Overnight Wall Street rally lifts Singapore counters, with STI rising 1.2%
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All but two of the 30 Straits Times Index constituent stocks closed higher on Oct 21
PHOTO: ST FILE
Tay Peck Gek
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- Singapore's stock market (STI) increased by 1.2% to 4,381.05 points, driven by a Wall Street rally and positive corporate earnings.
- Jardine Matheson led the STI with a 7.8% increase after announcing Mandarin Oriental's delisting at US$2.75 per share.
- Broader market activity included 429 gainers and 199 decliners, with 1.6 billion securities worth $1.7 billion traded.
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SINGAPORE – An overnight rally on Wall Street – fuelled by optimism over corporate earnings – drove the Singapore stock market upwards on Oct 21. The Straits Times Index (STI) rose 1.2 per cent or 52.12 points to 4,381.05 points, with all but two of its 30 constituent stocks closing higher.
Frasers Logistics & Commercial Trust fell 0.5 per cent or 0.5 cent to 96 cents. The other outlier on the blue-chip gauge, CapitaLand Investment, ended unchanged at $2.63.
STI constituent Jardine Matheson announced on Oct 17 it will be delisting hotel group Mandarin Oriental at US$2.75 a share, with a special dividend of 60 US cents thrown in from a recent property sale.
Mandarin Oriental shares surged to US$3.27 on Oct 21, up 36.3 per cent or 87 US cents from its closing price of US$2.40 on Oct 17.
Jardine Matheson, meanwhile, topped the STI, with a 7.8 per cent or US$4.77 rise to US$65.90.
Firms in the Jardine stable all closed higher. DFI Retail Group rose 1.8 per cent or 6 US cents to US$3.45, Hongkong Land gained 0.8 per cent or 5 US cents to US$6.23, and Jardine C&C ended 2.5 per cent or 71 cents higher at $29.29.
Across the broader market, there were 429 gainers and 199 decliners, with 1.6 billion securities worth $1.7 billion changing hands.
Over on Wall Street, the Dow Jones Industrial Average rose 1.12 per cent to 46,706.58 points, the S&P 500 gained 1.1 per cent to 6,735.13 points and the Nasdaq Composite rose 1.4 per cent to 22,990.54 points.
The overnight gains came after upbeat quarterly earnings results improved investor sentiment.
THE BUSINESS TIMES
