Singapore stocks end 0.3% higher as regional markets close mixed

THE Singapore stock market closed higher on Monday (Sep 5) even as regional markets traded mixed, reversing the downtrend from trading last week.

The Straits Times Index (STI) rose 0.3 per cent, or 9.79 points to 3,215.48, following in the footsteps of other Asia-Pacific indices such as Shanghai and Australia. Some 1.51 billion units worth S$674.5 million were traded locally, with losers outnumbering gainers 263 to 219.

Elsewhere, key gauges in Japan, Hong Kong and South Korea finished lower. The mixed closing follows a day of varied trading as positive vibes from the United States jobs report were offset by growing fears about an energy crisis in Europe, Chinese Covid lockdowns and geopolitical tensions.

IG market strategist Yeap Jun Rong said that the closure of US markets for its Labor Day holiday may bring a quiet start to the new trading week with reduced liquidity, before focus is placed on comments by Federal Reserve officials later this week.

The Fed’s vice-chair Lael Brainard will be making a speech on US economic outlook and monetary policy on Wednesday, while chairman Jerome Powell will participate in a live discussion on Thursday.

“The firm stance to curb inflation by policymakers could be reiterated, which could potentially bring about little surprise. The key determinant factor for market sentiments could revolve around the US consumer price index data next week,” said Yeap.

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Mining company Golden Energy and Resources was one of the biggest gainers on Monday among actively traded counters, with its share price rising 15.7 per cent, or S$0.105 to S$0.775. Over 27.2 million of its securities were transacted.

Among STI constituents, units of Mapletree Logistics Trust saw the biggest increase, with the counter rising 2.4 per cent or S$0.04 to S$1.70, while Jardine Cycle & Carriage was the top decliner, closing 2.7 per cent or S$0.88 lower at S$32.38.