Singapore stocks rebound after two sessions of losses, with STI up 0.3%
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The modest rally lifted the Straits Times Index 0.3 per cent or 10.08 points to close at 3,087.24.
ST PHOTO: LIM YAOHUI
Yong Hui Ting
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SINGAPORE – Local shares bounced back from declines earlier in the week to rack up a slight gain on Dec 6, much in line with major regional bourses.
The modest rally lifted the Straits Times Index (STI) 0.3 per cent or 10.08 points to close at 3,087.24, with gainers outstripping losers 339 to 223 on lacklustre trade of 820 million shares worth $717.6 million.
Jardine Matheson was again the STI’s biggest winner for the day, rising 2.2 per cent to US$40.68.
Some of the bourse’s most heavily traded counters also closed higher. Seatrium, which recorded trade of 144 million shares, finished 1 per cent up at 10.2 cents.
Meanwhile, Manulife US Reit gained 22 per cent to 7.2 US cents, on hopes that it is well-positioned to capitalise on an expected revival
It was all positive on the banking front too. DBS Bank ended up 0.1 per cent at $31.48, UOB rose 0.2 per cent to $27.29, while OCBC Bank gained 0.1 per cent to $12.61.
Regionally, markets ended largely higher despite few leads from a downbeat Wall Street overnight, where the tech-heavy Nasdaq added 0.3 per cent but the S&P 500 and Dow Jones Industrial Average both slipped slightly.
Japan’s Nikkei 225 led the regional gains, climbing 2 per cent. Australian shares were not far behind, shooting up 1.7 per cent – their biggest one-day percentage gain in 12 months – on hopes that a slowing economy might bring interest rate cuts. Hong Kong’s Hang Seng Index advanced 0.8 per cent, but Bursa Malaysia slipped 0.3 per cent.
Saxo market strategist Charu Chanana noted that equities markets were mixed, as bonds rose after the US job openings and labour turnover survey missed expectations, and after the European Central Bank said further rate hikes were unlikely.
Crypto enthusiasm over a potential US exchange-traded fund launch continued, while China markets faced further disappointment after ratings agency Moody’s cut its economic outlook, she said. THE BUSINESS TIMES
