Singapore stocks gain more ground on Dec 12; STI up 1.5%
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Across the broader market, gainers beat losers 360 to 200, after 1.3 billion securities worth $1.7 billion change hands.
PHOTO: ST FILE
Benjamin Cher
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- Singapore's STI rose 1.5% to 4,586.45, mirroring regional market gains, with 360 gainers outperforming 200 losers in broader trading activity
- Jardine Matheson led STI gains, up 4.9%, while Genting Singapore fell 0.7%
- Local banks DBS, OCBC and UOB all recorded increases
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SINGAPORE – Singapore stocks ended higher on Dec 12, following regional indexes.
The benchmark Straits Times Index (STI) gained 1.5 per cent, or 65.62 points, to finish at 4,586.45 points. Meanwhile, the iEdge Singapore Next 50 Index edged up 0.53 points to 1,434.64 points.
Across the broader market, gainers beat losers 360 to 200, after 1.3 billion securities worth $1.7 billion changed hands.
Key regional indexes were positive. Hong Kong’s Hang Seng Index rose 1.8 per cent, Japan’s Nikkei 225 index advanced 1.4 per cent, South Korea’s Kospi was up 1.4 per cent, and the FTSE Bursa Malaysia KLCI increased 0.8 per cent.
Jardine Matheson led the gainers on Singapore’s blue-chip index, rising 4.9 per cent, or US$3.29, to US$69.94. The worst performer among the STI constituents was Genting Singapore, which fell 0.7 per cent, or half a cent, to 72 cents.
The three local banks ended higher. DBS gained 1.2 per cent, or 65 cents, to $55.04, OCBC rose 1.3 per cent, or 25 cents, to $19.20, and UOB was up 1.3 per cent, or 44 cents, at $34.72.
The top performer on the iEdge Singapore Next 50 Index was Hong Leong Asia, up 3.8 per cent, or 8 cents, at $2.19. The biggest loser on the index was Keppel Reit, down 6.8 per cent, or 7 cents, at 96 cents.
Tech stocks have faced a battering following Oracle’s quarterly report that cloud sales missed expectations, while capital expenditure intentions increased, noted Mr Jose Torres, senior economist at Interactive Brokers. Softer-than-expected revenues and commitments of more dollars to artificial intelligence infrastructure have investors questioning the prospect of returns as the Magnificent Seven’s shares retreat, he added.
“The cyclically oriented, rate-sensitive areas of the equity market are thriving, with the Dow Jones Industrial Average reaching a fresh record and the Russell 2000 touching an all-time high for the third consecutive session,” said Mr Torres. THE BUSINESS TIMES
