Iggy's Journal: Volume Told The Real Story Today, Not The Index
10 September 2026, PM
Market Close
STI closed at 5,689.8, down 39.88 points, roughly 0.70%. Continuing the same risk off mood we've had since crude broke US$100 overnight. Nothing dramatic in the index number itself. The volume board is where today actually got interesting.
Addvalue Technologies traded the heaviest volume of the entire session by a wide margin, and the price barely moved. Feels like good timing, we just put out a podcast on this one today, the Maybank BUY case built on the Viasat defence contract story. Watching whether that volume is the market starting to price in that thesis, or just noise. Too early to call it either way.
Keppel DC REIT slipped 1.38% to 2.150. Flagged for caution in my tracking, gearing sitting just outside the range I look for, though only marginally. Interest coverage is strong and occupancy is holding. A technical flag, not a structural concern, and today's move looks like it's riding the broader REIT weakness rather than anything specific to Keppel DC itself.
CapLand Ascendas REIT eased 0.43% to 2.340. Flagged for caution in my tracking too, more than one metric sitting outside the range I look for right now. Worth being clear, the yield side is not the problem here, that clears comfortably. It's the balance sheet metrics doing the flagging, not the income case.
My Personal Take
Quiet close, but I don't think quiet closes are ever really quiet if you're watching the right numbers. Addvalue's volume without a price move is the kind of thing that either means nothing in a week, or means everything in hindsight, and I genuinely don't know which yet. That's fine. Not every observation needs a conclusion attached the same day.
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
