Regional markets, STI rise on hopes for US debt ceiling breakthrough
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The STI rose 0.3 per cent to close at 3,211.09 points on May 22, 2023.
PHOTO: ST FILE
Yong Jun Yuan
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SINGAPORE - The benchmark Straits Times Index (STI) rose 0.3 per cent, or 8.5 points, to close at 3,211.09 amid a regional rally on Monday.
Regional markets appeared to cheer news of a positive discussion at the weekend between US President Joe Biden and Republican House Speaker Kevin McCarthy
Japan’s Nikkei 225 climbed 0.9 per cent, South Korea’s Kospi rose 0.8 per cent, and Hong Kong’s Hang Seng Index gained 1.2 per cent.
In Singapore, across the broader market, losers narrowly beat gainers 278 to 277 after 1.3 billion shares worth $976.3 million changed hands.
IG market analyst Yeap Jun Rong said in a note on Monday that Wall Street paused its recent rally last Friday due to “a sour tone” in negotiations over the debt ceiling.
“Nevertheless, sentiments will remain highly sensitive to further negotiations between US President Joe Biden and Republican House Speaker Kevin McCarthy later today, which may keep a cautious lid on Wall Street for now as the risks of an impasse remain on the table,” he said.
On the STI, the biggest gainer was Sats, which rose 6.3 per cent, or 17 cents, to $2.87.
Another heavily traded counter was Singapore Airlines, which climbed 3.7 per cent, or 23 cents, to $6.49, after 19 million shares worth $121.7 million changed hands.
Yangzijiang Shipbuilding landed at the bottom of the table on Monday, shedding 1.6 per cent, or two cents, to close at $1.25.
The trio of banks ended the day mixed.
DBS climbed 0.3 per cent, or eight cents, to $30.91, and OCBC climbed 0.4 per cent, or five cents, to $12.30.
UOB, meanwhile, shed 0.3 per cent, or nine cents, to $27.80. THE BUSINESS TIMES
