Singapore stocks edge up on Thursday in mixed Asia trading; STI up 0.3%

THE Straits Times Index (STI) rebounded from sharp losses the previous day to edge up 0.3 per cent or 9.96 points to close at 3,267.98 points on Thursday (Sep 15), tracking gains on Wall Street.

In the wider Singapore market, losers outnumbered gainers 226 to 218, with 1 billion shares worth S$962.1 million traded.

“Following the biggest drop in more than 2 years, US stocks are rebounding as investors still believe the US Federal Reserve will pivot before they risk sending the economy into a severe recession,” said Oanda senior market analyst Edward Moya.

Market sentiment also improved as the US released its producer price index (PPI) data for August overnight.

“PPI numbers show that underlying trends are improving and that should lead to optimism that we will continue to see prices come down over the next few months,” Moya added.

Performance was mixed across key Asian markets. Japan’s Nikkei 225 index added 0.2 per cent, Hong Kong’s Hang Seng Index rose 0.4 per cent and Australia’s S&P/ASX 200 index closed 0.2 per cent higher, while South Korea’s Kospi lost 0.4 per cent and the FTSE Bursa Malaysia KLCI dipped 0.1 per cent.

Jardine Matheson Holdings (JMH) was the biggest winner among the STI constituents, as it rebounded from losses earlier in the week. The counter climbed 5.1 per cent or US$2.75 to close at US$56.81.

At the bottom of the blue-chip table was Mapletree Logistics Trust (MLT), which fell 1.2 per cent or S$0.02 to S$1.70.

The most heavily traded index stock was Genting Singapore, which gained 1.3 per cent or S$0.01 to finish at S$0.795 after 30.2 million shares changed hands.

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Asia: Stocks edge higher, with all eyes on Federal Reserve rate path

The trio of local lenders all ended higher. OCBC climbed 1.1 per cent or S$0.13 to close at S$12.35, DBS rose 0.2 per cent or S$0.07 to S$33.39 and UOB gained 0.1 per cent or S$0.02 to S$27.30.