Singapore stocks climb on prospects of Trump-Xi talks this week
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The benchmark Straits Times Index rose 0.1 per cent or 3.79 points to 3,894.38.
ST PHOTO: BRIAN TEO
Romaine Chan
SINGAPORE – Local stocks ended higher on June 3 as investors anticipated possible trade talks between China and the United States, with the confirmation that tariffs on some Chinese goods will be extended till Aug 31.
The benchmark Straits Times Index (STI) rose 0.1 per cent or 3.79 points to 3,894.38.
In the broader market, gainers beat losers 313 to 192 as 1.1 billion securities worth $1.33 billion changed hands.
Regional indexes were mixed on June 3. Hong Kong’s Hang Seng Index jumped 1.5 per cent. Japan’s Nikkei 225 fell 0.1 per cent, while the Bursa Malaysia Kuala Lumpur Composite Index dropped 0.3 per cent.
Hopes that US President Donald Trump will speak with his Chinese counterpart Xi Jinping – possibly this week – gave investors anticipation for a positive outcome.
In a note, Maybank analysts said: “Political analysts have suggested that China could have the upper hand as its grip on chip supply chains and rare earths could boost its leverage.”
However, lingering uncertainty over the US’ deficit and trade continued to weigh on the greenback even as Treasuries yields rose.
The top gainer on the STI was marine vessel manufacturer Yangzijiang Shipbuilding, which surged 4.3 per cent, or $0.09, to $2.21.
The index was dragged by DFI Retail Group, which slipped 2.2 per cent, or US$0.06, to US$2.65.
This comes after the group on May 30 announced its divestment of 22.2 per cent – or about 315.3 million – of Robinsons Retail’s outstanding shares for an undisclosed sum. The group was a significant minority shareholder in Robinsons Retail.
The trio of local banks were in the red on June 3. DBS Bank fell 0.1 per cent to $44.80. UOB retreated 0.6 per cent to $35.33, while OCBC Bank slipped 0.4 per cent to $16.16. THE BUSINESS TIMES
