Singapore shares advance as key exports strengthen; STI adds 0.3%
Sign up now: Get ST's newsletters delivered to your inbox
Investors latched on to the numbers and left the benchmark Straits Times Index up 0.3 per cent or 9.65 points.
PHOTO: ST FILE
Megan Cheah & Chong Xin Wei
SINGAPORE – Surprisingly buoyant export data pointed to a strengthening Singapore economy and helped local shares end the week on a positive note.
The country’s non-oil domestic exports rose 9 per cent year on year in December, beating the expectations of private sector economists.
Nomura economists said the strong showing “supports our view that the Government’s advance estimate of manufacturing sector growth in the fourth quarter is too cautious amid the continued global tech uptrend”.
They added that an upward revision of Singapore’s gross domestic product for the fourth quarter of 2024 is possible.
Investors latched on to the numbers and left the benchmark Straits Times Index (STI) up 0.3 per cent or 9.65 points at 3,810.78 on Jan 17, with gainers beating losers 271 to 183 on trade of 977.1 million securities worth $1.1 billion.
STI constituent Genting Singapore was the most actively traded stock, with 41.8 million done. The integrated resort operator added 0.7 per cent to end at 74.5 cents.
Sembcorp Industries was the STI’s top gainer, advancing 1.3 per cent to $5.63. The blue-chip barometer was dragged down by Yangzijiang Shipbuilding, which fell 2.7 per cent to $2.93.
Banking stocks were mixed.
UOB declined 0.1 per cent to $37.03, but DBS was up 0.2 per cent to $43.85 and OCBC increased 0.6 per cent to $17.12.
The positive result here came in spite of modest falls on Wall Street overnight after big gains on Wednesday.
Declining tech stocks sent the S&P 500 down 0.2 per cent while the Nasdaq slipped 0.9 per cent and the Dow Jones Industrial Average ended 0.2 per cent lower. US markets will stay closed on Monday for President-elect Donald Trump’s inauguration.
Regional indexes were varied. Japan’s Nikkei 225 slid 0.3 per cent and the Kospi in South Korea fell 0.2 per cent but Hong Kong’s Hang Seng rose 0.3 per cent and Malaysian shares added 0.7 per cent.
Australia’s market dipped 0.2 per cent in quiet trading. THE BUSINESS TIMES
