Singapore stocks rebound on March 24; STI up 0.4%
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Across the broader market, gainers beat losers 400 to 181, after 1.6 billion securities changed hands.
ST PHOTO: AZMI ATHNI
Benjamin Cher
- Singapore's Straits Times Index (STI) rose 0.4% to 4,862.43
- DFI Retail Group was the top STI gainer, up 4.3%, while Wilmar International was the worst performer, down 1.9%.
- Regional indexes were mixed due to investors piling into "Trump always chicken out" (Taco) trades, according to Mr Jose Torres.
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SINGAPORE – Singapore stocks ended higher on March 24 amid mixed results from regional peers.
The benchmark Straits Times Index (STI) gained 0.4 per cent, or 21.13 points, to finish at 4,862.43. Meanwhile, the iEdge Singapore Next 50 Index lost 2.4 per cent, or 34.98 points, to 1,431.
Across the broader market, gainers beat losers 400 to 181, after 1.6 billion securities worth $1.8 billion changed hands.
DFI Retail Group led the gainers on Singapore’s blue-chip index, rising 4.3 per cent, or 18 US cents, to end at US$4.38.
The worst performer among STI constituents was Wilmar International, falling 1.9 per cent, or seven cents, to $3.64.
Local banks ended mixed. DBS rose 0.4 per cent, or 21 cents, to $56.63, and OCBC Bank was up 0.8 per cent, or 16 cents, at $21.16, while UOB finished 0.1 per cent, or two cents, lower at $36.36.
Within the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, rising 4.5 per cent, or 12 cents, to finish at $2.78, while China Aviation Oil was the top loser, declining 3.7 per cent, or eight cents, to $2.08.
Key regional indexes were mixed. Hong Kong’s Hang Seng Index gained 2.8 per cent, Japan’s Nikkei 225 rose 1.4 per cent and South Korea’s Kospi was up 2.7 per cent. But the FTSE Bursa Malaysia KLCI declined 0.7 per cent.
Investors are now piling into “Trump Always Chickens Out”, or TACO, trades as US President Donald Trump appears to have tilted into a deal mode posture, said Mr Jose Torres, senior economist at Interactive Brokers.
The postponement of attacks against Iranian energy production facilities is leading investors to consider a potential end to the conflict in the Middle East, even as Iran denies any dialogue.
The market outlook had darkened after analysts dialled up slowdown risks while considering a reversal from the Federal Reserve’s easing cycle towards hikes.
“But now overall prospects have improved, and speculative enthusiasm is back, with every major equity benchmark and all 11 sectors, along with subcategories, gaining while fixed-income assets also advance,” Mr Torres said. THE BUSINESS TIMES
