Singapore shares rise, with local banks closing higher; STI up 0.7%
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The benchmark Straits Times Index climbed 0.7 per cent or 27.35 points to 3,904.85.
ST PHOTO: SHINTARO TAY
Megan Cheah
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SINGAPORE - Equities in Singapore ended Feb 17 in the black, amid largely positive regional moves.
The benchmark Straits Times Index (STI) climbed 0.7 per cent or 27.35 points to 3,904.85.
Across the broader market, advancers beat decliners 305 to 244, with 1.5 billion securities worth $1.1 billion changing hands.
Key indexes in the region gained ground. South Korea’s Kospi Composite Index increased 0.8 per cent, while the Nikkei 225 added 0.1 per cent. Hong Kong’s Hang Seng Index closed nearly flat. Conversely, the Bursa Malaysia Kuala Lumpur Composite Index lost 0.6 per cent.
These moves come after major US indexes closed Feb 14 largely muted.
Mr Yeap Jun Rong, market strategist at IG, said: “Hotter-than-expected US inflation was largely shrugged off, as market participants took comfort in the details, with several components suggesting limited pass-through to the core personal consumption expenditures inflation.”
He added that a temporary delay in US tariff risks and renewed hopes for a Ukraine-Russia ceasefire added to the optimism as well.
On the STI, the top gainer was property developer Hongkong Land, which jumped 3.2 per cent or 14 US cents to US$4.49.
The biggest loser was maritime vessel maker Yangzijiang Shipbuilding, which fell 1.6 per cent or five cents to $3.09.
The trio of local banks closed higher. DBS rose 0.4 per cent to $45, while OCBC Bank increased 1 per cent to $17.58. UOB was up 1.4 per cent to $38.61. THE BUSINESS TIMES
