Singapore stocks rise as US Fed probe revives ‘Sell America’ trade; STI up 0.5%
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The STI adds 22.12 points to close at 4,766.78 points.
PHOTO: ST FILE
Jude Chan
- Singapore stocks rose amid a "Sell America" trend following attacks on the US Federal Reserve by the Trump administration.
- Regional markets also saw gains, with Hong Kong's Hang Seng, South Korea's Kospi, and Malaysia’s KLCI all rising.
- In Singapore, the STI increased by 0.5%, with Hongkong Land leading gains and Jardine Matheson experiencing losses.
AI generated
SINGAPORE - Singapore shares climbed on Jan 12, as Asian markets gained on a rise in “Sell America” sentiment after the Trump administration escalated its attacks on the US Federal Reserve.
Fed chair Jerome Powell confirmed the “unprecedented” probe into the central bank by the US Justice Department, which he blasted as part of US President Donald Trump’s pressure campaign for another rate cut.
In Asia, Hong Kong’s Hang Seng Index rose 1.4 per cent, South Korea’s Kospi index climbed 0.8 per cent, and the FTSE Bursa Malaysia KLCI Index gained 0.5 per cent.
In Singapore, the Straits Times Index (STI) added 22.12 points, or 0.5 per cent, to close at 4,766.78 on Jan 12.
Across the wider market, advancers outnumbered decliners 332 to 220, with 1.5 billion shares worth $1.3 billion changing hands.
Mr Stephen Innes, managing partner of SPI Asset Management, said: “Markets can live with almost anything except uncertainty about who is actually calling the game.
“Inflation spikes can be modelled. Recessions can be discounted. Even wars eventually find a price. But once the referee is dragged across the field and accused of fixing the score, the entire match changes.”
He added: “That is where we are now. Markets reacted exactly as you would expect when that variable is introduced.”
The top performer on Singapore’s blue-chip index was Hongkong Land, which gained 23 US cents, or 3 per cent, to close at US$7.96. At the bottom of the STI’s performance table was Jardine Matheson, which fell 84 US cents, or 1.1 per cent, to US$73.88.
The trio of local banks all closed higher on Jan 12. DBS rose 0.5 per cent, or 27 cents, to end at $57.87, OCBC gained 0.5 per cent, or 10 cents, to $19.90, and UOB finished 0.2 per cent, or seven cents, higher at $36.09.
The iEdge Singapore Next 50 Index closed marginally higher, up 0.1 per cent to 1,469.46 points.
