Singapore shares rise as US delays tariffs on EU
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In Singapore, the benchmark Straits Times Index rose 0.5 per cent or 20.49 points to 3,896.09.
PHOTO: ST FILE
Navene Elangovan
SINGAPORE – Shares on the Singapore bourse ended higher on May 27, after the US extended the deadline for tariff negotiations with the European Union to July 9.
The Trump administration had on May 23 threatened to impose 50 per cent tariffs on EU goods from June 1, before delaying them on May 25.
In Singapore, the benchmark Straits Times Index rose 0.5 per cent, or 20.49 points, to 3,896.09.
Across the broader market, advancers outnumbered decliners 249 to 180, after 1.12 billion securities worth $958.01 million were traded.
The top gainer on the index was technology and defence company ST Engineering, which rose 2.5 per cent, or 19 cents, to $7.75.
The biggest decliner was business conglomerate Jardine Matheson. The counter fell 1.5 per cent, or 68 US cents, to US$45.21.
CapitaLand Integrated Commercial Trust was the most actively traded counter by volume, with 32.1 million units worth $66.6 million traded. The counter rose 1 per cent, or two cents, to $2.08.
Markets across the region ended in positive territory. Australia’s ASX 200 was up 0.6 per cent, Japan’s Nikkei 225 gained 0.5 per cent and Hong Kong’s Hang Seng Index rose 0.4 per cent.
Mr Aaron Chwee, head of wealth advisory at OCBC Bank, said that while the delay in EU tariffs has provided a short-term boost to the futures markets, underlying concerns about trade relations continue to weigh on investor sentiment.
While the near-term outlook is likely to be volatile, he said the scenario over the next 12 months “appears more constructive”.
OCBC maintains an “overweight” position on equities in Asia (excluding Japan), with the bank favouring the Singapore, Philippine, China and Hong Kong markets. THE BUSINESS TIMES
