Singapore stocks top 5,000-point mark for first time in three weeks; STI up 1.3%

Singapore stocks ended higher on March 18, closing above the 5,000-point mark for the first time since the conflict in the Middle East began three weeks ago.

The benchmark Straits Times Index (STI) gained 1.3 per cent or 66.2 points to finish at 5,002.17. Meanwhile, the iEdge Singapore Next 50 Index rose 0.9 per cent or 12.41 points to 1,457.76.

UOL led the gainers on Singapore’s blue-chip index, rising 4.9 per cent to end at $10.20, with the counter trading on a cum-dividend basis.

The worst performer among STI constituents was Singtel, which fell 0.8 per cent to close at $5.13.

The three local banks ended higher. DBS gained 1.2 per cent to $57.76, OCBC rose 1.7 per cent to $21.45, and UOB was up 0.9 per cent at $37.21.

On the iEdge Singapore Next 50 Index, China Aviation Oil was the top gainer, rising 8.9 per cent to $2.21. Singapore Post was the biggest loser, falling 2.8 per cent to end at 34.5 cents.

Across the broader market, gainers outnumbered losers 431 to 200, after 1.7 billion securities worth $2.2 billion changed hands.

Key regional indexes were also higher. Hong Kong’s Hang Seng Index gained 0.6 per cent, Japan’s Nikkei 225 rose 2.9 per cent, South Korea’s Kospi climbed 5 per cent, and the FTSE Bursa Malaysia KLCI advanced 1.1 per cent.

The broad gains in Asian equity markets on March 18 mirror a similar rise in US and European stocks, said Mr Neil Wilson, UK investor strategist at Saxo Markets.

“Broadly, equities are bouncing off levels because oil looks to be stabilising,” he noted. “Intraday pullbacks suggest immediate physical worries are not materialising yet, and so stock markets are breathing easier as energy shock impact fades.”

Market movements are also indicating that the US Federal Reserve “won’t be looking to cut (rates) until September at the earliest”, he added, ahead of the Federal Open Market Committee’s upcoming meeting on March 19 morning, Singapore time. THE BUSINESS TIMES