Singapore stocks rise as Trump softens Greenland stance; STI up 0.4%
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The benchmark Straits Times Index gained 18.44 points to finish at 4,828.32.
ST PHOTO: AZMI ATHNI
Tan Nai Lun
SINGAPORE - Singapore stocks ended higher on Jan 22, tracking a global relief rally after US President Donald Trump softened his stance on Greenland.
The benchmark Straits Times Index (STI) gained 0.4 per cent or 18.44 points to finish at 4,828.32. Meanwhile, the iEdge Singapore Next 50 Index lost 0.1 per cent or 1.02 points to 1,483.97.
Across the broader market, gainers outnumbered losers 342 to 240 after 1.9 billion securities worth $1.9 billion changed hands.
Key regional indexes were up. Hong Kong’s Hang Seng Index gained 0.2 per cent, Japan’s Nikkei 225 rose 1.7 per cent, South Korea’s Kospi climbed 0.9 per cent and the FTSE Bursa Malaysia KLCI ended 0.7 per cent higher.
Global risk sentiment improved markedly after Mr Trump struck a more conciliatory tone on Greenland, withdrawing tariff threats and ruling out the use of force, said Mr Mathieu Racheter, head of equity strategy research at Julius Baer.
While questions remain over the substance and durability of any eventual agreement – and European leaders continue to consult – the immediate removal of tariff risk has reduced a key tail risk, Mr Racheter said.
“For now, markets appear comfortable re-engaging with risk as the probability of near-term escalation diminishes,” he added.
On the STI, City Developments led the gainers, rising 2.6 per cent or 24 cents to end at $9.30.
The worst performer among STI constituents was Yangzijiang Shipbuilding, which fell 2 per cent or seven cents to close at $3.38.
The three local banks ended higher. DBS gained 0.1 per cent or six cents to $58.08, OCBC rose 0.7 per cent or 15 cents to $20.59, and UOB was up 2.3 per cent or 85 cents at $37.62. THE BUSINESS TIMES
