What looked significant in the Excel data
The first pattern was a mild “risk-on” tilt. The biggest movers came from industrial and cyclically sensitive names, while the REIT cluster looked more mixed. This kind of split often shows up when the market feels more comfortable taking exposure to growth and restructuring stories, but still stays selective on rate-sensitive yield counters.
The second pattern was how volume confirmed (or questioned) the move. combined the strongest gain with consistently elevated trading activity versus its recent average, which is usually what a market looks like when institutions participate rather than only retail momentum. By contrast, fell on above-average activity too, suggesting real re-positioning rather than a quiet drift.
The third pattern was shorter-term momentum strengthening into the last week of the window. In the 16–20 Feb stretch, and posted notably strong multi-day advances, while stabilised and bounced even though it still finished the full window lower. That matters because it suggests some selling pressure may have already been absorbed, at least in the near term.
News cross-check: plausible drivers behind the moves
REIT performance often comes down to the interest-rate narrative and refinancing comfort. Local market commentary has highlighted that REIT total returns can improve when investors expect lower rates and funding pressure eases, though the benefit tends to be uneven across names depending on balance sheet and asset quality.
For Keppel, the strength in the Excel data lines up with fresh corporate developments and headline items that can attract both income and “story” investors at the same time, including results-related announcements and a special dividend proposal reported in local business coverage.
For Singtel, the positive price trend in the Excel data also matches a news flow that provided a clearer strategic narrative. A consortium involving Singtel agreed to pay US$5.2 billion for full control of data-centre operator STT GDC, which is the sort of deal that can re-rate sentiment when markets are focused on digital infrastructure themes. Singtel then reported a rise in third-quarter underlying net profit, supported by associate contributions and related items, which can further reinforce near-term confidence.
On the other side, DBS’s pullback in the Excel data is consistent with a post-results digestion phase. Reporting indicated the bank warned profits could fall and that loan growth was flattening, which can push investors to take some risk off the table after a run, even if the longer-term franchise remains intact.
Within the REIT laggards, the Excel data weakness in CapitaLand Ascendas REIT also fits with recent distribution commentary. Business reporting noted its distribution per unit dipped slightly, while also discussing asset enhancement progress and the pathway to future distribution growth, which can be supportive longer term but still disappoint investors who are trading the near-term number. Mapletree Logistics Trust saw a similar market response pattern, with reporting pointing to a sharper DPU decline linked to higher costs and currency effects, factors that typically weigh on sentiment until there is clearer evidence of stabilisation.
Is it possible to spot stocks that may rise in the coming weeks?
The Excel data cannot “predict” winners, but it can help shortlist names where the market is already voting with both price and activity, and where news flow has reduced uncertainty. In this window, Keppel and Singtel stood out as the clearest “market leaders” because they combined upward price trends with comparatively firm participation, and their recent headlines gave investors something concrete to anchor on. If the broader market tone stays steady, these leaders often remain on watchlists for continuation, even if they pause or pull back in the short run.
The Excel data also suggests a second group that looks more like “recovery candidates”, where gains came with more day-to-day volatility and the longer-term trend indicators in the data looked less uniformly positive. Sembcorp Industries and Seatrium fit this description. They can move quickly when sentiment improves, but the same leverage to sentiment can work the other way too, so investors typically treat them as higher-risk satellites rather than portfolio anchors.
For the lagging REIT names such as CapitaLand Ascendas REIT and Mapletree Logistics Trust, the Excel data suggests investors are still cautious. They may bounce if the rate narrative turns more supportive, but the near-term catalyst tends to be proof that distributions and borrowing costs are stabilising, not just hopes of a macro tailwind.
Core and satellite framing from the Excel data
A practical way to use the Excel data is to separate “core” names that tend to hold up through most market moods from “satellite” names that can add performance but can also swing more.
This split is not a recommendation to buy or sell. It is a way to interpret what the Excel data is signalling. If an investor wants a steadier ride, the “core” group tends to be where the position sizes start bigger and holding periods run longer. If an investor accepts more volatility to chase upside, the “satellite” group is where smaller, more actively reviewed positions usually sit, especially when price moves look sentiment-driven.
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