Singapore stocks track Wall Street gains; STI up 0.4%
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The Straits Times Index is up 15.93 points at 4,501.56
PHOTO: BUSINESS TIMES
Tan Nai Lun
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- Singapore's Straits Times Index (STI) rose 0.4% to 4,501.56, mirroring Wall Street gains and boosted by regional market performance.
- Seatrium led STI gains, rising 2.9%, while Keppel DC Reit was the worst performer, dropping 1.7%; local banks also saw increases.
- US stock rally, driven by speculation of a dovish Federal Reserve chair and weak economic data, influenced market sentiment.
AI generated
SINGAPORE - Singapore stocks ended higher on Nov 26, tracking overnight gains on Wall Street.
The benchmark Straits Times Index (STI) gained 0.4 per cent or 15.93 points to finish at 4,501.56. The iEdge Singapore Next 50 Index also rose, advancing 0.2 per cent or 3.04 points to 1,445.42.
Across the broader market, gainers outnumbered losers 280 to 258, after 1.3 billion securities worth $1.3 billion changed hands.
Key regional indexes were in positive territory. The Hang Seng Index gained 0.1 per cent, the Nikkei 225 rose 1.8 per cent, the Kospi was up 2.7 per cent and the FTSE Bursa Malaysia KLCI ended 0.8 per cent higher.
US stocks rallied overnight on news of the Federal Reserve potentially installing a dovish chair, on top of the release of weak economic data.
“US stocks didn’t simply rise on Tuesday,” said Mr Stephen Innes, managing partner at SPI Asset Management.
“They traded as if someone quietly reached under the market’s chassis and flipped every switch that matters: the Fed chair succession, a fresh volley of artificial intelligence (AI) supply-chain tremors, and a data deluge that leaned dovish from every angle.”
Seatrium led Nov 26’s gains on the STI, rising 2.9 per cent or six cents to $2.12.
The worst performer was Keppel DC Reit, which fell 1.7 per cent or four cents to close at $2.28.
The three local banks ended higher. DBS gained 0.6 per cent or 34 cents to $53.84, OCBC rose 0.6 per cent or 11 cents to $18.23, and UOB was up 0.2 per cent or six cents at $33.92. THE BUSINESS TIMES
