SG Stocks Weekly Heatmap - Turn market noise into visual clarity #TTNews 23-Jan-2026

Based on the weekly heatmap for the Singapore market (ending January 23, 2026), the performance shows a clear divergence: a massive rally in Financials and Real Estate offset by sharp declines in the Marine/Offshore and Tech sectors.

The Straits Times Index (STI) hit an all-time record of nearly 4,895 points this week, primarily driven by the banking heavyweights.

Financial Services: The Main Engine

The sector saw explosive growth, with the banks acting as the primary catalysts for the STI's record-breaking run.

UOB (+7.5%) & OCBC (+4.2%): Both hit fresh all-time highs. The surge was fueled by a Macquarie Capital upgrade to "Outperform." Analysts highlighted that UOB is "catching up" after previous underperformance, benefiting from massive wealth management inflows and Singapore's "safe-haven" status.

DBS (-0.8%): Despite being near record levels, DBS saw a slight retreat as investors rotated into UOB/OCBC. Macquarie notably assigned an "Underperform" rating to DBS, anticipating flatter earnings growth compared to its peers.

Real Estate: The Laggards Catching Up

Real Estate was the second-strongest sector, driven by a "value-unlocking" theme.

CapitaLand Investment (+4.5%): Leading the charge as the company continues to pivot toward an asset-light, fee-income model.

CityDev (+0.5%) & Hongkong Land (+0.2%): These developers are benefiting from expectations of a more accommodating interest rate environment and government capital market reforms aimed at boosting liquidity in local stocks.

Industrials & Marine: Legal Headwinds

This sector was the "sea of red" in your heatmap, largely due to company-specific negative news.

Seatrium Ltd (-5.8%): The sharp drop followed the January 22 announcement of arbitration proceedings regarding the DolWin 5 project. Seatrium and its partner Aibel are locked in a dispute over cost and revenue allocation, with mutual claims totaling nearly €300 million.

YZJ Shipbldg (-7.0%): The heavy sell-off suggests profit-taking and institutional outflows following a period of strong performance. Investors remain wary of potential US sanctions impact on Chinese-linked shipbuilders and a cooling in new order momentum.

Tech & Semiconductors: Mixed Signals

UMS (-3.7%): Underperformed due to broader volatility in the global chip sector. News of US tariffs on AI-targeted chips has led to cautious sentiment, despite the ongoing global DRAM shortage.

iFAST (+2.0%): Remained resilient, supported by the broader surge in capital market activity and wealth management demand that also lifted the banks.

Commodities: The "Gold Rush"

CNMC Goldmine (+8.6%): The standout performer. This surge is directly linked to gold prices hitting record highs (surpassing US$4,900/oz). Geopolitical tensions (the "Greenland crisis") and a criminal probe into the Fed Chair have triggered a massive gold rally, benefiting gold producers.