Singapore shares end Friday in the black; STI climbs 0.6%

SINGAPORE – It looked highly improbable a few days ago, but local shares ended the week on a positive note amid a general rebound across the region.

The jolt of optimism after a few days of gloom left the Straits Times Index (STI) ahead 19.29 points, or 0.6 per cent, to 3,174.39 on Friday, but still down for the week.

Gainers outstripped losers 329 to 268 on trade of 1.3 billion shares worth $802.8 million.

Regional markets mostly rose. South Korea’s Kospi ended up 0.2 per cent, while the Hang Seng in Hong Kong advanced 1.6 per cent and Bursa Malaysia ticked up 0.1 per cent, but Japan’s Nikkei 225 slipped 0.3 per cent.

Australian shares gained for a second straight day, adding 0.4 per cent but still down 1.3 per cent for the week.

US stocks finished slightly lower overnight ahead of key employment data due late on Friday.

SPI Asset Management partner Stephen Innes believes there is “little need” for the United States Federal Reserve to hike rates in November, due to the Treasury yield curve “doing much of the heavy lifting”. 

“But given the still strong US economic data, we are unlikely to see the last high-speed tango between growth and rates,” he added.

Singapore Airlines was the STI’s top gainer, climbing 2.8 per cent to $6.55 on trade of 5.7 million shares.

Mapletree Logistics Trust ended up with the wooden spoon, shedding 3.7 per cent to $1.55.

Outside the STI, Malaysia-based glove manufacturer Top Glove fell 2.2 per cent to 22 cents after it returned from a midday trading halt. The company sank into the red with a full-year loss of RM926.6 million (S$270 million), a reversal from the RM225.6 million net profit in 2022.

Local banking stocks were all up: DBS Bank rose or 1.6 per cent to $33.79; UOB advanced 0.4 per cent to $28.26; and OCBC Bank ended at $12.85 after climbing 0.8 per cent.

THE BUSINESS TIMES