Singapore stocks end 0.2% higher, tracking gains on Wall Street
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The benchmark Straits Times Index rose 0.2 per cent or 7.93 points to 3,853.07.
ST PHOTO: LIM YAOHUI
Tan Nai Lun
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SINGAPORE – Stocks in Singapore ended higher on May 5, tracking May 2’s gains on Wall Street.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 7.93 points to 3,853.07. Across the broader market, gainers outnumbered losers 225 to 183, after 614.18 million securities worth $820.46 million changed hands.
In the US, economic data showed limited weakness, as erratic economic policy and uncertainty weighed on confidence, said Mr David Kohl, chief economist at Julius Baer.
Stronger-than-expected job creation and low unemployment contributed to the ongoing robust growth in private consumption, he said.
Mr Kohl expects the US Federal Reserve to keep rates on hold this week in response to the still-solid economic data and the upside risks for inflation due to the announced import tariffs.
Over the weekend, Singapore held its general election, which saw the ruling PAP returning to government with an improved vote share.
DBS Group Research senior economist Chua Han Teng said the decisive result will reassure investors of ongoing political stability and policy continuity.
“In an increasingly challenging global economic landscape, we expect the PAP Government to balance between providing immediate economic support with long-term priorities of fostering growth and addressing rising social needs,” he said.
The top gainer on the STI was DFI Retail Group, which gained 5 per cent or 13 US cents to US$2.71.
The biggest decliner was Yangzijiang Shipbuilding, which fell 6.2 per cent or 14 cents to $2.11.
The local banking trio ended higher.
DBS Bank gained 0.4 per cent or 18 cents to $42.88, OCBC Bank rose 0.2 per cent or 3 cents to $16.20, while UOB was up 0.2 per cent or 8 cents at $34.98. THE BUSINESS TIMES
