Singapore stocks edge higher, tracking regional bourses; STI up 0.9%
Sign up now: Get ST's newsletters delivered to your inbox
The benchmark Straits Times Index rose 40.51 points to close at 4,610.29.
ST PHOTO: KUA CHEE SIONG
Navene Elangovan
- Singapore's Straits Times Index (STI) rose 0.9% to 4,610.29, mirroring regional gains, with 330 advancers to 222 decliners.
- Seatrium led blue-chip gains, up 2.9% after resolving a contract dispute with Maersk, receiving US$360 million upon vessel delivery.
- Regional markets rose, influenced by US stock rebound and anticipation of interest rate cuts, suggesting a bullish end to the year.
AI generated
SINGAPORE - Local shares closed higher on Dec 22, tracking regional bourses.
The benchmark Straits Times Index (STI) rose 0.9 per cent, or 40.51 points, to close at 4,610.29. Meanwhile, the iEdge Singapore Next 50 Index rose 0.7 per cent, or 9.77 points, to 1,444.62.
Seatrium was the top blue-chip gainer, rising 2.9 per cent, or six cents, to close at $2.13. The offshore, marine and energy specialist announced on Dec 22 that it had resolved a contract dispute with an affiliate of Maersk Offshore Wind. The buyer agreed to pay the balance of the contract price, valued at US$360 million (S$464 million), upon delivery of a vessel.
Thai Beverage, which was trading on a cum-dividend basis, was the largest decliner on the STI, falling 1.1 per cent, or 0.5 cent, to 45.5 cents. The beverage distributor was the most actively traded counter on the STI by volume, with 21 million shares worth $9.6 million traded.
The local banks ended higher. OCBC Bank rose 1.4 per cent, or 27 cents, to $19.82. DBS Bank gained 1.5 per cent, or 83 cents, to $55.70. UOB rose 0.2 per cent, or seven cents, to $34.77.
Across the broader market, advancers outnumbered decliners 330 to 222, after 1.1 billion securities worth $1.3 billion changed hands.
Key regional indexes mostly ended higher. Japan’s Nikkei 225 rose 1.8 per cent and South Korea’s Kospi climbed 2.1 per cent. Australia’s ASX 200 gained 0.9 per cent, and Hong Kong’s Hang Seng rose 0.4 per cent.
Mr Stephen Innes, managing partner at SPI Asset Management, said that Asian markets are taking their cue from the “solid rebound” in US stocks on Dec 19, and a growing belief that the final stretch of the year will be bullish.
He added that the market environment is supported by, among other things, expectations of further interest rate cuts, liquidity from market infrastructure and the absence of a catalyst to force de-risking.
“Volatility will not disappear, especially with artificial intelligence valuation debates simmering beneath the surface, but for now, the market is choosing to look forward rather than flinch,” said Mr Innes. THE BUSINESS TIMES