Singapore stocks extend rally, tracking regional gains; STI up 0.9%
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The benchmark Straits Times Index rose 42.11 points to finish at 4,904.54.
ST PHOTO: AZMI ATHNI
Benjamin Cher
SINGAPORE - Singapore stocks ended higher on March 25, mirroring gains in regional indexes.
The benchmark Straits Times Index (STI) rose 0.9 per cent or 42.11 points to finish at 4,904.54.
ST Engineering led the gainers on Singapore’s blue-chip barometer, advancing 2 per cent or 22 cents to $10.99. The index’s worst performer was Keppel DC Reit, which fell 1.4 per cent or three cents to $2.19.
The three local banks ended higher. DBS Bank gained 1 per cent or 55 cents to $57.18, OCBC Bank rose 1.1 per cent or 23 cents to $21.39, and UOB was up 0.6 per cent or 23 cents at $36.59.
The iEdge Singapore Next 50 Index rose 0.7 per cent or 9.39 points to 1,440.39.
Frencken Group was the index’s top gainer, rising 10.3 per cent to finish at $2.15. First Resources was the biggest decliner, falling 3.7 per cent to $2.62.
Across the broader market, gainers beat losers 386 to 185 after 1.8 billion securities worth $2.1 billion changed hands.
Key regional indexes were in positive territory on March 25. Hong Kong’s Hang Seng Index gained 1.1 per cent, Japan’s Nikkei 225 rose 2.9 per cent, South Korea’s Kospi was up 1.6 per cent, and the FTSE Bursa Malaysia KLCI advanced 0.5 per cent.
Mr Neil Wilson, investor strategist at Saxo, noted that markets had risen on reports of a 15-point plan by the US for peace with Iran, delivered via Pakistan.
Markets are pricing in the possibility of a ceasefire, even if a lasting settlement appears remote.
While the tone from the White House is outwardly positive, there is no assurance that Iran would agree to the plan.
“Either way, the narrative focus for the markets is shifting from the initial inflation shock and energy story to the growth angle as front-end rates stabilise,” said Mr Wilson. THE BUSINESS TIMES
