Singapore stocks track Wall St gains to end 0.26% higher

The Straits Times Index closed at 3,117.89, up 0.26 per cent or 8.08 points. PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Investors ended the week on a high note with local shares tracking Wall Street gains overnight as inflation concerns subsided amid favourable United States jobs data.

The mood during the session was hardly giddy but it was enough to push up the benchmark Straits Times Index (STI), which closed at 3,117.89, up 0.26 per cent or 8.08 points. Gainers outpaced losers 232 to 202 with 1.32 billion shares worth $1.27 billion changing hands.

Key regional markets were a mixed bag. Hong Kong's Hang Seng Index ended nearly flat at 0.03 per cent higher while Japan's Nikkei 225 rose 0.78 per cent. Seoul's Kospi fell 0.19 per cent, the Jakarta Composite dropped 0.42 per cent and the Kuala Lumpur Composite dipped 0.83 per cent.

IG market strategist Yeap Jun Rong said the upbeat US session could drive bullish sentiment towards tech stocks in the region.

"One to watch (is) if the renewed sentiments towards growth stocks may last, considering that sector rotation towards value has been largely the theme since the start of this year," he added.

The STI was led by Venture Corporation, which rose 1.4 per cent to $18.64, followed by CapitaLand, up 1.1 per cent to $3.58, and Mapletree Industrial Trust (MIT), 1.1 per cent higher at $2.79.

MIT's private placement of 190.3 million new units was 3.1 times subscribed at $2.696 per unit, its manager said on Friday. Most of the proceeds from this and a preferential offering will go to partially finance a US$1.32 billion (S$1.76 billion) acquisition of 29 US data centres.

At the bottom of the table was Frasers Logistics & Commercial Trust, which shed 0.7 per cent to $1.44. Yangzijiang Shipbuilding was the most heavily traded stock on the STI. It ended flat at $1.45 with 29 million shares changing hands.

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