Singapore stocks up in tandem with most regional markets

SINGAPORE – Local shares enjoyed a slightly more upbeat session on Wednesday alongside most other regional bourses as investors scoured markets for opportunities.

The Straits Times Index (STI) ended the trading day with a marginal gain of 0.1 per cent, or 1.93 points, at 3,207.28.

Gainers outnumbered losers 289 to 216, after 1.2 billion shares worth $970.8 million changed hands.

Elsewhere, Japan’s Nikkei 225 rose 2 per cent, and Hong Kong’s Hang Seng and the Bursa in Malaysia both gained 0.1 per cent.

Australian shares advanced 1.1 per cent, while the Kospi in Seoul declined 0.7 per cent.

Mr Tim Waterer, chief market analyst at KCM Trade, said that global equities have now returned to “business as usual” after some early-week jitters.

“Markets are taking some comfort from US economic indicators, which are showing no signs of an imminent ‘hard landing’ with regard to growth,” he said, noting that home sales numbers, consumer confidence and durable goods data from the United States painted “a rather pretty picture of the economy”.

“However, if the data continues to reflect economic robustness, it probably won’t be long before financial markets again start to fret about the interest-rate implications,” he added.

Nio was among the top gainers on the local bourse, rising 7.4 per cent to close at US$9.25. The company said last Tuesday that it had entered into a share subscription agreement with CYVN Holdings, an investment entity backed by the Abu Dhabi government.

Another top gainer was Don Agro, surging 73.7 per cent to 33 cents after announcing the proposed sale of its crop and milk production businesses.

Jardine Matheson Holdings was the biggest loser for the day, shedding 1.2 per cent to US$51.72.

Seatrium closed flat at 12.6 cents after being the most actively traded, with 217.9 million shares done.

Other heavily traded counters included Yangzijiang Shipbuilding and Singtel.

THE BUSINESS TIMES