Singapore shares jump with Asian markets; STI rises 0.5%
Tay Peck Gek
SINGAPORE shares increased on Friday (Jan 20) despite losses on Wall Street overnight, joining the rally with its Asian peers.
The Straits Times Index (STI) clocked its second increase of the week, rising 17.53 points or 0.5 per cent to 3,293.71 points. Over the week, the blue-chip gauge was marginally down by 0.04 point.
Stephen Innes, managing partner of SPI Asset Management, noted the divergence between Asian bourses and Wall Street’s performance.
He said: “Given the sizeable upside for regional trade supporting local economies and Asean, stocks in Asia are nudging up despite weakness in the United States market as East versus West divergence continues. After all, mainland China is the largest export market for most regional economies, so the China reopening bounce is particularly pronounced locally.”
Only three stocks on the STI closed lower: Wilmar International (-0.25 per cent to S$4.06), City Developments (-0.37 per cent to S$8.04) and Singapore Exchange (-0.11 per cent to S$9.21)
A beneficiary of China’s reopening, Genting Singapore , posted 1.5 per cent rise in its share price to S$0.99, inching towards its 52-week high of S$1.02. The counter jumped 23 per cent in 2022, benefitting from Singapore and regional countries’ reopening.
While its peers posted higher unit prices on expectations that interest rate hikes might soon pause, Dasin Retail Trust unit price plunged 6.1 per cent to S$0.23 after it reported the receipt of a letter of demand for US$13.1 million from a lender.
In the broader market, gainers beat losers 356 to 174, with 1.24 billion securities worth a total S$1.27 billion transacted.
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