When the STI constituents are compared in the 23 Dec and 26 Dec 2025 data, the biggest “trend” is actually the lack of trend. Price movements across the index names were small over the three trading days, with the average absolute move around 0.52% and the median move basically flat. Volumes also came through very light, which fits the Christmas week effect. About 73% of the counters traded at less than half their own average volume on 26 Dec, so most of the price action is not really high-conviction buying or selling, more like market drifting.
Even so, a few themes still show up. The mild gainers from 23 to 26 Dec were mostly yield and defensives, plus a couple of cyclicals. Frasers Logistics & Commercial Trust and Hongkong Land were up about 1% each, while Keppel DC REIT, Frasers Centrepoint Trust, Singapore Airlines, Mapletree Pan Asia Commercial Trust, Singtel and Wilmar were also modestly higher. On the weaker side, City Developments, ST Engineering, Jardine Matheson, SATS, SGX, Yangzijiang and Keppel were down, but again the declines were mostly within about 0.5% to 1.25%, so it’s not some dramatic sell-down.
What is more interesting is positioning versus trend indicators, not the 3-day price change. A cluster of names are sitting very close to their 52-week highs and also above their 200-day averages, which usually means the market is still willing to “pay up” for them even in a quiet tape. In the data, Venture, DBS, OCBC, Keppel, UOL, SATS, City Dev and FLCT are all near their highs and above longer-term averages. In Singapore context, this typically reads as “don’t fight the tape” momentum, but because the period is holiday-thin, we'd want to see normal January volume returning before we treat it as a clean breakout signal.
If we're asking which stocks “may rise in the coming weeks”, the safer way to say it is which ones look most set up to participate if the STI firms up after year-end. From the numbers, the most straightforward watchlist is the dividend-and-uptrend basket. REITs like Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust and Frasers Logistics & Commercial Trust are above their longer-term averages while still showing relatively high forward yields in our dataset. This is the usual Singapore retail “carry trade” logic: if rates don’t spike and risk sentiment is steady, investors tend to rotate back into quality REITs for yield, and price can grind up even without exciting headlines. Singtel also sits nicely in that same “steady if boring” lane, where a small re-rating can happen when the market wants defensives again.
Separately, the “near highs” momentum counters like Venture and the banks can keep pushing higher if the broader tape stays firm, but these tend to be less about cheap valuation and more about the market rewarding earnings stability and balance sheet strength. For DBS and OCBC specifically, the setup in the data is more “already strong” than “turnaround”, so the upside is usually more incremental unless there’s a clear catalyst. For cyclicals like Wilmar or Seatrium, any upside tends to be more headline and sentiment-driven, so they can move faster, but we also must accept they can reverse faster once volume comes back.
Overall, this set of data reads like an STI market that is quietly holding its winners into year-end rather than rotating hard. If we’re deploying fresh money “now”, the Singaporean way to manage it is to stagger entries, because holiday pricing can be misleading. If the first two weeks of January come with normalised volume and these same counters still hold above their 50-day and 200-day averages, the probability of follow-through improves. If volume returns and prices fade, then what we see here will be just a thin-liquidity wobble.
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