Singapore stocks inch up on inflation forecast; STI gains 0.6%
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Across the broader market, advancers outnumbered decliners 312 to 239, after 1.2 billion securities worth $1.4 billion changed hands.
PHOTO: ST FILE
Navene Elangovan
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- Singapore shares rose as authorities maintained inflation forecasts; November's core and headline inflation both stood at 1.2%.
- The Straits Times Index (STI) increased by 0.6% to 4,638.97, with Sats leading gains and DFI Retail Group declining.
- Regional indexes mostly rose; gold and silver hit record highs due to rate cut optimism and geopolitical uncertainty.
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SINGAPORE - Local shares closed higher on Dec 23, after the authorities maintained their full-year forecasts for Singapore’s core and headline inflation for November.
Core inflation, which excludes accommodation and private transport, was 1.2 per cent in November, similar to October, while headline inflation came in at 1.2 per cent in November, the same as October.
The benchmark Straits Times Index (STI) rose 0.6 per cent or 28.68 points to close at 4,638.97, while the iEdge Singapore Next 50 Index was up 0.2 per cent or 2.38 points to 1,447.
In-flight caterer and ground handler Sats was the top blue-chip gainer, rising 1.6 per cent or $0.06 to close at $3.81.
DFI Retail Group was the largest decliner on the STI, falling 2.2 per cent or US$0.09 to US$3.96.
CapitaLand Integrated Commercial Trust was the most active counter on the STI by volume, with 19.6 million units worth $46.2 million traded. It closed flat at $2.35.
All three local banks rose on Dec 23. OCBC was up 0.4 per cent or $0.08 to $19.90. DBS climbed 1.1 per cent or $0.64 to $56.34. UOB gained 0.6 per cent or $0.22 to $34.99.
Across the broader market, advancers outnumbered decliners 312 to 239, on turnover of 1.2 billion shares worth $1.4 billion.
Across the region, South Korea’s Kospi rose 0.3 per cent, Australia’s ASX 200 gained 1.1 per cent but Hong Kong’s Hang Seng Index fell 0.1 per cent.
Gold and silver continued to rise to record highs on Dec 23 amid investor optimism over further interest rate cuts, and geopolitical uncertainties.
Mr Neil Wilson, investor strategist at Saxo Markets, called it a “remarkable year” for the precious metals, with gold leading the rally. While central banks are driving demand for gold, he said the overly stimulative policy mix could be driving demand for other metals like silver. THE BUSINESS TIMES
