SINGAPORE - Stocks in Singapore started the week in the black on April 29, tracking a broader gain across regional markets as investors await a meeting by the US Federal Reserve later this week.
The US central bank is expected to keep interest rates steady at its upcoming meeting, in view of sticky inflation data.
The Straits Times Index (STI) climbed 0.1 per cent or 1.95 points to close at 3,282.05. Across the broader market, advancers outnumbered decliners 362 to 242, with 2.2 billion securities worth $1.4 billion changing hands.
The biggest gainer on the STI was marine engineering group Seatrium, which rose 4.5 per cent or $0.004 to close at $0.093. It was the most actively traded by volume, with turnover of 1.1 billion shares worth $101 million.
Several real estate investment trusts also saw gains, including Frasers Logistics and Commercial Trust, which rose 1 per cent or $0.01 to close at $1.010, and Mapletree Pan Asia Commercial Trust, which climbed 0.8 per cent or $0.01 to close at $1.27.
The counter which had the biggest drop on the index was agribusiness company Wilmar International, which fell by 3.75 per cent or $0.13 to close at $3.34.
Regional markets were in the black. The Kospi was up by 1.2 per cent and the ASX 200 by 0.8 per cent. The Hang Seng Index climbed 0.5 per cent and the Shanghai Composite Index was up 0.8 per cent.
Japan’s markets were closed for a holiday, even as the yen hit a 34-year low of 160.17 per US dollar on April 29.
Despite its downward slide, the Japanese government has refrained from intervening in the currency market so far.
Mr Stephen Innes, managing partner of SPI Asset Management, said Japan was confronting a “multifaceted challenge” regarding its monetary policy and fiscal situation.
However, the country’s debt burden complicated its policy options. “A significant uptick in the yield of 10-year Japanese government bonds could potentially trigger a fiscal crisis, given the government’s heavy reliance on borrowing to service its debt,” said Mr Innes.
He said Japanese policymakers face “a delicate balancing act” to manage the yen’s exchange rate while maintaining stability in bond yields. THE BUSINESS TIMES
