Singapore stocks track global rally; STI up 1.3% after hitting new high

SINGAPORE – Stocks ended higher on the Singapore Exchange on Jan 23, tracking a global rally in markets.

The benchmark Straits Times Index (STI) hit a new record of 4,895.15 points in the day before closing 1.3 per cent or 63.13 points higher at 4,891.45.

The iEdge Singapore Next 50 Index also rose, up 0.3 per cent or 3.77 points to close at 1,487.74.

Across the broader market, gainers outnumbered losers 345 to 213, after 1.3 billion securities worth $2 billion changed hands.

Gains on the STI were led by UOB and OCBC, which hit new highs on Jan 23.

UOB was the top gainer, jumping 5 per cent or $1.88 to end at $39.50, while OCBC rose 3.4 per cent or 70 cents to $21.29.

DBS also ended higher, up 1 per cent, or 57 cents, to $58.65.

Meanwhile, the worst performer on the blue-chip index was Yangzijiang Shipbuilding, falling 1.2 per cent or four cents to close at $3.34.

Key regional indexes were positive. The Hang Seng Index was up 0.4 per cent, the Nikkei 225 index gained 0.3 per cent, the Kospi Composite Index increased 0.8 per cent and the FTSE Bursa Malaysia KLCI rose 0.2 per cent.

Washington’s noise has been loud, but the market is learning how to filter it, said Mr Stephen Innes, managing partner at SPI Asset Management.

“Trump’s maximalist openings from Greenland to wherever the next headline lands are increasingly treated like opening bids, not final offers,” he said.

Mr Innes said investors are warming to a world of modest synchronised growth, contained inflation and a gentler US Federal Reserve, but he also noted that concerns around fiscal discipline and central bank independence are no longer fringe debates.

“This is one of those moments where the macro compass spins and the only reliable guide is the flow map,” Mr Innes said.

THE BUSINESS TIMES