The Straits Times Index closed at 5,743.40 on Thursday, down 0.71 points, or 0.01%, after touching an intraday high of 5,782.96 and a low of 5,733.90. Nine of the benchmark's 30 constituents advanced against 18 decliners, with three unchanged, as gains led by DFI Retail, Hongkong Land and Sembcorp Industries were not enough to offset a broader retreat across REITs, developers and select industrials.

Two of the three local banks firmed — DBS and OCBC both closed higher while UOB slipped fractionally — a split that has recurred through the banks' recent run of alternating sessions, this time set against a Morgan Stanley note naming DBS among Asia's chief beneficiaries of AI adoption and an aging population, and Citigroup's plan to run live blockchain-settlement transactions with DBS and UOB later this month. That support was outweighed elsewhere: MPACT, Mapletree Industrial, Frasers Centrepoint, CICT and CapitaLand Ascendas REIT all declined as the REIT complex reversed Wednesday's mixed showing into an across-the-board retreat, while UOL, Jardine Matheson and City Developments led losses among property and conglomerate names even as Hongkong Land bucked the trend.

Session Movers

DFI Retail (D01.SG, +3.41%) rose after its Wellcome supermarket chain partnered with CJ Foods to expand its Korean product range in Hong Kong, targeting more than US$22 million in sales through a phased rollout of over 100 CJ Foods items across groceries, chilled foods and ready meals, with more than 30 products also joining Wellcome's Everyday Value price-lock programme ahead of a Korean Food Fair running September 4 to 17. The company separately named Kshitij Mulay, formerly CIO at Sephora Asia, as its new Group Chief Digital & yuu Rewards Officer effective September 17. Shares, which have swung between a 5.1% gain and a 4.31% drop over the past week, trade at 0.55 times sales, cheaper than about 70% of the past year, with consensus rating the stock Strong Buy.

MPACT (N2IU.SG, -2.4%) fell without any fresh disclosure; the trust's latest update remains the August 12 confirmation of a 1.96-Singapore-cent first-quarter distribution per unit, payable September 16. The decline tracked a broader retreat across the REIT complex rather than any company-specific news. Units trade at 0.72 times book, cheaper than about 76% of the past five years, with consensus rating the stock Buy and a S$1.51 target implying roughly 23% upside.

Sembcorp Industries (U96.SG, +1.48%) extended its recent advance with no new disclosure Thursday, continuing to digest the September 1 filing by Indian renewable subsidiary Sembcorp Green Infra for an IPO of up to US$500 million, part of a plan to lift installed capacity to 7.3 gigawatts by 2028. DBS maintains a Buy rating with a S$7.30 target. Shares trade at 18.13 times earnings, above their own range and cheaper than just 0.15% of the past five years — among the priciest multiples in the group.

DBS (D05.SG, +0.45%) rose after Morgan Stanley flagged Singapore and Hong Kong banks, including DBS, as prime beneficiaries of AI-driven productivity gains and regional demographic shifts, while Citigroup said it expects to conduct live transactions with DBS and UOB later this month, extending a blockchain-settlement pilot it ran with First Abu Dhabi Bank and OCBC on Swift's ledger this week. Shares already trade above the Street's S$76.73 consensus target, at 3.14 times book — richer than at any point in the past five years.

One point worth noting

The index touched an intraday high of 5,782.96 — up as much as 0.68% from Wednesday's close — before fading to finish 0.71 points lower, a swing of nearly 40 points from peak to close. The reversal lined up with breadth turning decisively negative by the close, with 18 of the 30 constituents ending lower against nine advancers, suggesting the pullback broadened out through the session rather than being driven by a single name.