Singapore stocks up 0.3%, tracking strong gains in Asia, with Genting Singapore the top gainer

SINGAPORE - Singapore stocks closed higher on Dec 2, following gains in Asia led by Chinese shares. The benchmark Straits Times Index (STI) rose 12.06 points or 0.3 per cent to 3,751.35. Advancers led decliners 328 to 192, as 945.9 million shares worth $910.4 million changed hands.

Genting Singapore was the top gainer on the STI. The counter was up 2 per cent or 1.5 cents to 78 cents, with 24 million shares worth $18.6 million traded. OCBC was the top decliner, falling 0.5 per cent or eight cents to $16.20.

The other two local banks ended higher. DBS rose 0.3 per cent or 12 cents to $42.55, and UOB gained 0.1 per cent or four cents to $36.40.

Singapore shares have had a strong year. Macquarie said in a note on Dec 2 that it remains constructive for this market, going into 2025. “While high tariffs imposed on US trade could crimp global trade in the event of a tit-for-tat trade war, we expect heightened tension to ultimately provide fuel for two multi-year trends benefiting Singapore: FDI (foreign direct investment) and wealth inflows.”

At the close on Dec 2, Japan’s Nikkei 225 was up 0.8 per cent, China’s Shanghai Composite gained 1.1 per cent, and Hong Kong’s Hang Seng Index rose 0.7 per cent.

The FTSE Bursa Malaysia KLCI Index closed 0.1 per cent higher. The MSCI Asia ex-Japan index overall traded up 0.7 per cent.

That came on the back of data released on Dec 2, which showed that China’s factory activity expanded at the fastest pace in five months in November.

Mr Yeap Jun Rong, market strategist at IG, said any upside surprises may help to offer room for Chinese equities to stabilise. But risk-taking is likely to be limited, given the uncertainty of US tariffs and whether the economic momentum can be sustained without a stronger net fiscal injection from the authorities thus far, he said.

THE BUSINESS TIMES