Singapore stocks extend gains, tracking Wall St strength; STI up 0.6%

THE Straits Times Index (STI) added 0.6 per cent or 19.67 points to close at 3,165.50 on Wednesday (Nov 9), tracking a rally on Wall Street as major US indices gained for the third consecutive day.

In the broader Singapore market, gainers outnumbered losers 323 to 213, with 1.6 billion securities worth S$1.1 billion traded.

Amid a largely quiet economic calendar, IG market strategist Yeap Jun Rong said optimism surrounding a potential gridlock in the US mid-term elections was “the key focus for now”.

However, most key Asian markets ended lower, as China’s producer price index fell 1.3 per cent year on year in October, pushing it into negative territory for the first time since December 2020.

Hong Kong’s Hang Seng Index fell 1.2 per cent, Japan’s Nikkei 225 lost 0.6 per cent and the Shanghai Composite Index shed 0.5 per cent. Meanwhile, South Korea’s Kospi climbed 1.1 per cent, extending gains for the fourth day in a row on the back of a stronger won.

“Once again, the data could reflect the lacklustre demand conditions in China and suggest that more supportive policies can potentially be in place, although an economic reopening will still be the highest-conviction catalyst looked upon by markets,” Yeap said.

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Data centre-focused Keppel DC Reit was the top performer among Singapore’s blue-chip stocks on Wednesday, gaining 3.5 per cent or S$0.06 to end at S$1.76.

At the bottom of the table was Hongkong Land – part of the Jardine Matheson Group – which fell 1.2 per cent or US$0.05 to US$4.13.

Jardine Matheson Holdings was the only other decliner on the STI, falling 0.2 per cent or US$0.08 to US$47.52.

Yangzijiang Shipbuilding was the most heavily traded STI stock for the second consecutive day, closing flat at S$1.28 after 38 million shares changed hands.

The trio of local lenders all ended higher. DBS edged up 0.2 per cent or S$0.08 to S$34.67, UOB climbed 1 per cent or S$0.29 to S$29.14, and OCBC added 0.8 per cent or S$0.10 to end at S$12.25.