Singapore securities trading value highest in months as STI rallies 0.7%

SINGAPORE – The local market has been enjoying a surge of activity of late, and never more so than on July 12 when the transaction value hit $1.86 billion – the highest since May 31, 2024.

The optimism that has been driving markets here and across the globe faltered a little on Wall Street overnight but still drove the Straits Times Index (STI) up 22.72 points or 0.7 per cent to 3,497.78, with gainers beating losers 423 to 209 after 1.76 billion securities changed hands. The STI ended 2.5 per cent higher for the week.

The key gainers here were interest rate-sensitive real estate investment trusts (Reits) and property stocks, reflecting the belief that interest rates in the United States are about to head down.

There was added impetus from better-than-expected data here and in the US. Singapore’s economy improved 2.9 per cent year on year, leading some economists to raise their full-year estimates.

The consumer price index slowed in the US – coming in negative on the month and well below expectations – clearing the way for the Federal Reserve to begin cutting rates soon.

There was not much of a lead from Wall Street, where concerns that tech stocks are overvalued sent the S&P 500 down 0.9 per cent from its all-time high set a day before. The Nasdaq took a hit as well, falling 2 per cent, also from a record high. The Dow Jones Industrial Average, which has less of an emphasis on tech, added 0.1 per cent.

Mapletree Pan Asia Commercial Trust climbed 5.5 per cent to $1.34, taking the title of the top-performing STI stock. Inflight caterer and ground handler Sats was not far behind, rising 5.5 per cent to $3.29, a 52-week high.

Fellow constituent stock Yangzijiang Shipbuilding closed 0.9 per cent lower at $2.26 amid a steady drop this week.

International Cement, the most active counter, had a trading volume of about 117.5 million shares. It closed 10.5 per cent higher at 2.1 cents.

THE BUSINESS TIMES