Singapore’s stock market had a quiet first half. The SPDR STI ETF (SGX: ES3), which tracks the Straits Times Index (SGX: ^STI), returned 1.8% over the six months to end-June 2026. A flat market throws up a puzzle. If the index barely moved, some stocks pulled it up and others dragged it down. Three names sat at the back. City Developments Limited (SGX: C09) returned negative 7.9%. Singapore Technologies Engineering Ltd (SGX: S63) came in at negative 6.9%. Venture Corporation (SGX: V03) returned negative 6.8%. Each trailed the index by 8.6% or more. The odd part is that all three reported decent results. So why did their shares hold the rear among the 30 STI stocks?

ST Engineering: Why did a record order book not lift the shares?

Start with the strongest business of the three. ST Engineering posted its 1Q2026 update on 18 May 2026. Group revenue rose 11% year on year (YoY) to S$3.3 billion. Strip out LeeBoy, sold in September 2025, and rebased revenue grew 15% YoY....