FTSE ST Industrials Index up 13.2% in July, outpaces STI

Wee Hur, Frencken, and Samudera led gains.

The FTSE ST Industrials Index increased 13.2% in July, outperforming the Straits Times Index’s (STI) 5.5% gain and matching the STI’s year-to-date return, according to a SGX Market update.

The strong monthly performance lifted the Industrials Index’s total return to 29.2% for 2025 so far.

Key drivers of the rally included Wee Hur Holdings, Frencken Group, and Samudera Shipping Line.

Industrials also ranked amongst the top-performing sectors in the FTSE Asia Pacific Index, alongside Healthcare and Telecommunications.

Institutions were net buyers of Singapore stocks in July, with inflows of $396.6m, cutting year-to-date outflows to $1.67b.

Industrials saw the highest institutional inflows, led by Keppel, Yangzijiang Shipbuilding, and Seatrium, which averaged 14.1% total returns for the month. REITs saw the largest outflows.

Markets tracked a stable global outlook for most of July, but sentiment weakened late in the month due to tariff uncertainty and a cautious stance from the U.S. Federal Reserve.

Rate cut expectations for the rest of 2025 fell from 75 basis points at the start of July to just 25 basis points by month-end.

Fed Chair Jerome Powell said tariffs are beginning to affect some prices, but their full impact on inflation and growth remains unclear. Whilst some effects may be temporary, the risk of persistent inflation cannot be ruled out.

Stronger-than-expected 2Q25 GDP data provided some support, but uncertainty over tariffs continues to weigh on sentiment.

Looking ahead, market sentiment may hinge on the clarity and credibility of future trade agreements. "The general outlook from is that the more balanced, economically unequivocal and ironclad the trade deals and tariff rates, the more assured the market sentiment will likely be," analysts noted.

The industrials sector remains a key outperformer in both Singapore and the U.S. this year, supported by trends in reindustrialisation, infrastructure growth, and supply chain shifts.

A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia