Singapore stocks track Wall Street gains, STI up 0.3%
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The benchmark Straits Times Index (STI) was up 0.3 per cent, or 9.73 points, to 3,150.04.
PHOTO: ST FILE
Tan Nai Lun
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SINGAPORE - Shares in Singapore ended higher on Jan 30, mirroring overnight gains in the United States market.
The benchmark Straits Times Index (STI) was up 0.3 per cent or 9.73 points to 3,150.04. Across the broader market, losers outnumbered gainers 333 to 251, after 1.64 billion securities worth $1.14 billion changed hands.
Mapletree Pan Asia Commercial Trust was one of the STI’s top gainers, climbing 3.6 per cent or five cents to $1.44. Its distribution per unit fell 9.1 per cent to $0.022 for its third quarter ended Dec 31, 2023, its manager said on Jan 29. Gross revenue was up 0.8 per cent to $241.6 million for the quarter, from $239.8 million previously.
Mapletree Logistics Trust was one of the top traded counters by volume on Jan 30, after 20.4 million units worth $31.8 million changed hands. The counter ended 2 per cent or three cents higher at $1.56.
The trust entered into a purchase agreement with an unrelated third party to divest its 73 Tuas South Avenue 1 property for $16.8 million, its manager said on Jan 29.
The trio of local banks finished the day lower. DBS Bank lost 0.2 per cent or seven cents to $31.82, OCBC Bank fell 0.5 per cent or six cents to $12.82, and UOB slipped 0.2 per cent or five cents to $28.26.
Key regional indexes were mixed. The Hang Seng Index fell 2.3 per cent, the Kospi Composite Index lost 0.1 per cent, and the FTSE Bursa Malaysia KLCI ended 0.2 per cent lower. The Nikkei 225 gained 0.1 per cent.
Mr Stephen Innes, managing partner at SPI Asset Management, said the US Treasury financing estimate and refunding details have been seen as the most crucial event by some investors in a week characterised by an array of impactful macroeconomic data, policy decisions, key earnings reports and geopolitical developments.
The US Treasury cut first-quarter borrowing estimates to US$760 billion (S$1 trillion), which led to a positive response in bond and stock markets, he noted.
“Overall, the Treasury’s downward revision of Q1 borrowing needs is anticipated to impact global financial markets positively,” Mr Innes said. THE BUSINESS TIMES
