Singapore stocks close higher as Asia rallies on US, Europe momentum; STI up 0.4%

THE Straits Times Index (STI) rose 11.77 points or 0.4 per cent to close at 3,274.72 on Monday (Sep 12), buoyed by the momentum of gains in the US and Europe at the end of last week.

In the wider Singapore market, gainers outnumbered losers 214 to 146, with 966.9 million shares worth S$717 million changing hands.

IG market strategist Yeap Jun Rong noted that trading could be muted due to a quiet economic calendar in Asia and the closure of the China, Hong Kong and South Korea bourses due to holidays.

He added that some investor sentiment could also be “on hold” in the lead-up to the release of key US inflation data on Tuesday.

Elsewhere in Asia, Japan’s Nikkei 225 index gained 1.2 per cent, Australia’s S&P/ASX 200 index ended 1 per cent higher, the Jakarta Composite Index rose 0.2 per cent, and the FTSE Bursa Malaysia KLCI edged up 0.1 per cent.

“This week will bring China in focus, with its 1-year medium term lending facility rate on watch, along with its slew of August economic data release. A cut to its 1-year lending facility rate is not widely expected, but any surprise move on that front may drive a knee-jerk upside reaction for risk assets,” Yeap said.

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The biggest winner among Singapore’s index stocks on Monday was Yangzijiang Shipbuilding (YZJ), which climbed 3.7 per cent or S$0.035 to close at S$0.97.

YZJ was also the most heavily traded counter among the STI constituents, with 38.8 million shares traded.

At the bottom of the table for blue-chip stocks was Jardine Matheson Holdings (JMH), which lost 1.1 per cent or US$0.62 to close at US$54.99.

SATS and Sembcorp Industries were the only 2 other losers on the STI on Monday. SATS shed 0.8 per cent or S$0.03 to S$3.99, while Sembcorp Industries closed 0.6 per cent or S$0.02 lower at S$3.34.

The trio of local banks all ended higher. DBS rose 0.4 per cent or S$0.12 to S$33.49, OCBC climbed 0.3 per cent or S$0.04 to S$12.19, while UOB gained 0.3 per cent or S$0.09 to S$27.42.