SINGAPORE - Stocks in Singapore closed higher on Monday, tracking rallies across regional bourses.
The Straits Times Index (STI) rose 1.2 per cent, or 36.87 points, to close at 3,180.53.
Across the broader market, gainers outnumbered losers 403 to 233, after 1.5 billion securities worth $1.1 billion changed hands.
Shares of Seatrium were the most actively traded by volume for the day. The counter closed flat at 11 cents, after 176.1 million shares worth $19.6 million were traded.
The biggest gainer on the STI was DFI Retail Group Holdings, which gained 5.3 per cent, or 12 US cents, to close at US$2.40. The food and retail company had also risen the most last Friday.
The biggest loser was ST Engineering, which fell 0.8 per cent, or three cents, to $3.88.
Major markets in the region also ended higher, with South Korea’s Kospi, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng Index posting gains, tracking the rally on Wall Street last Friday. The S&P 500 rose 5.9 per cent last week, marking its best weekly performance in 2023.
Mr Stephen Innes, managing partner of SPI Asset Management, said stocks are “somewhat overshadowed” as all attention is currently focused on the bond market ahead of this week’s United States Treasury auction.
“Equities are playing second fiddle as Treasury bonds are unquestionably the primary drivers, with the S&P 500 merely tagging along for the ride,” said Mr Innes.
He added that the rapid and substantial rally in the bond market, initiated by the Treasury’s refunding announcement, allowed US stocks to register their “most impressive” performance in a year. THE BUSINESS TIMES
