DBS and OCBC shares reach all-time highs due to strong performance and attractive dividends.

From Barchart: 2024-07-08 06:00:57

In this week’s Weekly Market Review, we explore the US stock market rally and the top performing Singapore blue chip stocks in the first half of the year. Yangzijiang Shipbuilding, DBS, Singtel, OCBC, and ST Engineering are among the top performers.

US stocks saw a positive week, with the S&P 500 up 2%, led by a 3.4% gain in tech stocks. The US unemployment rate rose to 4.1%, but Fed Chairman Powell’s mention of progress in controlling inflation boosted investor confidence in potential interest rate cuts.

Yangzijiang Shipbuilding has secured $3.3 billion worth of contracts in the first few months of the year, achieving 74% of their 2024 target. Singtel’s performance improved with a new dividend policy, while ST Engineering saw significant revenue growth in the aerospace segment.

DBS and OCBC banks have seen their share prices reach all-time highs, driven by the higher for longer interest rate environment. Current dividend yields for DBS, OCBC, and UOB are higher than the STI average, making them attractive investments.

Technical analysis shows the STI down about four points in early Monday trade, with potential for a pullback to the 20-day moving average. The Dow Jones lags behind other US indices, while the S&P 500 is at an all-time high. NASDAQ shows positive momentum but caution is advised.

Upcoming data releases and earnings reports to watch this week include Singapore GDP data on Monday, US CPI data on Thursday, and earnings reports from JP Morgan and Citi on Friday. Stay informed with our dividend calendar for upcoming payments and sign up for our free newsletter for weekly market insights.



Read more at Barchart: DBS and OCBC shares hit all-time highs: Weekly Review with SIAS