STI breaches 4,900 as DBS, OCBC, UOL, Jardine Matheson close at record highs
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Across the broader market, gainers beat losers 341 to 235, as nearly 1.5 billion securities worth over $2.1 billion changed hands..
ST PHOTO: AZMI ATHNI
Tay Peck Gek
- Singapore shares exceeded 4,900 on January 27, driven by Wall Street gains and optimism over US Big Tech earnings, with the STI rising 1.3%.
- Several Singaporean blue-chip companies like UOL, Jardine Matheson, DBS, and OCBC achieved record highs, while UOB lagged, and the Next 50 Index rose slightly.
- Phillip Securities Research suggests safe-haven buying and positive sentiment are boosting performance, with accelerated exports despite local economic pressure.
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SINGAPORE – Singapore shares breached the 4,900-point mark on Jan 27, with the record-breaking momentum buoyed by overnight gains on Wall Street, a flight to safe-haven assets and optimism about US Big Tech earnings.
The blue-chip Straits Times Index (STI) rose 62.09 points, or 1.3 per cent, to 4,923.02, after several constituents closed at record highs.
UOL surged 8 per cent, or 83 cents, to $11.18, with the property player not only topping the STI performance tally, but also climbing higher than its previous peak. Jardine Matheson also closed at a historical high of US$76.28 after gaining 2 per cent or US$1.47.
DBS Bank added 1.7 per cent, or 98 cents, to finish at $59.27 – also a record high. OCBC Bank closed with a fresh record as well, rising 1.8 per cent, or 38 cents, to $21.42. But UOB slid 0.1 per cent, or five cents, to end at $38.45.
Meanwhile, the iEdge Singapore Next 50 Index – which tracks the performance of the 50 largest companies listed on the mainboard after the STI stocks – inched up 0.1 per cent, or 1.7 points, to 1,497.87.
Across the broader market, gainers beat losers 341 to 235, with nearly 1.5 billion securities valued at over $2.1 billion transacted.
Mr Chong Yik Ban, an analyst at Phillip Securities Research, attributed the Singapore benchmark index’s performance to a flight to safe havens and investor optimism ahead of US Big Tech companies’ earnings release. He noted that rising long-term bond yields reflect market nervousness over US fiscal discipline, adding that as a result, investors may be preferring the Singapore market.
“If Big Tech beats expectations, global liquidity often flows into the Singapore market following ‘risk-on’ sentiments,” he said. “Overall bullish sentiments on equities as an asset class would drive Singapore stock performance if Big Tech (companies) outperform in their earnings.”
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indexes on Jan 26 rose 0.6 per cent, 0.5 per cent and 0.4 per cent, respectively. THE BUSINESS TIMES
