Singapore stocks rise as markets cheer US-China trade truce; STI up 0.2%
Sign up now: Get ST's newsletters delivered to your inbox
The benchmark Straits Times Index gained 0.2 per cent or 10.06 points to 4,450.36
PHOTO: ST FILE
Tan Nai Lun
Follow topic:
- Singapore's STI rose 0.2% following a US-China trade deal, with 1.8 billion securities traded.
- Saxo's Charu Chanana notes the deal is a "tactical de-escalation" but structural issues remain.
- Wilmar led gains, up 3.3%; DFI Retail declined 2.6%; local banks DBS, OCBC, and UOB rose.
AI generated
SINGAPORE - Local stocks ended higher on Oct 28, tracking a rally in US stocks following a trade deal between Washington and Beijing.
The benchmark Straits Times Index (STI) gained 0.2 per cent or 10.06 points to 4,450.36, and the iEdge Singapore Next 50 Index was up 0.7 per cent or 9.76 points at 1,453.35. Across the broader market, losers led gainers 313 to 292, after 1.8 billion securities worth $1.8 billion changed hands.
Ms Charu Chanana, chief investment strategist at Saxo, said the announcement of a framework trade deal between the US and China brought a welcome reprieve after months of escalating rhetoric and tariff threats. “While the accord stops short of a full reset in US-China relations, it marks a tactical de-escalation that may calm inflation concerns and stabilise sentiment heading into year end,” she said.
Nevertheless, she expects structural divergence between the US and China will continue to shape global capital flows, supply chains and technology ecosystems.
“Markets may continue to rally on relief, but sustainable gains will depend on whether both sides can translate this framework into lasting cooperation,” she said.
Wilmar was the STI’s top gainer on Oct 28, rising 3.3 per cent or 10 cents to $3.15.
DFI Retail Group, meanwhile, was the biggest decliner, falling 2.6 per cent or nine US cents to US$3.41.
The three local banks ended higher. DBS gained 0.9 per cent or 48 cents to $54.05, OCBC rose 0.3 per cent or five cents to $16.90, and UOB was up 0.4 per cent or 15 cents at $34.94.
The key regional indexes ended lower. The Hang Seng Index fell 0.3 per cent, the Nikkei 225 lost 0.6 per cent, the Kospi was down 0.8 per cent, and the FTSE Bursa Malaysia KLCI closed 0.3 per cent lower. THE BUSINESS TIMES
