The Straits Times Index closed at a fresh record high of 5,801.96 on Friday, its first close above 5,800.
Part of the answer may actually lie outside Singapore.
Earlier in the week, markets were getting increasingly worried that the Fed could hike rates again. But comments from Fed Governor Christopher Waller helped calm some of those fears. US Treasury yields eased, Wall Street rebounded, and that better mood carried into Asia.
For Singapore, lower US yields and less fear of another rate hike are generally supportive. But I think there is another part to the story.
Despite the STI's strong run this year, the rally hasn't been equally shared. Outside the banks, SGX and a handful of large caps, quite a few blue chips are still some distance from their previous highs.
So when sentiment improves, investors may start looking beyond the stocks that have already run, towards those that still offer relative value and some room to catch up.
Whether that catch-up actually happens is something I will be watching closely from here.
After all, the STI may be at a record high, but beneath that headline number, there are still very different stories playing out.
And sometimes, that's where the more interesting opportunities are.
Thanks to Senior Business News Correspondent Lewis Ong (早报财经新闻资深高级记者王阳发) from Lianhe Zaobao for including my views in the weekend market coverage, alongside perspectives from other market professionals.
Always good to exchange views on what is moving the markets, especially when the STI is venturing into uncharted territory. 😊
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海指周五闭市再创新高 涨0.94%首次收于5800点以上新加坡海峡时报指数星期五（9月4日）再创闭市历史新高，闭市报5801.96点，首次收于5800点之上，全天涨0.94%或54.25点。海指全周涨1.79%，表现领先亚太各主要股市。 WWW.ZAOBAO.COM.SG |
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