Bulls And Bears

Singapore market gets boost from Wall Street gains

  • ST Index rises 0.2% ahead of release of US, China data
  • Frasers Logistics & Commercial Trust is top advancer, up 2.1%
  • Regional bourses mixed, with HK and KL closing lower

The Straits Times Index (STI) edged up by 6.06 points, or 0.2 per cent, to 3,080.37 points yesterday, buoyed by overnight gains on Wall Street ahead of August inflation data for the United States due later in the day.

Asian markets were mixed as investors watched for the release of China's economic data today.

Japan's Nikkei 225 index ended 0.7 per cent higher, South Korea's Kospi closed up 0.7 per cent, and the Jakarta Composite Index also rose 0.7 per cent.

But Hong Kong's Hang Seng Index dropped 1.2 per cent and the FTSE Bursa Malaysia Kuala Lumpur Composite Index closed 0.9 per cent lower.

"Focus may again be on China, where further reforms are made with potential consolidation of the electric vehicle industry and more regulations on Internet companies," said IG market strategist Yeap Jun Rong. "That said, significant underperformance in the data may support expectations for the PBOC (People's Bank of China) to ease policy further, with a more targeted approach towards SMEs (small and medium-sized enterprises)."

Decliners outnumbered advancers 243 to 217 in the Singapore market, with 1.48 billion shares worth $905.8 million changing hands.

Frasers Logistics & Commercial Trust (FLCT) was the top advancer among the constituents of the blue-chip index, reversing from its position near the bottom of the STI's performance table on Monday. FLCT units closed 2.1 per cent or three cents higher at $1.49.

At the bottom of the table was Hongkong Land, which fell 2.5 per cent or 12 US cents to close at US$4.63.

The most heavily traded counter on the STI was Thai Beverage (ThaiBev), with 21.8 million shares traded. ThaiBev closed 0.8 per cent or half a cent lower at 66 cents.

The trio of local banks all closed higher. DBS ended 0.2 per cent or five cents up at $30.34, UOB was up 1 per cent or 26 cents at $25.83, and OCBC Bank rose 0.2 per cent or two cents to $11.65.

A version of this article appeared in the print edition of The Straits Times on September 15, 2021, with the headline 'Singapore market gets boost from Wall Street gains'. Subscribe