Singapore stocks buck decline in key regional markets; STI up 0.4%

OCBC shares climbed 1.1%, after the bank reported Q1 results and made a takeover offer for its insurance unit Great Eastern

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Tay Peck Gek

Published Mon, May 13, 2024 · 06:18 PM

Across the broader market, there were 321 gainers against 272 decliners, with about 1.1 billion securities valued at S$1.1 billion changing hands. PHOTO: ZAOBAO FILE

THE Straits Times Index (STI) started the trading week with a rise of 0.4 per cent or 12.96 points to 3,303.66 after markets closed on Monday (May 13), making it one of the few better-performing blue-chip barometers in Asia-Pacific.

Other key regional indices were either flat or closed 0.1 to 0.2 per cent lower.

Vishnu Varathan, chief economist at Mizuho Bank, pointed out that awkward sentiments prevail as fired-up inflation risks are juxtaposed against stumbling consumer confidence in the United States.

“Against this backdrop, greed and fear cohabit awkwardly, with rising yields and buoyant equities testing the bounds of unfettered optimism. To be sure, this week, markets are primed to overreact to US inflation data, and in particular sticky aspects that validate Fed speak flagging the ‘for longer’ aspect of elevated rates,” he said.

The US is set to release its inflation data on Wednesday, with traders keenly watching for the market-moving information.

OCBC shares were up 1.1 per cent or S$0.16 to S$14.28, after the bank reported its first-quarter financial results and also made a takeover offer for its insurance unit Great Eastern.

Hot stock: Genting Singapore rises 6.2% amid heavy trading on strong earnings

Asian markets were mixed in early exchanges, with Shanghai, Sydney, Seoul, Wellington and Jakarta all down, while Hong Kong, Singapore, Taipei and Manila rose. The Nikkei was flat.

Asia: Markets mixed as traders pause ahead of US inflation data

Across the boarder market, losers outnumber gainers 66 to 57 after 53.9 million securities worth S$54.8 million change hands.

Singapore stocks open lower on Monday; STI down 0.1%

Up until late last year, industry watchers had been largely expecting locally listed semiconductor companies to make a recovery in 2024 as the sector was noted to have been showing signs of a recovery.

Hot stocks: Semiconductor plays punished on earnings disappointment

The yen’s slide has boosted profits for exporters, which has traditionally been a driver for Japanese stocks.

BlackRock warns weak yen deters foreigners from Japan stocks

Genting Singapore's net profit for the first quarter is up 91.5 per cent year on year.

Stocks to watch: ST Engineering, Genting Singapore, SIAEC, Frasers Property, GuocoLand

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Genting Singapore was the top traded counter and best-performing STI stock, with some 96.6 million shares transacted and its share price rising 4.5 per cent or S$0.04 to S$0.925. This came as the Resorts World Sentosa operator reported last Friday a 91.5 per cent improvement in its first-quarter earnings to S$247.4 million.

Across the broader market, there were 321 gainers against 272 decliners, with about 1.1 billion securities valued at S$1.1 billion changing hands.

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