Singapore shares rally for second straight day after rate pause; STI up 2%
THE Straits Times Index (STI) rose 2 per cent or 61.17 points for the day to 3,143.66 points, and wrapped up the five-session trading week 2.7 per cent higher than the week before.
Four counters were in the red or flat. The remaining 26 on the blue-chip barometer were up between 0.8 per cent ( Singtel at S$2.45) and 6.5 per cent ( DFI Retail Group at US$2.28) on Friday (Nov 3).
The share price of Yangzijiang Shipbuilding rose 2 per cent to S$1.52, after the China-based vessel maker announced US$770 million in order wins for the third quarter of its 2023 financial year. This brought the total order wins for the first nine months of the current FY to US$6.5 billion, more than double its US$3 billion target for the whole financial year.
The Federal Reserve’s move to hold the interest rates steady on Thursday (Singapore time) buoyed real estate investment trusts (Reits), which have borne the brunt of rising finance costs since the central bank started hiking rates last March to tame inflation.
Keppel Pacific Oak US Reit topped the Reits performance chart with a 12.3 per cent surge in unit price to US$0.22.
Across the broader market in Singapore, gainers trumped decliners 438 to 216, with a turnover of some 1.5 billion securities worth S$1.1 billion.
Japan’s stock markets were closed for a holiday, but most key indices in the Asia-Pacific finished on a high note.
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