Singapore stocks edge up 0.7%, tracking Wall Street rally

The Straits Times Index (STI) gained 0.7 per cent to close at 3,121.76 points yesterday, tracking a rally on Wall Street last Friday.

Across the wider market, gainers outnumbered losers 312 to 164, with 835.7 million shares worth $736.6 million changing hands.

"Wall Street staged an impressive rally after better-than-expected retail sales and consumer sentiment data from the US on Friday, as markets focused on a still-robust US consumer while ignoring its ominous warnings for the trajectory of US Federal Reserve monetary policy," said Oanda senior market analyst Jeffrey Halley.

"With a dearth of tier-1 data this week, and the Federal Open Market Committee in a pre-meeting media blackout, the equity rally could potentially extend throughout the week," he added.

Asian markets were also helped by hopes of more aggressive stimulus measures in China to resolve its property market wobbles, as officials from the People's Bank of China over the weekend promised more support for the economy.

Hong Kong's Hang Seng Index rose 2.7 per cent, South Korea's Kospi gained 1.9 per cent, the FTSE Bursa Malaysia KLCI was up 0.8 per cent and the Jakarta Composite Index edged up 0.1 per cent.

In Singapore, market sentiment was also lifted by non-oil domestic exports (Nodx) data released yesterday, which showed a 9 per cent year-on-year growth last month.

The biggest gainer among Singapore's blue-chip stocks was DFI Retail Group, which climbed 2.8 per cent to close at US$2.97.

Jardine Cycle & Carriage was also among the top gainers, rising 2.7 per cent to $27.41.

At the bottom of the table was Genting Singapore, which closed 1.9 per cent lower at 79 cents after dismissing rumours of a potential deal with MGM Resorts International. It was also the most heavily traded counter among the index constituents, with 38.9 million shares traded.