Singapore shares firmer on US-Iran deal, Keppel at S$8.30

DBS should remain in focus as the largest bank by market value, with a stronger risk backdrop usually helping financials through better credit sentiment and renewed appetite for Asian equities. Keppel and CSE Global are more exposed to industrial and infrastructure spending cycles, so they tend to benefit when investors are willing to pay for growth again. On the property side, CapitaLand Ascendas REIT, CapitaLand Ascott Trust and CapitaLand India Trust are likely to trade as yield proxies, though their performance will also depend on whether lower oil prices feed through to a softer inflation outlook and a less hawkish rates narrative.

Keppel’s listed stock has already been moving on supportive technical momentum. Its share price was last around S$8.30, above both the 50-day and 200-day moving averages, with the 50-day average at about S$8.05 and the 200-day at S$8.07. The RSI reading of 56.3 suggests the stock is neither stretched nor oversold, while the MACD remains modestly positive, a sign the recent uptrend has not fully rolled over. That leaves room for follow-through if the broader market keeps its risk bid.

The technical picture also shows why investors are watching the sector closely. Keppel’s rebound from the low-S$7 range in late June to above S$8.00 in late July and early August suggests money has been rotating back into Singapore cyclicals and defensive growth names. A sustained move above the upper Bollinger Band near S$8.65 would likely confirm a stronger breakout, while a retreat toward the S$8.00 area would indicate the rally is still consolidating.

For REIT investors, the key question is whether the global backdrop translates into a steadier rate outlook. Lower energy prices can ease inflation pressure at the margin, which matters for income stocks because their valuations are highly sensitive to financing costs and bond yields. CapitaLand Ascendas REIT and CapitaLand Ascott Trust may therefore benefit if the US-Iran truce improves confidence and keeps crude from reaccelerating, though their upside will likely be capped if the US dollar stays strong and global yields remain elevated.

Coliwoo and other hospitality-linked names may also draw attention if investor optimism spills over into travel and domestic consumption themes, but these are more sensitive to Singapore’s own operating environment. The city-state’s raised haze alert is a reminder that local conditions can still dent footfall and short-term earnings for consumer-facing and hospitality businesses, even when global markets are rallying.

The broader narrative is that Singapore stocks are entering a session where external tailwinds outweigh local nuisance risks. Banks and infrastructure names should outperform if the global rally extends, while REITs will be judged on whether the decline in oil and the stronger risk tone can offset currency and rate pressures. For investors, the next catalyst is whether the market treats the US-Iran deal as a one-day relief rally or the start of a broader re-rating for Asia-facing assets.