Singapore’s benchmark index STI rises for the sixth day, up 0.4%
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OCBC shares achieved a record high for their closing price, after rising 1% or $0.18 to $18.95.
PHOTO: ST FILE
Tay Peck Gek
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- Singapore's STI rose nearly 0.4% to 4,554.52, marking its sixth consecutive day of gains, driven by Wall Street recovery hopes.
- OCBC shares hit a record high of $18.95 after a strong Q3, boosting peers DBS and UOB; DFI Retail Group hit a 52-week high.
- Wall Street expectations for a Federal Reserve rate cut next week remain elevated, with an 87% chance of a 25-basis-point cut.
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SINGAPORE – Singapore shares rose on Dec 3, with both the benchmark Straits Times Index (STI) and the iEdge Singapore Next 50 Index closing higher.
The STI was up 16.56 points or nearly 0.4 per cent at 4,554.52, while the iEdge Singapore Next 50 Index increased 6.36 points or more than 0.4 per cent to 1,447.52.
Mr Zane Aw, research analyst at Phillip Securities, noted that the STI closed higher for the sixth consecutive day.
“The performance could have been driven by an extended recovery in Wall Street, with expectations that the Federal Reserve will cut interest rates next week remaining elevated,” he said.
The United States rate futures now price an 87 per cent chance of a 25-basis-point rate cut on Dec 10, CME’s FedWatch tool showed.
In Singapore, OCBC shares achieved a record high for their closing price after rising 1 per cent or 18 cents to $18.95, fuelled by the bullish sentiment that developed after the bank in early November reported a third-quarter profit that beat street estimates.
Its peers, DBS and UOB, ended higher as well. DBS rose 0.5 per cent or 29 cents to $54.43, and UOB advanced 0.6 per cent or 20 cents to $34.55.
Meanwhile, DFI Retail Group was at its 52-week high at US$3.67, after surging 4.9 per cent or 17 US cents, making it the top STI performer.
The pan-Asia retailer did not release any market-sensitive information recently.
CapAllianz was the most active stock, with a trading volume of 109.4 million shares. Shares of the Catalist-listed investment holding firm – which owns a subsidiary that is engaged in software development and IT consulting – were unchanged at 0.2 cent.
Across the broader market, though, decliners beat gainers 297 to 275.
About 1.3 billion securities valued at more than $1.4 billion in total were transacted.
