🦎 IGGY MORNING BRIEF, 29 JUNE 2026

☕ Good morning, Iguanas. SGX opens at 9 AM SGT. Here is what I am watching before the bell.

OVERNIGHT US SUMMARY

Wall Street ended Friday mixed and quiet. The S&P 500 slipped 0.05% to 7,354, Dow fell 0.09% to 51,876, while the Nasdaq dropped 0.24% to 25,298, marking a fifth straight loss as chip stocks remained under pressure. Reports of OpenAI potentially delaying its IPO to 2027 weighed on sentiment.

For the week, Nasdaq lost 4.6%, S&P 500 fell nearly 2%, while Dow gained 0.6%. A tech-led pullback with defensives holding is broadly neutral for Singapore dividend investors.

SGX PRE-OPEN PULSE

STI closed flat at 5,191.73, still below its record close of 5,218.96 on June 25. Brent crude eased to ~USD 72, lowest since February, as Hormuz flows normalised under the US-Iran MoU. Lower oil is a mild tailwind for REITs and industrials. USD/SGD sits around 1.29.

THREE STOCKS ON IGGY'S RADAR

👁 Z74 SingTel

Yield just above 4%, but a meaningful portion comes from asset recycling rather than operating income. Watching ahead of August results. Not adding at current levels.

👁 C38U CICT

Strong volume interest as SORA stays low. Gearing will be a key check when I run a full forensic audit. Watching for now.

👁 A17U Ascendas REIT

Most active industrial REIT. AI and data centre narrative driving attention. No audit yet. Not chasing without numbers.

IGGY'S GAME PLAN

STI is holding above 5,100 but remains below recent highs. I am not chasing. DBS flagged the World Cup period as a tactical accumulation window ahead of a potential July rally. This week, I am watching for volume recovery and whether banks, which held up last week, can sustain momentum into results season.

My kopi-o costs the same as last Monday. The market may be near highs, but not everything has moved.