Singapore stocks end higher on recovery optimism

The STI ended up 0.3 per cent at 3,271.51 points on Jan 11, 2023. PHOTO: ST FILE

SINGAPORE – Hopes that the inflation dragon has been slain gave markets here and elsewhere a welcome if modest new-year boost on Wednesday.

Local investors responded to the new mood by sending the Straits Times Index (STI) up 0.3 per cent or 8.60 points to 3,271.51, with gainers outnumbering losers 275 to 243 on trade of 1.2 billion shares worth $1.1 billion.

Most key Asian markets also closed higher. Hong Kong’s Hang Seng, Japan’s Nikkei 225, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI rose between 0.2 per cent and 1 per cent.

Australian shares hit a four-week high after gains across most sectors sent the bourse up 0.9 per cent.

The regional increases came after a positive session on Wall Street overnight, with the three key indices rising between 0.6 per cent and 1 per cent.

“Asia stocks are trading with an upbeat tone as optimism over cooling inflation has traders placing markers on the softening trend to continue,” said SPI Asset Management managing partner Stephen Innes.

“Many investors are starting to believe China’s reopening could be faster than expected on pent-up demand, a robust economic rebound and fewer supply constraints.”

The top performer on Singapore’s blue-chip index was Yangzijiang Shipbuilding, which clawed back some of its losses earlier in 2023. The counter climbed 3.4 per cent to close at $1.22 but it is still down 10.3 per cent so far in 2023.

Jardine Matheson Holdings was holding up the table at the other end, losing 1.3 per cent to US$50.35 (S$67).

Jardine Cycle & Carriage, part of the Jardine Matheson Group, was also among the biggest STI losers, falling 1.2 per cent to $28.16.

The most heavily traded counter among the constituent stocks was Genting Singapore, which closed 1 per cent higher at 99 cents with 63 million shares traded.

The local lenders were mostly higher: DBS added 0.2 per cent to $34.64; OCBC rose 1.1 per cent to $12.68; but UOB dipped 0.03 per cent to $30.09. THE BUSINESS TIMES

Join ST's Telegram channel and get the latest breaking news delivered to you.