Singapore stocks rise amid mixed Asian performance; STI up 0.3%
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Across the wider Singapore market, advancers outnumbered decliners 307 to 261 on Jan 16, with 1.4 billion shares worth $1.5 billion changing hands.
ST PHOTO: AZMI ATHNI
Jude Chan
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- STI rose 0.3% to 4,849.10 on January 16, increasing 2.1% for the week, with advancers outpacing decliners.
- Wall Street's bullish sentiment, fuelled by Taiwan Semi's earnings and low US unemployment, boosted Singapore's market.
- City Developments led STI gains, while Seatrium and Yangzijiang Shipbuilding were the worst performers; local banks rose.
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SINGAPORE – The Straits Times Index (STI) rose 0.3 per cent, or 15.76 points, to close at 4,849.10 on Jan 16, bringing the benchmark index up a total of 2.1 per cent for the week.
Across the wider Singapore market, advancers outnumbered decliners 307 to 261, with 1.4 billion shares worth $1.5 billion changing hands.
“Bullish sentiment was revived on Wall Street following a robust earnings report from Taiwan Semi, which bolstered optimism about artificial intelligence,” said Interactive Brokers senior economist Jose Torres.
He added that this, together with lower-than-expected unemployment claims in the US, “are quelling investor concerns about two of the most significant risks to markets this new year”.
The top performer on the STI was City Developments, which climbed 2.3 per cent, or 21 cents, to $9.16.
Sembcorp Industries was another top gainer on the blue-chip index, rising 2.3 per cent, or 14 cents, to $6.12.
The worst-performing counters on the index were Seatrium and Yangzijiang Shipbuilding, which fell 2.2 per cent each.
The trio of local banks all ended higher on Jan 16. DBS Bank gained 0.4 per cent, or 23 cents, to $59.12; UOB rose 0.9 per cent, or 34 cents, to $36.74; and OCBC Bank climbed 0.3 per cent, or seven cents, to $20.44.
Meanwhile, the iEdge Singapore Next 50 Index shed 0.3 per cent, or 4.08 points, to 1,488.94.
Key Asian markets ended mixed. South Korea’s Kospi added 0.9 per cent, while Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index each slipped 0.3 per cent. The FTSE Bursa Malaysia KLCI Index inched down 0.1 per cent. THE BUSINESS TIMES
