Singapore stocks climb ahead of US inflation report; STI up 0.7%

SINGAPORE shares rose on Thursday (Jan 11) alongside most key regional bourses after US equity markets rallied overnight as sentiment turned positive ahead of US inflation data.

The Straits Times Index (STI) gained 21.45 points or 0.7 per cent to 3,201.41, buoyed by gains on Wall Street on the back of broad expectations that the deceleration of inflation in the US is set to continue. Across the broader market, turnover in the local bourse came in at 1.01 billion securities worth S$760.6 million. Gainers outpaced losers 338 to 212.

Markets are hoping to glean some insight on the trajectory of the Federal Reserve’s rate cuts with the release of the much-awaited consumer price index out of the world’s largest economy.

Apart from US inflation data for December, investors are also watching China’s inflation and producer prices, set to be released on Friday, and Taiwan’s elections on Saturday.  

Singapore’s banking trio led the gains on Thursday. DBS rose S$0.21 or 0.7 per cent to S$32.72, UOB gained S$0.10 or 0.4 per cent to S$28.33, while OCBC climbed S$0.06 or 0.5 per cent to S$12.89. Gains in Yangzijiang Shipbuilding and Singapore Airlines also lifted the index.

Frasers Property rose S$0.035 or 3.8 per cent to S$0.95. The Wall Street Journal on Wednesday reported that majority owners of the property group could put the company or some of its assets up for sale as part of a strategic review, which is in its initial stages.

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Thomson Medical Group fell S$0.002 or 3.5 per cent to S$0.056. The healthcare operator announced late on Wednesday that the Singapore Exchange has rejected its third application for more time to restore its public float. The company had until Jan 10 to explore options to address the matter.