SINGAPORE - Singapore shares increased on Friday despite losses on Wall Street overnight, joining the rally with its Asian peers.
The Straits Times Index (STI) clocked its second increase of the week, rising 17.53 points or 0.5 per cent to 3,293.71 points.
Over the week, the blue-chip gauge was marginally down by 0.04 point.
Mr Stephen Innes, managing partner of SPI Asset Management, noted the divergence between Asian bourses’ and Wall Street’s performance.
He said: “Given the sizeable upside for regional trade supporting local economies and Asean, stocks in Asia are nudging up despite weakness in the United States market as the East versus West divergence continues. After all, mainland China is the largest export market for most regional economies, so the China reopening bounce is particularly pronounced locally.”
Only three stocks on the STI closed lower: Wilmar International, City Developments and Singapore Exchange.
A beneficiary of China’s reopening, Genting Singapore, posted a 1.5 per cent rise in its share price to 99 cents, inching towards its 52-week high of $1.02.
The counter jumped 23 per cent in 2022, benefiting from Singapore and regional countries’ reopening.
Regionally, Hong Kong equities led gains while shares in Japan reversed small initial losses.
Commodities and Asian equities have overcome some of the bearish news this week out of the US as traders bet on China’s economic revival. JPMorgan Chase has raised its estimate for the nation’s oil demand growth and said it is reopening sooner and more rapidly than the bank originally expected.
Elsewhere in markets, oil headed for a second weekly gain as optimism over stronger Chinese demand overshadowed a weaker outlook in other major economies. THE BUSINESS TIMES, BLOOMBERG
