11.08.202604:36:45UTC+00Singapore Stocks Hit Record High After GDP Data

Singapore shares climbed 47 points, or 0.8%, to 5,745 around midday as trading resumed after a holiday, extending their advance for a third straight session on the back of strong economic data. Revised figures showed that Singapore’s Q2 GDP growth was upgraded to 5.9% from 5.7%, supported by AI-related demand, although this marked a moderation from the 6.3% expansion recorded in Q1. The benchmark index reached a new record high, led primarily by gains in the communications, energy minerals, producer manufacturing, and financial sectors. Upside was limited, however, by a weak overnight performance on Wall Street, weighed down by rising oil prices and softness in technology shares. Investors also remained cautious ahead of this week’s release of US inflation data, seeking further signals on the Federal Reserve’s policy stance at its upcoming meeting. Notable gainers included Yangzijiang Shipbuilding Holdings (up 9.1%), OCBC (3.8%), Hongkong Land Holdings (2.5%), and DBS (1.0%).