Singapore stocks rise on Thursday amid mixed regional trading; STI up 0.3%
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On the local bourse, 1.2 billion securities worth $1.1 billion changed hands, with gainers outnumbering losers 301 to 287.
PHOTO: ST FILE
Tan Nai Lun
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SINGAPORE – Local stocks inched higher on Thursday amid mixed trading in the region and a nervy session on Wall Street overnight ahead of upcoming inflation figures.
The Straits Times Index (STI) gained 0.3 per cent or 9.14 points to 3,322.93, with gainers outnumbering losers 301 to 287 on trade of 1.2 billion shares worth $1.1 billion on the broader market.
Key regional indexes ran hot and cold. Seoul’s Kospi fell 0.1 per cent and the Bursa Malaysia lost 0.2 per cent, but the Nikkei 225 gained 0.8 per cent, the Hang Seng inched up 0.01 per cent and Australian stocks added 0.3 per cent.
IG market analyst Yeap Jun Rong noted that market sentiment in Asia continued to reel from China’s low-for-longer growth outlook, as well as recent United States bans on certain tech investments in China.
However, investors seem to have grown more accustomed to China’s weak economic data over recent months, while keeping a lookout for the-worst-is-over scenarios, he said.
Mr Yeap also noted that US growth sectors bore the brunt of a sell-off as traders de-risked ahead of those impending inflation numbers.
He said: “With the US earnings season winding down, the upcoming (inflation) data could dictate the trend over coming weeks, largely seen as key in determining if a September rate hike is needed.”
The STI’s top gainer was Singapore Airlines, up 2.6 per cent to $7.40, while City Developments led the losers, falling 1.8 per cent to $6.99.
The property company posted a 94.1 per cent drop in first-half earnings to $66.5 million on Thursday, due mainly to the absence of significant divestment gains booked in the first half of 2022, as well as greater financing costs and impairment losses on its British properties.
The local banks had a mixed day. OCBC gained 0.7 per cent to $13.25, UOB rose 0.8 per cent to $29.18 and DBS fell 0.2 per cent to $34.23. THE BUSINESS TIMES
