Singapore stocks rise, tracking regional gains; STI up 0.3%
Sign up now: Get ST's newsletters delivered to your inbox
Across the broader market, gainers outnumber losers 416 to 225, after 2.1 billion securities change hands
ST PHOTO: AZMI ATHNI
Jude Chan
- Singapore's Straits Times Index rose 0.3% to 4,941.96 on May 7, with Hongkong Land leading gains and Sembcorp Industries falling.
- Key regional indexes like Japan's Nikkei (+5.6%) and Hong Kong's Hang Seng (+1.6%) saw gains, with US markets also rising.
- Phillip Securities Research analyst Paul Chew warned Middle East energy shock will pressure consumer spending and the telecommunications industry.
AI generated
SINGAPORE - Singapore stocks ended higher on May 7, in line with gains elsewhere in the region.
The benchmark Straits Times Index (STI) gained 0.3 per cent, or 14.58 points, to finish at 4,941.96.
Hongkong Land led the gainers on Singapore’s blue-chip index, rising 9.2 per cent, or 73 US cents, to US$8.70.
The worst performer among STI constituents was Sembcorp Industries, which fell 2.3 per cent, or 15 cents, to $6.41.
The three local banks ended mixed. DBS Bank was flattish, rising 0.02 per cent, or one cent, to $58.86. UOB gained 0.1 per cent, or five cents, to $36.70, while OCBC Bank finished 0.5 per cent, or 12 cents, lower at $21.88.
Within the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, rising 6.3 per cent, or 19 cents, to $3.22.
Sheng Siong was the index’s biggest decliner, falling 2.6 per cent, or eight cents, to end the session at $3.05.
Across the broader market, gainers outnumbered losers 416 to 225, after 2.1 billion securities worth $2.7 billion changed hands.
Key regional indexes were positive. Hong Kong’s Hang Seng Index rose 1.6 per cent, Japan’s Nikkei 225 gained 5.6 per cent, South Korea’s Kospi was up 1.4 per cent and the FTSE Bursa Malaysia KLCI advanced 0.1 per cent.
Phillip Securities Research analyst Paul Chew noted that the energy shock from the Middle East has largely impacted emerging markets. “Consumer spending will be under pressure from rising energy and food costs. It will be a headwind for the consumer and the telecommunications industry,” he said. THE BUSINESS TIMES
