Singapore stocks track regional markets to end higher; STI up 0.4%

SINGAPORE – Regional investors followed Wall Street’s lead overnight and ended the week on a high on March 8.

The response here sent the Straits Times Index (STI) up 0.4 per cent, or 13.31 points, to 3,147.09, with gainers outstripping losers 339 to 226 on trade of 1.5 billion shares worth $1.1 billion.

Regional indexes rose after tech stocks drove the S&P 500 in New York up 1 per cent to a record high while the Nasdaq surged 1.5 per cent and the Dow Jones Industrial Average added 0.3 per cent.

The Nikkei 225 in Tokyo advanced 0.2 per cent, the Hang Seng in Hong Kong gained 0.8 per cent and Seoul’s Kospi climbed 1.2 per cent, while Australian banks had another good day, propelling the bourse ahead 1.1 per cent to a record close.

The global gains were triggered by dovish signals from the two most important central banks on both sides of the pond, said SPI Asset Management managing partner Stephen Innes.

Markets kept their focus on upcoming United States jobs data. Meanwhile, the yen maintained strength against the greenback, amid increasing expectations for the Bank of Japan to raise interest rates for the first time since 2007, Mr Innes said.

DFI Retail Group was the STI’s biggest gainer, rising 5.4 per cent to US$2.14 after posting underlying earnings of US$154.7 million (S$206 million) for the year to Dec 31, 2023, up 437 per cent.

Hongkong Land was another top gainer, climbing 2.9 per cent to US$3.24. The developer fell into the red for the year to Dec 31, 2023, with a loss of US$582.3 million. It said that profits from investment properties grew amid improved performance in its luxury retail and Singapore office portfolios, which offset lower contributions from its Hong Kong assets.

The local banks ended mixed. DBS Bank fell 0.1 per cent to $33.75, UOB was flat at $28.30, while OCBC Bank gained 0.8 per cent to $13.18.

THE BUSINESS TIMES