STI rises 0.4% amid mixed regional trading on short-lived South Korea political drama
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Across the broader market, gainers outnumbered losers 292 to 210 after 978.2 million securities worth $1.2 billion changed hands.
PHOTO: ST FILE
Tan Nai Lun & Therese Soh
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SINGAPORE - Singapore shares ended higher on Dec 4 amid mixed regional trading, as uncertainty loomed over Asian markets after South Korean President Yoon Suk Yeol imposed martial law, then reversed the order, on the night of Dec 3.
The benchmark Straits Times Index (STI) was up 13.81 points or 0.4 per cent at 3,799.94. Across the broader market, gainers outnumbered losers 292 to 210 after 978.2 million securities worth $1.2 billion changed hands.
Elsewhere in Asia, Hong Kong’s Hang Seng Index inched down 0.02 per cent and the Shanghai Composite Index fell 0.4 per cent.
Meanwhile, Japan’s Nikkei 225 rose 0.1 per cent and the FTSE Bursa Malaysia KLCI gained 0.4 per cent.
Mr Yeap Jun Rong, market strategist at IG, said the jitters from Mr Yoon’s brief martial law decree seem to be mostly contained within South Korea’s equities space. South Korea’s Kospi Composite Index was down 1.4 per cent on Dec 4.
Mr Yeap noted that the political drama was short-lived, and its timing – during after-work hours – may have been a bid to reduce disruptions to economic activities.
“Risk-taking may likely remain capped for now as near-term uncertainty over Yoon Suk Yeol’s leadership persists,” he said.
“Markets will prefer a quick resolution to the stand-off and for political stability to return, but for now, it seems that the uncertainty over his leadership may continue to drag on for some time,” Mr Yeap added.
On the STI, Yangzijiang Shipbuilding was the top gainer, rising 2.8 per cent or seven cents to $2.58.
Thai Beverage was the biggest decliner, falling 4.2 per cent or 2.5 cents to 57 cents.
The local banking trio ended mixed. DBS Bank rose 0.7 per cent or 31 cents to $43.82, and OCBC Bank was up 0.6 per cent or nine cents to $16.30. UOB fell 0.3 per cent or 10 cents to $36.65. THE BUSINESS TIMES
