Singapore stocks gain ground on Nov 28 as regional peers close mixed
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The STI continues to gain ground on Nov 28, with SGX leading advancers on the index.
PHOTO: ST FILE
Benjamin Cher
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- Singapore's STI rose 0.3% to 4,523.96, while the iEdge Singapore Next 50 Index gained 0.2% to 1,447.21 amid mixed regional performance.
- SGX led blue-chip gainers, up 1.6%, while City Developments was the worst performer, down 1%; local banks (DBS, OCBC, UOB) also increased.
- "The Fed will deliver holiday cheer," as Fed cuts are priced in, according to Mr Stephen Innes, boosting equities, with Japan and South Korea leading.
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SINGAPORE – Singapore stocks ended higher on Nov 28 as regional benchmarks ended the day mixed.
The benchmark Straits Times Index (STI) gained 0.3 per cent or 14.62 points to finish at 4,523.96. Meanwhile, the iEdge Singapore Next 50 Index gained 0.2 per cent or 2.47 points to 1,447.21.
Across the broader market, gainers edged out losers 279 to 217, after 1.2 billion securities worth $1.2 billion changed hands.
Key Asian bourses had a mixed outing. Hong Kong’s Hang Seng Index dipped 0.3 per cent, South Korea’s Kospi fell 1.5 per cent, and the FTSE Bursa Malaysia KLCI lost 0.8 per cent. Meanwhile, Japan’s Nikkei 225 gained 0.2 per cent.
The Singapore Exchange led the gainers on Singapore’s blue-chip index, rising 1.6 per cent or 26 cents to $16.86.
The worst performer among STI constituents was City Developments, falling 1 per cent or seven cents to end at $7.23.
The three local banks ended higher. DBS gained 0.4 per cent or 20 cents to $54.20; OCBC Bank rose 1.3 per cent or 23 cents to $18.50; and UOB was up 0.3 per cent or nine cents at $33.98.
As the US markets paused trading for the Thanksgiving holiday, Federal Reserve cuts were priced in, leading to equities rallying, said Mr Stephen Innes, managing partner at SPI Asset Management. Japan and South Korea have led Asia higher on the MSCI All Country World Index, which captures large- and mid-cap companies in developed and emerging markets.
“Everyone is sprinting towards the same conclusion: The Fed will deliver holiday cheer,” said Mr Innes. THE BUSINESS TIMES
