Singapore stocks rise on April 21 as STI extends rally amid mixed regional markets
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The STI closed up 1.1 per cent or 38.89 points at 3,759.22.
PHOTO: ST FILE
Ranamita Chakraborty
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SINGAPORE - The Straits Times Index (STI) continued to rally on April 21 as Asian indexes closed mixed amid traders tracking the tariff talks.
The STI closed up 1.1 per cent or 38.89 points at 3,759.22.
Across the broader market, advancers outnumbered decliners 263 to 151, after 618.8 million shares worth $1 billion changed hands.
On the STI, Yangzijiang Shipbuilding was the top gainer. It rose 9.2 per cent or 19 cents to $2.25.
ST Engineering came in at the bottom of the table, shedding 1 per cent or seven cents to close at $7.06.
The trio of local banks ended in the black. DBS Bank added 1.4 per cent or 59 cents to end at $41.42, OCBC Bank rose 1.7 per cent or 27 cents to $16.25, and UOB increased 1.4 per cent or 50 cents to $35.30.
Key regional indexes were varied. Japan’s Nikkei 225 ended 1.3 per cent lower, while South Korea’s Kospi gained 0.2 per cent. The Bursa Malaysia Kuala Lumpur Composite Index ended almost flat.
This varied market performance comes as US President Donald Trump’s gaze shifts to Federal Reserve chairman Jerome Powell. This raises another tail risk for the market, cautioned Mr Paul Chew, head of research at brokerage Phillip Securities.
“Crucially, the loss of Fed independence (will hurt) the economy,” he said.
Referring to a study from the Peterson Institute for International Economics, Mr Chew explained that if a politician runs the central bank, the economy will run ahead of its potential, and there will be a growth spurt followed by inflation. This will lead to investors losing confidence in the currency and bonds over fears of persistent inflation.
“However, the rest of the world may benefit if capital shifts out of the US to other regions,” he added. THE BUSINESS TIMES
