Singapore shares rise ahead of US employment data; STI up 0.8%

SINGAPORE – Local investors had one eye on upcoming US jobs figures on Feb 7 but still sparked enough buying interest to give shares a solid boost.

The positive sentiment left the Straits Times Index (STI) up 31 points or 0.8 per cent to 3,861.42, but only ahead 0.1 per cent for the week.

Gainers were in the ascendancy, beating losers 325 to 202 on trade of 1.3 billion securities worth $1.3 billion.

It was a benign end to a week of turbulence sparked by fears of a global trade war as US President Donald Trump imposed tariffs on key trading partners.

The notable movers here included F&N, which rose 1.6 per cent to $1.29, after the food-and-beverage maker reported net profit of $52 million for the first quarter ended Dec 31, 2024, an 18.8 per cent increase from a year earlier.

Fu Yu Corp closed down 1.6 per cent at 12.1 cents after the components manufacturer said on Feb 6 that it received a second letter from its largest shareholder seeking to requisition an extraordinary general meeting to vote on the removal and appointment of directors.

Investors here and across the world will seize on those job figures, given their key role in determining the possible direction of the US interest rates and the greenback.

Wall Street was also focused on some strong corporate earnings reports that helped propel the S&P 500 and Nasdaq indexes to near record highs overnight.

The Nasdaq added 0.5 per cent and the S&P 500 put on 0.4 per cent but the Dow Jones Industrial Average slipped 0.3 per cent on news that Honeywell will split into three independent entities.

It was also a mixed bag elsewhere. The Nikkei in Tokyo fell 0.72 per cent and the Kospi in Seoul dropped 0.6 per cent, but the Hang Seng in Hong Kong rose 1.16 per cent. Australian shares opened lower, went into the black but dipped 0.1 per cent by the close.

THE BUSINESS TIMES