The Hang Seng Index rose by 29.18 points to reach a new high. Analysts: Reflecting a healthy market recovery

The local stock market had a total trading volume of 1.91 billion shares and a total transaction amount of 1.44 billion yuan; 358 stocks rose, while 198 stocks fell.

The company announced that its subsidiaries Empire International Sdn Bhd and Santan Food Services Sdn Bhd have signed a memorandum of understanding to collaborate on launching a Vietnamese iced coffee. This new product will be sold on AirAsia flights and regional retail platforms. Fuwang Chaokong Holdings' stock price rose by 5.47%, closing at 2.12 yuan.

Trek 2000 stated that the relevant shares are held for investment purposes but did not bring any revenue to the company in the fiscal year 2024. The company also pointed out that Terrenus Energy incurred a net loss of 16.5 million yuan in the fiscal year 2024, and selling the shares is in the best interest of the company and its shareholders. Trek 2000's stock price surged by 15.79% to 0.11 yuan at market close.

TeleChoice International announced after market close that the Singapore Exchange has approved the company's application to be removed from the watchlist, and the company will be removed from the watchlist starting Friday (18th). The company's stock price closed at 0.15 yuan, unchanged.

He said, "Due to the impact of tariffs, the expectation of an economic slowdown is almost inevitable. According to the S&P 500 index, the market is in the 'greed' zone, and investors are advised not to increase their positions further but to maintain their original positions."

The biggest gainer, DFI Retail Group (DFIRG), rose by 4% to $3.12. ThaiBev had the largest decline, falling 1.05% to 0.47 yuan.

Chen Dade, Chief Strategist for Asia at Amundi Wealth Management, stated in an interview that from a one-year chart perspective, the Hang Seng Index has entered the overbought zone, but the short-term technical indicators still show that there is room for further upward movement. He expects the next resistance point for the Hang Seng Index to be at 4476 points, with support at 4043 points.

Wilmar International's stock price rose by 0.67%, closing at 2.99 yuan.

U.S. President Trump stated that he does not intend to dismiss Federal Reserve Chairman Powell, easing market concerns. Asian stock markets generally rose on Thursday (July 17), with the FTSE Straits Times Index hitting a new high, rising 29.18 points or 0.71%, closing at 4161.43 points.

He said, "The recent rise in the Hang Seng Index is not driven by bank stocks; the momentum leading the Hang Seng Index has shifted to other heavyweight components, such as Suntec Engineering, New Telecom, and Singapore Airlines. This change indicates that the current rebound is more resilient and sustainable."

In other Asia-Pacific markets, the Shenzhen stock market led the gains, rising by 1.19%; Sydney rose by 0.84%, Tokyo by 0.60%, Shanghai by 0.37%, and Taiwan and Seoul rose by 0.31% and 0.19%, respectively. Hong Kong was the only market to close lower, slightly down by 0.08% Among the 30 components of the Straits Times Index, 13 rose, seven remained flat, and 10 fell.

Tu Junxiang believes that if the Straits Times Index experiences a pullback, the most likely trigger will be concentrated in the banking sector, as bank stocks have a significant impact on the index.

Moomoo Singapore trading manager Tu Junxiang told Lianhe Zaobao that some market observers believe the recent rise of the Straits Times Index has been too rapid, but in his view, this wave of increase reflects a healthy and broad recovery rather than the formation of a speculative bubble.

Although the Straits Times Index is overbought, there is still room for growth

In terms of individual stock news, Trek 2000 International, which is on the Singapore Exchange's watch list, announced that it will sell back a 4.3% stake in renewable energy solutions company Terrenus Energy to the other party, expecting to gain approximately SGD 8.2 million in net profit, which will be used for general operations.

Wilmar International announced that it will acquire an 11% to 20% stake in AWL Agriculture, a Mumbai-listed company held by Indian partner Adani Commodities, at a price of INR 275 per share (approximately SGD 4.11). Upon completion of the transaction, Wilmar International will hold a 54.94% to 63.94% stake in AWL Agriculture through its wholly-owned subsidiary Lence. This transaction will bring the group USD 1.23 billion in revenue and increase net asset value by USD 1.33 billion.

Singapore's economy grew by 4.3% year-on-year in the second quarter, better than market expectations. Non-oil domestic exports (NODX) rebounded in June, soaring 13.0% year-on-year.

"If global interest rates suddenly drop significantly, it will compress banks' net interest margins, which may weaken investor confidence. Additionally, if a systemic risk event similar to a financial crisis occurs, it could trigger a significant market sell-off."

Chen Dade indicated that due to the aforementioned favorable factors, market sentiment is generally bullish. However, he cautioned investors not to be overly optimistic, as economic growth in the second half of the year may slow significantly.

Food Empire Holdings announced after the market closed that it has reached a strategic partnership with Malaysian low-cost airline Capital A Berhad to jointly develop a series of new ready-to-drink beverages