Singapore stocks edge up, bucking decline in key regional markets

SINGAPORE - The Straits Times Index (STI) started the trading week with a rise of 0.4 per cent or 12.96 points to 3,303.66 after markets closed on May 13, making it one of the few better-performing blue-chip barometers in the Asia-Pacific.

Other key regional indexes were either flat or closed 0.1 per cent to 0.2 per cent lower.

Mr Vishnu Varathan, chief economist at Mizuho Bank, pointed to fired-up inflation risks even as there is stumbling consumer confidence in the United States.

“Against this backdrop, greed and fear cohabit awkwardly, with rising yields and buoyant equities testing the bounds of unfettered optimism. To be sure, this week, markets are primed to overreact to US inflation data, and in particular sticky aspects that validate Fed speak flagging the ‘for longer’ aspect of elevated rates,” he said.

The US is set to release its inflation data on May 15, with traders keenly watching for the market-moving information.

OCBC Bank shares were up 1.1 per cent or 16 cents to $14.28, after the bank reported its first-quarter financial results and also made a takeover offer for its insurance unit Great Eastern.

Genting Singapore was the top traded counter and best-performing STI stock, with some 96.6 million shares transacted and its share price rising 4.5 per cent or four cents to 92.5 cents. This came as the Resorts World Sentosa operator reported on May 10 a 91.5 per cent improvement in its first-quarter earnings to $247.4 million.

Across the broader market, there were 321 gainers against 272 decliners, with 1.13 billion securities valued at $1.11 billion changing hands.