🦎 IGGY CLOSING BRIEF, 29 JULY 2026

🌆 That is a wrap on 29 July. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,713.2, up 1.73% on the day, another fresh high on broad based buying led by the REITs. The one real exception was Seatrium, down sharply against an otherwise strong tape, and that one has an actual explanation behind it rather than just noise.

THREE MOVERS IGGY IS WATCHING

👁 5E2 Seatrium, closed down 8.47% to S$2.16

JP Morgan turned underweight on the name today, arguing the market is underestimating orderbook replacement risk, this only days after Seatrium's own guidance for a material year on year profit lift. The stock had also run up hard beforehand and was flagged as overbought, and today's volume surged to several times its recent average, that combination reads more like a crowded position unwinding on a broker call than new fundamental damage. Worth separating this from my own concern too, orderbook replacement is a different, forward looking risk from cash conversion and interest cover, which is what I actually track here. The actual H1 print on 31 July is still the number that settles anything.

👁 Z74 SingTel, closed up 1.77% to S$4.61

Continuing strength, still the heaviest volume name on my radar most sessions. Same core read, headline yield leans on a distribution piece funded by asset sales, a strong day does not close that gap.

👁 REIT cluster, broad strength across the board

Mapletree Logistics Trust up 3.33%, Keppel REIT up 2.81%, CapitaLand Integrated Commercial Trust up 1.62%, CapitaLand Ascendas REIT up 1.18%, all moving together. Worth flagging as sector breadth reversing the softness pattern from earlier this week, though one strong session does not resolve asset specific concerns like Keppel DC REIT's occupancy question.

IGGY'S END OF DAY READ

Today was a useful reminder to separate a stock reacting to someone's opinion from a stock reacting to its own fundamentals. Seatrium was the former today.