Singapore stocks edge higher ahead of US inflation data

SINGAPORE - Singapore stocks closed slightly higher on March 12 amid mixed trading in regional markets as investors awaited the release of United States inflation data.

The benchmark Straits Times Index (STI) edged up 0.1 per cent or 3.05 points to close at 3,141.47.

Jardine Matheson led the index gainers, rising 4.5 per cent to close at US$40.84. Other top gainers for the day included Thai Beverage, which rose 2 per cent, and CapitaLand Investment, up 1.5 per cent.

Yangzijiang Shipbuilding was the top index decliner, falling 3.7 per cent to $1.80. As for the three local banks, DBS Bank closed down 0.3 per cent at $33.50 and OCBC Bank closed 0.53 per cent lower at $13.09, while UOB gained 0.04 per cent to end the day at $28.28.

Across the broader market, gainers outnumbered losers 338 to 232 after 1.52 billion securities worth $981.5 million changed hands.

Outside the STI, shares of ComfortDelGro were among the most actively traded by value, with 8.4 million shares worth $11.5 million changing hands. The counter rose 0.7 per cent to $1.37. DBS Group Research on March 11 maintained its “buy” rating on the counter with a higher target price of $1.80.

Indexes in Australia, South Korea and Hong Kong rose between 0.1 per cent and 3.1 per cent. However, the Nikkei 225 in Japan slipped 0.1 per cent and the Shanghai Composite Index fell 0.4 per cent, tracking overnight losses on the S&P 500 and Nasdaq Composite Index.

Saxo’s head of foreign exchange strategy Charu Chanana noted that equity sentiment is starting to falter following strong gains from large tech stocks since the start of 2024.

“The US (consumer price index) release... is also making markets jittery. Any risk of a hot February inflation will seriously question the disinflation trends, and potentially shift the Fed expectations in a hawkish manner,” she added.

THE BUSINESS TIMES