Singapore stocks gain in line with region
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The benchmark Straits Times Index rose 0.1 per cent, or 2.81 points, to close at 3,373.98.
PHOTO: ST FILE
Raphael Lim
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SINGAPORE - Singapore shares closed higher on Monday, tracking gains across the region, following signs of easing inflation in the United States.
The benchmark Straits Times Index (STI) rose 0.1 per cent, or 2.81 points, to close at 3,373.98.
Elsewhere, stocks in Japan led gainers in the region, with the Nikkei 225 rising 1.3 per cent. Other key indices in Australia, South Korea and Hong Kong also rose between 0.1 per cent and 0.9 per cent, tracking the rally on Wall Street last Friday.
Saxo market strategist Charu Chanana noted that US personal consumer expenditure (PCE) data last Friday pointed to easing inflation, with core PCE rising 0.2 per cent in June, in line with expectations.
“There is still a lot more data to digest ahead of the next Fed meeting, but so far, the market remains complacent and expects the Fed to have reached an end of its tightening cycle,” she said.
On the local bourse, shares of Keppel Corp led the STI gainers, after rising 2.5 per cent to close at $7.38. Other top gainers for the day included Sats and Yangzijiang Shipbuilding, which rose 2.2 per cent to $2.80, and 2 per cent to $1.54, respectively.
Meanwhile, units of Frasers Logistics and Commercial Trust fell 3.2 per cent on Monday to $1.22, ending at the bottom of the index performance table.
Across the broader market, gainers outnumbered losers 357 to 271 after 1.6 billion securities worth $1.3 billion were traded.
Shares of UOB were the most actively traded by value on Monday, with the counter gaining 0.7 per cent to $30.10, after 3.8 million shares worth $114.5 million changed hands. OCBC shares also ended the day positive, rising 0.6 per cent to $13.30, while DBS shares closed unchanged at $34.26. THE BUSINESS TIMES
