Singapore stocks track regional gains; STI up 0.1%
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The performance of the three local banks were mixed on Jan 9. OCBC fell 1.8 per cent, DBS and UOB rose by 0.5 and 0.03 per cent, respectively.
PHOTO: ST FILE
Young Zhan Heng
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- Singapore's Straits Times Index (STI) rose 0.1% to 4,744.66, with gainers outpacing losers amid positive regional market performance.
- Jardine Matheson led STI gains, rising 4.3%, while OCBC was the worst performer, falling 1.8% after a JP Morgan downgrade.
- Regional markets were up ahead of a US Supreme Court ruling on Trump's tariffs and analysts predict limited real impact.
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SINGAPORE – Singapore stocks ended higher on Jan 9 amid strong regional performance.
The benchmark Straits Times Index (STI) gained 0.1 per cent, or 5.59 points, to finish at 4,744.66.
Across the broader market, gainers edged out losers 289 to 236, with 1.3 billion securities worth $1.5 billion changing hands.
Key regional indexes were positive. Hong Kong’s Hang Seng Index gained 0.3 per cent, Japan’s Nikkei 225 index gained 1.6 per cent, South Korea’s Kospi gained 0.8 per cent, and the FTSE Bursa Malaysia KLCI gained 1 per cent.
The positive regional showing comes ahead of the potential Supreme Court ruling on US President Donald Trump’s tariffs.
But Mr Neil Wilson, UK investment strategist at Saxo Markets, is unclear how detailed any decision or statement will be.
“There could be headline noise if they slap down the use of tariffs – perhaps first some hope that it means easier trade, but (it’s) likely to be quickly tempered by the knowledge that Trump will find another way,” he said. “Tariffs are not going anywhere,” he added.
Jardine Matheson led the gainers on Singapore’s blue-chip index, rising 4.3 per cent, or US$3.11, to end at US$74.72.
The worst performer among STI constituents was OCBC, falling 1.8 per cent, or 37 cents, to close at $19.80. JP Morgan downgraded its call on the local bank from “overweight” to “neutral”, but still raised its target price from $20 to $20.50.
Meanwhile, the other two banks rose on Jan 9. DBS rose 0.5 per cent, or 26 cents, to $57.60, and UOB inched up 0.03 per cent, or one cent, to $36.02. THE BUSINESS TIMES
