<ul><li>APAC equity benchmarks have started 1Q26 strongly, with FTSE APAC up 10.9% through Feb 12 versus 1.4% for FTSE World, while Singapore’s STI is up 8.1% and has now reached above 5,000. Leaders have been real estate heavyweights: UOL Group, Hongkong Land, and City Developments, alongside industrials Keppel and ST Engineering. </li><li>Singapore’s economy remained resilient through 2025, building on 5.3% growth in 2024 to deliver 5.0% GDP growth, driven by manufacturing, wholesale trade and finance. Electronics and AI‑related demand led the upswing, with momentum accelerating into 4Q25 on resilient global trade and supportive financial conditions. </li><li>Recent gains lifted the indicative STI ETF dollar‑cost‑averaging CAGR to 9% since end‑2019, reinforcing the value of a systematic, emotion‑free approach during periods of uncertainty. A S$1,000 monthly plan would have accumulated  200 units by end‑Jan 2026, compared with 407 units by end‑Oct 2020.  </li></ul>APAC Outperformance Broadens as STI Reaches 5,000APAC has had a strong start to 1Q26, with the FTSE APAC delivering a 10.9% total return through February 12, significantly outperforming the FTSE World’s 1.4% gain. Within the region, Singapore has also stood out, with the STI up 8.1%, culminating in a decisive break and close above the 5,000 level yesterday. Stocks that have led the STI over the past seven weeks include a trio of Real Estate plays: UOL Group (+28.4%), Hongkong Land (+26.9% in USD/+24.6% in SGD) and City Developments (+22.6%), followed by two industrials Keppel (+22.3%) and ST Engineering (+21.0%). With a median price gain of the 30 constituents at 6.3%, the five least performing STI stocks in 1Q26 to Feb 12 averaged 1.8% price declines. As shown in the table below, 21 stocks have made 52‑week highs during 1Q26, with momentum accelerating yesterday as six names hit 52-week highs in a single session. These stocks were Keppel, Wilmar International, Oversea‑Chinese Banking Corporation, Singapore Telecommunications, SATS, and CapitaLand Integrated Commercial Trust highlighting improving breadth across cyclicals, defensives and yield plays. Another four stocks hit 52 week highs over the preceding two sessions. For Singapore Telecommunications this was a fresh all-time high given that the stock briefly traded at S$5.00 on its IPO debut in November 1993, with around 500,000 shares changing hands, before closing the day at S$4.14. Class A shares were originally offered at S$1.90, and since listing, Bloomberg estimates cumulative dividends and distributions of S$6.17 per share have been paid.<table><tbody><tr><td>STI Stocks</td><td>Code</td><td>Mkt Cap S$M </td><td> CY ADTYTD S$M  </td><td> Last Px </td><td> CCY </td><td>52W High $</td><td>52W Date </td><td> Price Change YTD % </td><td> YTD NIF S$M </td></tr><tr><td>UOL</td><td>U14</td><td>9,501 </td><td>        19.86  </td><td>11.22</td><td>SGD</td><td>11.34</td><td>29-01-26</td><td>28.4</td><td>58.8</td></tr><tr><td>HongkongLand USD</td><td>H78</td><td>23,973 </td><td>        33.93  </td><td>8.82</td><td>USD</td><td>9.12</td><td>04-02-26</td><td>26.9</td><td>76.8</td></tr><tr><td>CityDev</td><td>C09</td><td>8,922 </td><td>        24.62  </td><td>9.81</td><td>SGD</td><td>9.95</td><td>10-02-26</td><td>22.6</td><td>65.3</td></tr><tr><td>Keppel</td><td>BN4</td><td>23,054 </td><td>        44.55  </td><td>12.66</td><td>SGD</td><td>12.67</td><td>12-02-26</td><td>22.3</td><td>81.4</td></tr><tr><td>ST Engineering</td><td>S63</td><td>31,826 </td><td>        53.20  </td><td>10.19</td><td>SGD</td><td>10.2</td><td>11-02-26</td><td>21.0</td><td>36.6</td></tr><tr><td>Wilmar Intl</td><td>F34</td><td>22,994 </td><td>        21.43  </td><td>3.59</td><td>SGD</td><td>3.63</td><td>12-02-26</td><td>16.6</td><td>65.3</td></tr><tr><td>CapitaLandInvest</td><td>9CI</td><td>16,082 </td><td>        43.35  </td><td>3.09</td><td>SGD</td><td>3.18</td><td>10-02-26</td><td>14.0</td><td>179.0</td></tr><tr><td>UOB</td><td>U11</td><td>65,822 </td><td>     126.76 </td><td>39.48</td><td>SGD</td><td>39.5</td><td>23-01-26</td><td>12.6</td><td>188.9</td></tr><tr><td>JMH USD</td><td>J36</td><td>28,554 </td><td>        37.15  </td><td>76.90</td><td>USD</td><td>78.83</td><td>06-02-26</td><td>12.4</td><td>-28.9</td></tr><tr><td>Venture</td><td>V03</td><td>4,829 </td><td>        11.52  </td><td>16.70</td><td>SGD</td><td>16.85</td><td>28-01-26</td><td>10.3</td><td>35.5</td></tr><tr><td>OCBC Bank</td><td>O39</td><td>98,360 </td><td>        98.48  </td><td>21.78</td><td>SGD</td><td>21.79</td><td>12-02-26</td><td>10.2</td><td>167.2</td></tr><tr><td>Singtel</td><td>Z74</td><td>82,593 </td><td>        99.10  </td><td>5.00</td><td>SGD</td><td>5.03</td><td>12-02-26</td><td>9.9</td><td>56.4</td></tr><tr><td>SGX</td><td>S68</td><td>19,894 </td><td>        49.05  </td><td>18.56</td><td>SGD</td><td>19.2</td><td>11-02-26</td><td>9.4</td><td>79.2</td></tr><tr><td>SIA</td><td>C6L</td><td>21,786 </td><td>        36.62  </td><td>6.90</td><td>SGD</td><td>7.595</td><td>28-07-25</td><td>7.8</td><td>86.9</td></tr><tr><td>DFIRG USD</td><td>D01</td><td>7,259 </td><td>           5.04  </td><td>4.25</td><td>USD</td><td>4.36</td><td>09-02-26</td><td>7.6</td><td>3.1</td></tr><tr><td>Genting Sing</td><td>G13</td><td>9,315 </td><td>        17.69  </td><td>0.77</td><td>SGD</td><td>0.8</td><td>13-11-25</td><td>6.2</td><td>23.0</td></tr><tr><td>Sembcorp Ind</td><td>U96</td><td>11,282 </td><td>        28.83  </td><td>6.31</td><td>SGD</td><td>7.93</td><td>05-08-25</td><td>4.8</td><td>-76.2</td></tr><tr><td>SATS</td><td>S58</td><td>5,892 </td><td>        11.88  </td><td>3.94</td><td>SGD</td><td>3.97</td><td>12-02-26</td><td>3.4</td><td>37.0</td></tr><tr><td>CapLand IntCom T</td><td>C38U</td><td>18,804 </td><td>        62.13  </td><td>2.47</td><td>SGD</td><td>2.5</td><td>12-02-26</td><td>3.3</td><td>-18.1</td></tr><tr><td>DBS</td><td>D05</td><td>164,020 </td><td>     278.06 </td><td>57.78</td><td>SGD</td><td>60</td><td>29-01-26</td><td>2.5</td><td>-800.3</td></tr><tr><td>ThaiBev</td><td>Y92</td><td>11,815 </td><td>           6.31  </td><td>0.47</td><td>SGD</td><td>0.53</td><td>06-03-25</td><td>2.2</td><td>-1.4</td></tr><tr><td>Frasers L&amp;C Tr</td><td>BUOU</td><td>3,792 </td><td>           9.57  </td><td>1.00</td><td>SGD</td><td>1.05</td><td>21-01-26</td><td>0.5</td><td>-11.1</td></tr><tr><td>Keppel DC Reit</td><td>AJBU</td><td>5,493 </td><td>        27.59  </td><td>2.25</td><td>SGD</td><td>2.44</td><td>28-10-25</td><td>0.0</td><td>-26.7</td></tr><tr><td>Mapletree PanAsia Com Tr</td><td>N2IU</td><td>7,708 </td><td>        11.27  </td><td>1.46</td><td>SGD</td><td>1.5</td><td>28-10-25</td><td>-0.7</td><td>-18.5</td></tr><tr><td>Seatrium Ltd</td><td>5E2</td><td>7,303 </td><td>        24.32  </td><td>2.14</td><td>SGD</td><td>2.6</td><td>17-02-25</td><td>-0.9</td><td>-2.0</td></tr><tr><td>Mapletree Log Tr</td><td>M44U</td><td>6,635 </td><td>        14.45  </td><td>1.30</td><td>SGD</td><td>1.37</td><td>30-01-26</td><td>-1.5</td><td>-28.9</td></tr><tr><td>YZJ Shipbldg SGD</td><td>BS6</td><td>13,555 </td><td>        56.81  </td><td>3.41</td><td>SGD</td><td>3.75</td><td>14-01-26</td><td>-2.0</td><td>-18.2</td></tr><tr><td>Mapletree Ind Tr</td><td>ME8U</td><td>5,795 </td><td>        14.26  </td><td>2.03</td><td>SGD</td><td>2.23</td><td>29-10-25</td><td>-2.4</td><td>-27.3</td></tr><tr><td>Frasers Cpt Tr</td><td>J69U</td><td>4,583 </td><td>        12.25  </td><td>2.25</td><td>SGD</td><td>2.47</td><td>27-10-25</td><td>-3.4</td><td>-65.6</td></tr><tr><td>CapLand Ascendas REIT</td><td>A17U</td><td>12,455 </td><td>        39.87  </td><td>2.70</td><td>SGD</td><td>2.92</td><td>20-01-26</td><td>-4.6</td><td>-108.3</td></tr></tbody></table>Note ADT refers to Average Daily Trading Turnover, NIF refers to Net Institutional Flow, TR refers to Total Return. Data as of Feb 12, 2026.Recent Macro Momentum  Building on GDP growth of 5.3% in 2024, 2025 was another strong year for Singapore’s economy. As reported earlier this week, Singapore GDP expanded by 5.0%. Growth was driven by manufacturing, wholesale trade and finance &amp; insurance. Electronics and AI‑related demand led the upswing. Momentum accelerated into 4Q25, supported by resilient global trade and accommodative financial conditions. That momentum has carried into 2026. MTI has upgraded its GDP growth forecast to 2.0% to 4.0%. The outlook is underpinned by a sustained AI investment cycle and expansionary fiscal policy in key economies. Financial conditions remain supportive. Electronics, precision engineering, wholesale trade and finance should lead. Construction and real estate should remain steady. Consumer‑facing sectors are likely to lag. Upside risks include a stronger‑than‑expected AI upcycle. Downside risks include tariffs, geopolitical shocks and a sharp pullback in AI‑related capital spending. Against this macro backdrop, the STI has delivered its strongest rally in more than two decades, breaking above long‑standing levels, even as valuations remain reasonable at around 1.6x price‑to‑book, well below prior cycle peaks above 2x. With economic growth, trade resilience and financial stability intact, market participants are watching whether recent gains have marked a broader structural re‑alignment between economic expansion and equity valuations beyond the Industrials and Technology upcycles.Dollar‑Cost Averaging: Discipline Paid Off Through the CycleDollar‑cost averaging has remained a consistent anchor for retail participation in Singapore equities, smoothing entry points across cycles and reducing the impact of market timing. The approach has been particularly effective during periods of volatility, reinforcing discipline and long‑term conviction even as prices fluctuate. Recent gains lifted the indicative STI ETF dollar‑cost‑averaging CAGR to 9% since end‑2019, reinforcing the value of a systematic, emotion‑free approach during periods of uncertainty, with a S$1,000 monthly plan accumulating around 200 units by end‑January 2026, compared with 407 units by end‑October 2020.Enjoying this read?<ul><li>Subscribe now to our SGX My Gateway newsletter for a compilation of latest market news, sector performances, new product release updates, and research reports on SGX-listed companies.</li><li>Stay up-to-date with our SGX Invest Telegram channel. </li></ul>

The Singapore Straits Times Index (STI) has surpassed the 5,000 mark, reflecting a strong start to 1Q26 with an 8.1% increase. This growth is supported by a resilient economy, achieving 5.0% GDP growth in 2025, driven by manufacturing and finance sectors. Key contributors to the STI's rise include UOL Group, Hongkong Land, and City Developments. The dollar-cost averaging strategy has proven effective, with a 9% CAGR since 2019. The outlook remains positive, bolstered by ongoing AI investments and supportive financial conditions, despite potential geopolitical risks.

STI Breaks 5,000, as SG GDP prints 5.0% for 2025