SINGAPORE – Local shares made it two in a row on March 27, with the market moving up again despite more falls on Wall Street overnight and mixed results from around the region.
The positive sentiment here left the Straits Times Index (STI) ahead 0.6 per cent, or 18.38 points, to 3,251.71, with gainers just outpacing losers 289 to 270 on solid trade of 1.4 billion shares worth $1.4 billion.
The STI’s biggest gainer was Sembcorp Industries, which put on 1.9 per cent to $5.41. Local banks also went north: DBS Bank gained 1.5 per cent to $36.63, UOB rose 1.5 per cent to $29.68 and OCBC Bank ended 0.3 per cent ahead at $13.74.
The STI’s biggest decliner was Seatrium, which fell 2.5 per cent to 7.9 cents. It was also the most actively traded, with 480.9 million shares done.
Elsewhere, South Korea’s Kospi fell 0.1 per cent, Hong Kong’s Hang Seng slid 1.4 per cent and Shanghai shares retreated 1.3 per cent.
Meanwhile, Australia’s ASX 200 inched up 0.5 per cent on the back of encouraging inflation data, and the Nikkei 225 in Tokyo rose 0.9 per cent.
The region’s mixed showing came as key United States indexes racked up a third consecutive day of decline from record highs. The S&P 500 dropped 0.3 per cent, while the tech-focused Nasdaq slid 0.4 per cent and the blue-chip Dow industrials fell 0.1 per cent.
SPI Asset Management managing partner Stephen Innes said investors remained cautious as they awaited economic data and sought clues on the US Federal Reserve’s policy direction on interest rates.
He said artificial intelligence and mega-cap stocks have propelled equities higher in recent months, but investors seemed to be “pausing for breath” in the past three days.
“We find ourselves in a tug of war between inflation realities and weaker growth expectations, where an excess of either is also undesirable,” added Mr Innes. THE BUSINESS TIMES
