Singapore stocks rise amid mixed regional showing, STI up 1%
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Across the broader market, gainers beat losers 336 to 275 after 1.22 billion securities worth $900.6 million changed hands.
ST PHOTO: KUA CHEE SIONG
Yong Jun Yuan
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SINGAPORE – Singapore stocks broke a four-day losing streak amid a mixed showing in Asian bourses on Tuesday.
The Straits Times Index (STI) rose 1 per cent, or 30.52 points, to 3,083.88.
Across the broader market, gainers beat losers 336 to 275 after 1.22 billion securities worth $900.6 million changed hands.
Major markets in the region were mixed. Japan’s Nikkei 225 index rose 0.2 per cent and South Korea’s Kospi climbed 1.1 per cent, while Hong Kong’s Hang Seng Index shed 1.1 per cent.
Saxo market strategist Charu Chanana noted that after briefly breaching 5 per cent, US 10-year Treasury yields fell to close at 4.85 per cent.
This was after bearish comments from well-known investors Bill Ackman and Bill Gross.
Overnight, Mr Ackman tweeted that he had covered his shorts in bonds as there was “too much risk in the world”, and that the economy was “slowing faster than recent data suggests”.
Meanwhile, Mr Gross said that he was buying Secured Overnight Financing Rate interest rate futures as he anticipated a recession by the end of the year.
Ms Chanana said that Saxo continued to see value in shorter-term United States Treasuries ahead of an auction of US$51 billion (S$69.7 billion) in two-year notes on Tuesday.
On the STI, Singtel was the biggest gainer, rising 3.5 per cent, or eight cents, to $2.39.
The trio of banks were also in the black. UOB gained 0.2 per cent, or four cents, to $27.66; DBS Bank climbed 0.4 per cent, or 14 cents, to $33.15; and OCBC Bank rose 0.5 per cent, or six cents, to $12.77.
Meanwhile, Hongkong Land was the only STI counter in the red. It shed 2.5 per cent, or eight US cents, to US$3.17. THE BUSINESS TIMES
