Singapore stocks rise on optimism over cooling US inflation
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Gainers outnumbered losers 304 to 222 after 855.7 million securities worth $1.08 billion changed hands.
PHOTO: BT FILE
Jude Chan
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SINGAPORE - The Straits Times Index (STI) rose 0.8 per cent or 25.97 points to close at 3,293.75 points on Friday, as slowing inflation in the US lifted investor sentiment.
In the wider Singapore market, gainers outnumbered losers 304 to 222 after 855.7 million securities worth $1.08 billion changed hands.
“Markets are assuming a risk-on stance with signs of descending inflation, underscoring the peak inflation narrative as an indication that the US Federal Reserve will be able to ease its monetary tightening cycle and that the US economy may even achieve a soft landing,” said SPI Asset Management managing partner Stephen Innes.
This, he added, “may be just what the doctor ordered for equities”.
Most key Asian markets finished higher on the wave of optimism. Hong Kong’s Hang Seng Index, the Shanghai Composite Index, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI rose between 0.4 per cent and 1 per cent.
The top performer on Singapore’s blue-chip index was Singapore Airlines (SIA), which climbed 4.1 per cent or 23 cents to $5.86.
At the bottom of the table was Thai Beverage (ThaiBev), which lost 1.4 per cent or one cent to close at $0.705.
The most heavily traded counter among the constituent stocks was Yangzijiang Shipbuilding. The counter finished 0.8 per cent or one cent lower at $1.24 on Friday, with 60 million shares traded.
The trio of local banks all ended higher. UOB added 2 per cent or 61 cents to $30.53, DBS rose 0.9 per cent or 32 cents to $34.82, and OCBC closed up 0.6 per cent or eight cents at $12.64. THE BUSINESS TIMES
