI	Palm oil plantation & downstream refining	—	2.0%
Keppel Infra Trust	A7RU.SI	Infrastructure asset business trust	—	1.6%
Pan-United	P52.SI	Concrete & building materials	—	0.4%
China Sunsine Chemical	QES.SI	Rubber accelerator chemicals	—	0.3%
BRC Asia	BEC.SI	Steel reinforcement, construction sector	—	0.1%
🏥 Healthcare (1 stock)
Raffles Medical Group	BSL.SI	Integrated healthcare services group	—	0.9%

 

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🌏 Macro Context

Technology's rising liquidity weight in this index reflects a genuine structural shift in where active market interest is concentrated. Semiconductors, data centres and fintech are drawing disproportionate turnover relative to their market cap — a signal worth paying attention to when most passive flows still go to REIT-heavy benchmarks.

The S$5bn EQDP continues to direct institutional capital toward non-STI mid-caps, creating a self-reinforcing dynamic for index constituents. Meanwhile, with rate cut expectations building globally, the REIT-heavy composition of the Next 50 provides meaningful rate-cycle optionality — if and when central banks move, the 16 S-REITs in this index stand to benefit disproportionately. The trailing dividend yield of ~5.4% already makes a compelling case for income investors as a complement to an STI-anchored core portfolio.

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Data sourced from SGX as of 31 December 2025, updated April 2026. Analyst calls and target prices sourced from publicly available research reports (DBS, Bloomberg consensus) and are subject to change without notice. This post is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. All investments carry risk. Past performance is not indicative of future results.

Source: Some content and data are excerpted from SGX Research and publicly available market reports. Please comment to flag any attribution concerns.

Ceasefire Bounce: Oil Plunges, Markets Post 2nd Weekly Gains

For the week ended Apr 10, 2026, global equity markets extended their recovery for a second consecutive week. A two-week U.S.-Iran-Israel ceasefire framework, announced on April 7–8 and mediated by Pakistan, triggered oil's steepest single-day decline since 2020, lifting risk appetite broadly. In the U.S., all three major indexes gained over 3%, led by the Nasdaq Composite's 4.68% surge—fuelled by AI enthusiasm and tech strength—while the S&P 500 climbed nearly 8% above its mid-March trough. China and Hong Kong staged one of their strongest weeks of the year (Shanghai Composite +2.74%, Hang Seng +3.09%) as easing geopolitical fears and positive PPI data bolstered sentiment. Singapore's STI added to the relief rally, closing at 4,989.41, though the April 21 ceasefire deadline kept investors cautious.

 

🇺🇸 United States

Market Overview

All three major U.S. indexes delivered solid gains for the second straight week. The Nasdaq Composite led with a 4.68% advance—its strongest showing in weeks—driven by AI, semiconductor demand, new model launches, and infrastructure spending. The S&P 500 and Dow Jones both gained over 3%, buoyed by the ceasefire announcement that drove oil's sharpest single-day decline since 2020 on Wednesday, easing inflation and corporate margin fears. U.S. Treasuries also generated positive returns.

(Refer to the major indices’ weekly performance tables below.)

Major Indices – Weekly Performance

·       Dow Jones: +3.04%

·       S&P 500: +3.56%

·       Nasdaq Composite: +4.68%

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Key Highlights and Outlook

1️⃣ Ceasefire deal sparks oil's sharpest drop since 2020
The two-week ceasefire (contingent on Iran reopening the Strait of Hormuz) triggered WTI's −16.3% drop (to $94.41) and Brent's −13.3% decline (to $94.75), the steepest since April 2020. Energy stocks fell, but inflation fears eased. Strait traffic remains limited, and Trump warned of renewed strikes if negotiations fail by April 21.

 

2️⃣ CPI accelerates sharply in March; inflation front and centre
CPI rose 3.3% YoY in March (fastest since May 2024), up from February's 2.4%, with gasoline accounting for nearly 75% of the increase. Core CPI rose 2.6% (vs. 2.5% prior). Core PCE (Fed's preferred measure) was 3.0% YoY in February, down marginally from 3.1%.

 

3️⃣ GDP revised lower; personal income slips
Q4 2025 real GDP was revised down to 0.5% annualized (from 0.7%), reflecting weaker investment. Personal income fell 0.1% in February, reversing January's +0.4% gain. Personal spending grew at just 0.7% annualized over Jan–Feb, signaling a weak Q2 for U.S. consumers.

 

4️⃣Services PMI dips but stays in expansion; prices jump

ISM Services PMI slipped to 54 in March (from 56.1), below consensus of 55, but marked the 21st consecutive month in expansion. The prices paid sub-index hit its highest level since October 2022 as oil/fuel costs fed through to service prices.

 

5️⃣ Consumer sentiment sinks; inflation expectations spike

University of Michigan's April Consumer Sentiment Index fell to 47.6 (−5.7 pts from March), the lowest in recent memory. One-year inflation expectations jumped 1 pp to 4.8%, keeping the Fed focused on inflation despite softening growth.

 

6️⃣Fed: rate cut expectations cautiously reviving

Markets had priced out all cuts at the Iran crisis peak but now tentatively price one cut by year-end as oil moderates. The Fed's next move depends entirely on oil price trajectory and whether the ceasefire durably eases energy pressures.

 

S&P 500 Sectors in Focus

Energy (XLE) was the sole loser amid oil's decline; all 10 other sectors gained. Top performers were Information Technology (XLK), Industrials (XLI), and Consumer Discretionary (XLY), driven by rising consumer confidence and AI momentum. The rotation into growth underscores how oil-sensitive equity markets remain: what hurts energy lifts nearly everything else.

(Refer to the SPX sector ETF weekly performance table below.)

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Technical Snapshot

All three major indexes reclaimed almost all YTD losses after two weeks of rebounds, though YTD returns remain negative. The S&P 500 has reclaimed ~8% from its mid-March trough. Watch the Year-End-Close (YEC) levels on their weekly charts. 

📊 Weekly charts:

• DJI weekly chart
• SPX weekly chart
• Nasdaq weekly chart

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🇨🇳 China / Hong Kong

Market Overview

Chinese and Hong Kong equities staged one of their strongest weekly performances of the year, as the ceasefire-driven drop in oil prices and positive factory gate data combined to fuel a broad relief rally. The blue chip benchmark CSI 300 Index rallied 4.41%, the Shanghai Composite Index(SSE) advanced 2.74%, and the Hang Seng Index added 3.09% for the week (mainland closed Monday for Qingming; HK closed Monday–Tuesday for Easter). Despite the compressed week, gains were meaningful across the board.

·       CSI 300: +4.41%

·       Shanghai Composite: +2.74%

·       Hang Seng Index: +3.09%

 

Key Highlights and outlook

1️⃣ PPI turns positive for first time in over three years
China's PPI rose 0.5% YoY in March, ending 41 months of factory gate deflation. The rebound reflects higher commodity/energy prices from the Iran conflict rather than strong demand. CPI rose 1.0% YoY (easing from February's 1.3%) as seasonal demand normalized post-Chinese New Year.

 

2️⃣ CSRC tightens short-term trading rules for major shareholders
New rules prohibit shareholders holding 5%+ (including foreign investors, executives, and family) from buying/selling the same stock within six months. Coverage expanded to equities, depositary receipts, and convertible bonds to improve market integrity and reduce large-holder-driven volatility.

 

3️⃣ Xi meets KMT leader in rare Beijing summit

President Xi hosted KMT chairperson Cheng Li-wun—the first such meeting since 2016. Xi called Taiwan's unification a "historical inevitability," amid heightened PLA exercises after DPP President Lai's election and ahead of Trump's mid-May Beijing visit.

 

4️⃣ Sector bright spots: miners, non-ferrous metals, and EV automakers outperform

Miners and non-ferrous metals led as commodity prices rose; EV makers (BYD, Geely, Great Wall Motor) advanced on strong March sales. Hong Kong announced a HKD 3/litre diesel subsidy and 50% tunnel toll cuts (HKD 1.8B cost) to cushion fuel costs. China Vanke's 40% upfront bond payment offer and CK Hutchison's Panama–Maersk arbitration underscore ongoing property and geopolitical risks.

 

5️⃣ Ceasefire relief lifts Asian energy importers

China, India, Japan, and South Korea account for ~75% of Hormuz oil exports; the ceasefire's oil price drop reduces import costs and eases inflation pressure. Market sentiment improved, but the April 21 deadline remains the key variable for the region's near-term direction.

(Refer to the Hang Seng Index constituents’ weekly performance table below.)

📊 Weekly charts:

• SSE weekly chart
• HSI weekly chart

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🇸🇬 Singapore

Market Overview

Singapore equities joined the global risk-on rally, supported by the oil price decline and improved geopolitical sentiment. As a key regional refining and energy transit hub, Singapore's market is acutely sensitive to oil swings. The STI tested 5,000 intra-week and closed at 4,989.41.

Key Highlights and Outlook

1️⃣ AI infrastructure capex surge — a structural tailwind for Singapore

Global AI infrastructure spending now tracks toward US$700B (+US$260B vs. prior estimates), with semiconductor equipment spending up 30%. Singapore benefits via its data centre ecosystem, data centre REITs, and tech-adjacent STI names.

 

2️⃣ Defence spending ramp-up opens new thematic opportunities

NATO members are committing to 3.5% of GDP defence spending (from 2.4%), creating medium-term opportunities for Singapore-listed industrials, aerospace, and defence firms with Western allied procurement exposure.

 

3️⃣ Energy as national security — Singapore's hub role reinforced

Energy security is now a national security priority post-Iran conflict, reinforcing Singapore's strategic role as a regional energy trading, refining, and storage hub, supporting energy infrastructure and commodity trading houses on SGX.

 

4️⃣ Middle East rebuilding cycle — a long-duration opportunity

Post-conflict Middle East reconstruction is estimated at US$200B over coming years. Singapore engineering, construction, infrastructure firms, and banks with regional project finance exposure stand to benefit from this multi-year capital deployment cycle.

 

5️⃣ Banks 4Q25 review: margin squeeze offset by fee income; sector rated Neutral

NIMs contracted across all three banks: OCBC −29bps to 1.86%, DBS −22bps to 1.93%, UOB −16bps to 1.84%. Fee income rose 10–16%. OCBC was the only bank with YoY PATMI growth (+3% to S$1,745M); DBS fell −10% to S$2,358M, UOB −7% to S$1,410M. Sector rated Neutral near-term; dividend yields remain attractive at 4.4–5.7% (FY26e).

 

6️⃣ DBS in focus — the dividend compounding story

DBS is the only Singapore bank with no dividend payout cap. Analysts project a 24-cent/year step-up through FY2027e, implying 6.1% yield by FY27 (vs. OCBC 4.4%, UOB 4.5%). FY26e yield is 5.7%. DBS carries an Accumulate rating with a S$60 target, supported by dividend growth visibility.

 

Technical Snapshot

STI closes above all major MAs but consolidates within its four-week price range. Uptrend remains intact.

(Refer to the STI weekly performance table below.)

📊 Weekly chart:

• STI weekly chart

 

📅 Week Ahead (13–17 April 2026)

·       Mon: Existing Home Sales + Goldman Sachs kicks off earnings

·       Tue: PPI (March) 🔑 — pipeline inflation read after hot CPI; + JPMorgan, Citi, WFC, BlackRock, JNJ

·       Overarching watchpoint — April 21 ceasefire deadline called out as the single biggest market binary event of the fortnight, cutting across all markets.

Source: Some content and data are excerpted from publicly available market reports. Please comment to claim copyright ownership of any material, and it will be removed if necessary.

 

Hormuz Hope: Markets Snap Five-Week Losing Streak

For the week ended Apr 4, 2026, global equity markets staged their first meaningful relief rally since the Iran war began, as tentative signs of de-escalation around the Strait of Hormuz reignited risk appetite. U.S. indexes logged their first winning week since the conflict started, with the S&P 500 advancing 3.4%, the Dow rising nearly 3%, and the Nasdaq leading the charge with a 4.4% gain — its best weekly performance since November. In China and Hong Kong, markets ended the shortened week in mixed-to-modest positive territory, as improving domestic PMI data offset persistent geopolitical headwinds, the Shanghai Composite ended with modest loss of 0.86%, and the Hang Seng gaining 0.66%. In Singapore, the STI regained the 5,000 mark on Friday before late selling emerged once oil crossed US$110 a barrel, though the index still recorded a 1% weekly gain. 

🇺🇸 United States

Market Overview

The Nasdaq Composite (COMP) led all major indexes higher, logging its best week since November, while the S&P 500 (SPX) and Dow Jones Industrial Average (DJI) advanced 3.36% and 2.96%, respectively. The holiday-shortened week — markets closed Friday for Good Friday — ended as a tale of two halves. Early sessions surged on de-escalation optimism, but Trump's Wednesday night address reintroduced uncertainty, with WTI crude spiking 11.4% to US$111.54/barrel — its highest since June 2022. Stocks recovered Thursday after Iranian state media reported that Iran and Oman were drafting a Strait of Hormuz monitoring protocol, providing late-week stability. 

(Refer to the major indices’ weekly performance tables below.)

(Refer to the major indices’ monthly performance tables for March below.) 

Major Indices – Weekly Performance

·       Dow Jones: +2.96%

·       S&P 500: +3.36%

·       Nasdaq Composite: +4.44%

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Key Highlights and Outlook

1️⃣ Iran war: one step forward, one step back
Early-week optimism that the conflict may wind down fuelled a sharp rally, but Trump's Wednesday address focused more on escalation than peace negotiations, with no clear timeline for reopening the Strait of Hormuz. Reports that Iran and Oman are developing a monitoring protocol for Strait traffic provided a late-week stabilisation.

2️⃣ Oil: the key variable
WTI crude surged 11.4% to $111.54/barrel (highest since June 2022) after Trump’s address. A 3–4 week disruption may ease prices and lift equities; a 3–4 month closure risks supply shortages, higher prices, and elevated recession risk, especially outside the U.S..

3️⃣ Labour market broadly resilient
March nonfarm payrolls added 178k jobs (vs. expectations), released Friday when markets were closed. ADP private payrolls showed 62k (vs. 40k expected), and jobless claims fell to 202k, below forecasts, supporting the “higher-for-longer” rates narrative.

4️⃣ISM manufacturing expands for third straight month

ISM Manufacturing PMI rose to 52.7 in March (vs. estimates), driven by new orders and production. However, employment contracted for the 30th consecutive month, and price pressures hit their highest since June 2022.

5️⃣ Consumer confidence edges up; job openings slip

Consumer Confidence rose to 91.8 (second monthly gain), though still below 2021 levels. Job openings dropped to 6.9M in February from 7.2M in January, and hiring fell to its lowest since 2020.

6️⃣Fed and rates: no cuts expected

Markets now price in zero rate cuts for 2026 after the Fed raised its 2026 PCE inflation forecast to 2.7% (from 2.4%). The 10-year Treasury yield ended near 4.31%, down from 4.44% after Powell eased some inflation concerns.

7️⃣Tesla delivers a miss

Tesla shares fell >5% after Q1 vehicle deliveries missed analyst estimates, pressuring the consumer discretionary sector.

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S&P 500 Sectors in Focus

All 11 sectors closed positive except Energy (XLE), which fell 5.29%. Technology (XLK) and Communication Services (XLC) led; Utilities (XLU) and Consumer Staples (XLP) lagged—opposite of the prior week.

(Refer to the SPX sector ETF weekly performance table below.)

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Technical Snapshot

All three major indexes closed near their 200-day moving average, snapping a five-week downtrend. SPX closed just points below its 200dma.

📊 Weekly charts:

• DJI weekly chart
• SPX weekly chart
• Nasdaq weekly chart

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🇨🇳 China / Hong Kong

Market Overview

Chinese and Hong Kong equities ended a mixed week, balancing encouraging domestic economic signals against the ongoing backdrop of geopolitical uncertainty tied to the Strait of Hormuz. The blue chip benchmark CSI 300 Index fell 1.37%, and the Shanghai Composite Index(SSE) retreated 0.86%, and the Hang Seng Index added 0.66% for the week. China's mainland markets will open on Friday but close on Monday for the Qingming Festival, while Hong Kong markets were shut from Friday through Tuesday for Easter and local public holidays.

·       CSI 300: -1.37%

·       Shanghai Composite: -0.86%

·       Hang Seng Index: +0.66%

Key Highlights and outlook

1️⃣ PMI rebound broad-based
Official Manufacturing PMI rose to 50.4 in March (fastest expansion in a year), after two months of contraction. Nonmanufacturing PMI improved to 50.1, and S&P Global/RatingDog China General Manufacturing PMI hit 50.8 (4th straight month of expansion), signaling momentum across state and private firms.

2️⃣ Rising input costs temper the recovery narrative
Both official and private PMIs flagged higher input costs, indicating an uneven, cost-driven recovery with emerging margin pressure as a key risk.

3️⃣ China & Pakistan propose 5-point peace plan

China and Pakistan jointly proposed a peace framework calling for an immediate ceasefire, renewed negotiations, and protection of critical shipping routes, especially the Strait of Hormuz, emphasizing UN-led multilateral cooperation.

4️⃣ China scraps VAT export rebates on clean energy

Effective April 1, China removed VAT export rebates on solar components, batteries, and industrial materials to address overcapacity and trade tensions. This raises export costs and may accelerate sector consolidation and margin pressure.

5️⃣ Strait of Hormuz: Asia's outsized exposure

Iran’s closure disrupted ~20% of global oil supplies. China, India, Japan, and South Korea together account for ~75% of oil exports from the region, heightening exposure to prolonged disruption.

(Refer to the Hang Seng Index constituents’ weekly performance table below.)

📊 Weekly charts:

• SSE weekly chart
• HSI weekly chart

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🇸🇬 Singapore

Market Overview

STI regained 5,000 on Friday before late selling as oil crossed $110/barrel, still posting a ~1% weekly gain. Singapore showed relative resilience due to defensive sectors and safe-haven status, but remains exposed as a key refining/transit hub (Jurong Island processes up to 1.5M bpd).

Banks: DBS / OCBC / UOB

The three banks (~50% of STI weight) tracked the mid-week recovery but faced Thursday headwinds as oil spiked. Higher-for-longer rates support net interest margins; UOB and OCBC showed margin stabilization in Q4 2025. OCBC declared a S$0.58 cash dividend, ex-date 23 April 2026.

Top Performers of the Week

Sembcorp Industries and OCBC were key gainers for the 2nd consecutive week.

Technical Snapshot

STI closes above all its major MAs but still within its sideway consolidation since Feb peak.

(Refer to the STI weekly performance table below.)

📊 Weekly chart:

• STI weekly chart

 

📅 Week Ahead (7–11 April 2026)

·       Thursday (U.S.): February PCE Price Index — the Fed's preferred inflation measure; expected to show the impact of early-stage oil price pass-through on consumer prices.

·       Thursday (U.S.): Delta Air Lines earnings — a bellwether for travel demand and airline cost pressures amid elevated jet fuel prices.

·       Ongoing: Middle East developments and Strait of Hormuz oil flow updates remain the singular macro variable markets are trading around. Any fresh signals on de-escalation — or escalation — will set the tone for equities globally.

·       Singapore: Monitor bank-related news ahead of OCBC's ex-dividend on 23 April; broader STI direction likely to be set by oil price trajectory and U.S. market sentiment.

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Source: Some content and data are excerpted from publicly available market reports. Please comment to claim copyright ownership of any material, and it will be removed if necessary.

 

Ceasefire Hopes, Energy Fears: A Market Caught in the Middle

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For the week ended Mar 27, 2026, Markets closed out a fifth consecutive week of losses across major U.S. benchmarks, as investors navigated a relentless cycle of ceasefire optimism and geopolitical disappointment tied to the ongoing Iran conflict. In China and Hong Kong, equities retreated modestly — Middle East-driven energy cost pressures reframed earnings risk across key sectors, though the prospect of a Trump-Xi summit in May offered a sliver of diplomatic hope. Singapore's STI held up with relative resilience, closing around 4,898 on Friday, as oil-linked sectors and the three local banks provided ballast against the broader global risk-off headwinds.

 

🇺🇸 United States

Market Overview

U.S. equity markets logged a fifth straight weekly decline as the Iran conflict kept energy prices elevated and sentiment fragile. The week opened with optimism on ceasefire reports, but faded as Washington, Jerusalem and Tehran remained far apart on any deal. The S&P 500(SPX), Dow(DJI) and Nasdaq(COMP) all finished lower, while large-cap value outperformed growth for a third consecutive week.

(Refer to the major indices’ weekly performance tables below.)

Major Indices – Weekly Performance

·       Dow Jones: -0.9%

·       S&P 500: -2.12%

·       Nasdaq Composite: -3.23%

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Key Highlights and Outlook

1️⃣ Business activity slows, prices spike
S&P Global's Flash Composite PMI fell to an 11-month low of 51.4 in March, driven by weaker services activity. Input costs rose at the fastest pace in 10 months, with firms directly attributing the squeeze to Middle East-driven energy prices — and passing them through at the fastest rate since 2022.

2️⃣ Labour holds; consumer confidence cracks
Initial jobless claims held steady at 210,000 for the week ended 21 March. However, University of Michigan Consumer Sentiment dropped to 53.3 from 56.6 in February, with one-year inflation expectations jumping to 3.8% — the sharpest monthly rise since April 2025.

3️⃣ Inflation trajectory worsening near-term
With U.S. gasoline prices near $4/gallon (up from $2.80 at year-start), headline CPI is on track to spike toward 3.5% year-on-year. Energy alone accounts for ~3% of the CPI basket, with second-round effects through airfares, food and utilities amplifying the move — though the spike is expected to fade gradually in H2 2026.

4️⃣Fed tightrope; rate hike bets creep in

The 10-year Treasury has risen nearly 50 basis points in March. Markets are now pricing a small but real probability of a Fed rate hike this year — a scenario that seemed remote just two months ago. The Fed has maintained a balanced stance, with most FOMC members still projecting a cut in 2026, but the bar is rising with each week of elevated oil.

5️⃣ Outlook: Payrolls the key test

Consensus expects ~51,000 jobs added in March, unemployment unchanged. A solid print would ease fragility fears after February's weak report; a miss would amplify downside risks considerably.

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S&P 500 Sectors in Focus

Four out of the 11 SPX sectors closed positive for the week. Energy(XLE), Utilities(XLU) and Consumer Staples(XLP) — classic defensive and inflationary-hedge plays — continued to outperform, while Technology(XLK) and Communication Services(XLC) lagged under rate sensitivity and mega-cap growth pressure. Breadth was modestly better than headlines suggested, with mid and small-caps showing tentative stabilisation.

(Refer to the SPX sector ETF weekly performance table below.)

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Technical Snapshot 

All U.S. three major indexes have been in their 5^th week down streak, DJI immediate support at around 45000 level, which is not only a round number but also prior resistance-turn-to-support. Both SPX and Nasdaq indexes also confirmed heightened risk-off pressure- long red candlesticks show bears firmly in charge.

📊 Weekly charts:

• DJI weekly chart
• SPX weekly chart
• Nasdaq weekly chart

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🇨🇳 China / Hong Kong

Market Overview

Chinese and Hong Kong equities retreated modestly, driven more by Middle East-related energy spillover than domestic macro disappointment, as investors reassessed earnings pressure across transportation, industrial and consumer sectors. The blue chip benchmark CSI 300 Index fell 1.41%, and the Shanghai Composite Index(SSE) declined 1.09%, and theHang Seng Index lost 1.29% for the week.

·       CSI 300: -1.41%

·       Shanghai Composite: -1.09%

·       Hang Seng Index: -1.29%

Key Highlights and outlook

1️⃣ Beijing caps fuel price hikes
The NDRC raised domestic gasoline and diesel prices by ~10% — roughly half the increase expected under the standard mechanism — to cushion households and industry. China is a net oil importer, with ~45% of its crude shipments transiting the Strait of Hormuz, placing energy security directly in the conflict's crosshairs.

2️⃣ Trump-Xi summit confirmed for 14–15 May
Donald Trump will travel to Beijing in mid-May for a summit with President Xi, delayed from an earlier date due to the Iran war. Both sides aim to stabilise relations and address tariffs, providing a modest diplomatic lift to sentiment earlier in the week.

3️⃣ China opens trade probes into U.S. practices

Beijing's Ministry of Commerce launched six-month investigations on Friday into U.S. supply chain and renewable energy policies — mirroring Washington's Section 301 tools, targeting import restrictions, export controls and investment limits. Beijing signalled some measures may breach WTO rules, clearly framing its negotiating position ahead of the May summit.

4️⃣ Industrial profits surged 15.2% in Jan–Feb

Profits at major industrial firms jumped sharply year-on-year in the first two months of 2026, before the Iran conflict's full impact set in. Private firms led at +37.2% versus state-owned enterprises at +5.3% — a reminder that domestic fundamentals were improving heading into the external shock, though the March trajectory will be much harder to read.

5️⃣ Airfares spike, regional tourism disrupted

Asia-Europe long-haul fares have surged as much as 560% due to Middle East airspace closures and rising jet fuel costs, hitting regional tourism flows and adding input cost pressure across airlines and travel-related sectors.

(Refer to the Hang Seng Index constituents’ weekly performance table below.)

📊 Weekly charts:

• SSE weekly chart
• HSI weekly chart

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🇸🇬 Singapore

Market Overview

The STI remained relatively resilient compared to global peers for the week ended 27 March, closing at 4,898, was down 1.02% weekly, with the index broadly range-bound between 4,700 and 5,040 pending clearer resolution on the Iran conflict. Oil prices above US$110 per barrel drove a sharp divergence across STI constituents-energy-linked and financial stocks provided ballast, while rate-sensitive property and transport names pulled back. 

On the domestic data front, Singapore's CPI for February 2026 rose 0.6% from the previous month and 1.2% year-on-year — released on 23 March — reflecting a still-benign local inflation picture relative to global peers, though the lagged impact of elevated global energy prices in March is likely to push that figure higher in coming months.

Top Performers of the Week

Sembcorp Industries, Singapore Exchange (SGX) and OCBC stood out as key gainers for the week, with the other two banks DBS and UOB also holding resilient. On the downside, REITs names such as Kep DC Reit and Frasers L&C were among the worst performers, pressured by rising bond yields and rate-sensitive valuation headwinds.

(Refer to the STI weekly performance table below.)

Technical Snapshot

The STI index has been in sideway consolidation within previous weekly trading range. It’s now holding just above 50dma level around 4866, next major support is around 4800 area.

📊 Weekly chart:

• STI weekly chart

 

📅 Week Ahead | 30 March – 4 April 2026

The coming week brings the most consequential data of the month, and arguably of the quarter — with markets entering it bruised after the S&P 500 and Dow closed out March with losses of roughly 5.8% and 6.2% respectively, their worst quarter since the early stages of the Iran conflict.

Friday 3 April: U.S. Non-Farm Payrolls (March) is the marquee event. February's report delivered a shock — payrolls contracted by 92,000 jobs against an expected gain, and the unemployment rate edged up to 4.4%. IG March's reading will be watched extremely closely to determine whether February was a one-off stumble or the start of a more serious labour market deterioration. A rebound toward consensus (~51,000 jobs) would ease recession concerns; a second consecutive miss could force a significant re-pricing of Fed policy.

Wednesday 1 April: ISM Manufacturing PMI (March) and Friday 3 April: ISM Services PMI (March) IG will provide the first full-month gauge of how businesses are absorbing the energy shock — particularly the prices-paid sub-indices, which markets will scrutinise for any broadening of inflationary pressure beyond energy.

China's NBS Manufacturing and Services PMI for March (due Tuesday 1 April) will be the first hard data read on how Beijing's industrial sector is weathering the oil price shock and trade uncertainty heading into the Trump-Xi summit. Any sharp deterioration would add a second leg of pressure to already soft regional sentiment.

For Singapore, the local calendar is relatively light, but STI direction will continue to track the Iran conflict headlines and the outcome of Friday's U.S. payrolls — the single biggest binary event for global risk appetite next week.

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Source: Some content and data are excerpted from publicly available market reports. Please comment to claim copyright ownership of any material, and it will be removed if necessary.