Singapore shares rise for 4th straight day despite Wall Street’s retreat

SINGAPORE shares chalked up their fourth straight day of gains on Wednesday (Apr 5) despite Wall Street’s overnight retreat, as soft US jobs data renewed recession fears. This came even as worries over the banking crisis have yet to completely subside.

The key Straits Times Index (STI) gained 7.75 points or 0.2 per cent to 3,318.87. DBS Group Research pointed out in a report that the STI’s correction ended at 3,094, barring the worsening of banking sector instability in Europe and the US.

The research house, however, added that uncertainties over inflation and a global economic slowdown, and an end to net-interest-margin (NIM) expansion for banks, could keep the rebound in check.