Singapore shares in another day of rally, tracking regional indexes

SINGAPORE - Singapore shares continued to rally on April 15, tracking regional indexes.

The Straits Times Index (STI) closed up 2.1 per cent, or 75.81 points, at 3,624.72.

Across the broader market, advancers outnumbered decliners 331 to 187, with 1.21 billion shares worth $1.43 billion having changed hands.

The trio of local banks continued their ascent on April 15. DBS Bank was up 3 per cent, or $1.15, at $39.96, OCBC Bank rose 2.6 per cent, or 39 cents, to $15.57, and UOB was up 3 per cent, or 99 cents, at $33.91.

The STI’s top gainer was Frasers Logistics & Commercial Trust, closing up 6.1 per cent, or five cents, at 87 cents.

The biggest loser was Wilmar, closing down 1.9 per cent, or six cents, at $3.09.

Across the region, the major indexes closed higher, with the Kospi up 0.9 per cent and the Nikkei 225 up 0.8 cent. Hong Kong’s Hang Seng Index closed up 0.2 per cent, and the KLCI was up 0.4 per cent.

A rally in big tech is being fuelled by US President Donald Trump’s softer stance on electronics imports from China, noted Mr Jose Torres, senior economist at Interactive Brokers. Animal spirits have been bolstered by the White House’s empathetic tilt, with investors buying not just tech, but also treasuries and commodities. Optimism is also rising on expectations of a robust US retail sales report coming out on April 16.

The softening in the trade rhetoric is being seen as a bullish sign that the Trump administration is becoming attentive to capital market developments, said Mr Torres. The optimistic start to the week is fuelled by hopes of tactful negotiations by the White House, bolstering economic growth expectations.

“Even though volatility has been declining heavily, it remains well above historical averages, signalling the expectation of ongoing turbulence in stocks and rates alike,” said Mr Torres. THE BUSINESS TIMES