Singapore stocks end higher on strong Wall Street finish; STI up 0.7%

THE Singapore market finished higher on Thursday (Sep 8), following solid gains overnight on Wall Street as investors shrugged off hawkish comments from Federal Reserve officials.

However, regional bourses turned in a mixed showing.

The Straits Times Index (STI) rose 0.7 per cent or 22.78 points to end at 3,233.61. Gainers outnumbered losers 278 to 197, with 1.33 billion securities worth S$1.04 billion changing hands.

Some Asian markets also rebounded from Wednesday’s losses. South Korea’s Kospi climbed 0.3 per cent, while Japan’s Nikkei 225 jumped 2.3 per cent.

In China, however, the Shanghai Composite Index fell 0.3 per cent, while the Shenzhen Composite Index on China’s second exchange lost 0.9 per cent. Hong Kong’s Hang Seng Index closed 1 per cent lower.

Craig Erlam, senior market analyst at Oanda, said that Asia appears to have missed out on the midweek rebound and China’s zero-Covid strategy may be to blame.

“The country announced an extension of the lockdown in Chengdu which exacerbated fears of an economic slowdown in China as it continues to push back against the yuan decline, support the property market and boost domestic demand. Clearly, the impact of its Covid stance stretches beyond its own borders and today, it appears to be taking a toll on regional markets,” he said.

Among STI constituents, Sembcorp Industries was the top decliner, dropping 0.9 per cent or S$0.03 to S$3.40. This comes after the counter rose sharply earlier in the week following the announcement of the sale of its India coal power plant.

Jardine C&C was the STI’s top performer, rising 2.6 per cent or S$0.87 to S$34.22.

SEE ALSO

Singapore shares extend US gains on Thursday; STI up 0.6%

In the broader market, Ascott Residence Trust saw huge gains, ending 3.8 per cent or S$0.04 higher at S$1.10.