Singapore stocks rise amid mixed regional performance; STI up 0.1%

THE Straits Times Index (STI) ended Friday (Sep 22) slightly higher after paring early losses. The STI rose 0.1 per cent or 2.01 points to 3,204.82 at the close.

But the blue-chip gauge was 2.3 per cent lower week on week, after declining three days this week.

Asia-Pacific markets turned in a mixed performance, with the Chinese bourses clocking gains and faring better than their regional counterparts.

The VIX index, which measures stock volatility and is often called the “fear gauge”, rose after hitting its lowest level since 2020 last week, said managing partner of SPI Asset Management, Stephen Innes. He noted that the expected increased volatility over the next few weeks is valid, especially as the October earnings season approaches.

“Earnings season jitters are likely compounding the current higher-for-longer sell-off and encouraging folks to pull even more chips off the table. During this period, companies often announce whether they will surpass or fail to reach their full-year goals; hence, corporate earnings could be viewed as a place-setter and may dictate if there is any Santa rally this year,” Innes said.

Genting Singapore closed 1.2 per cent lower to S$0.85, making it one of the top STI losers.

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UOB dipped 0.1 per cent to S$28.22, DBS inched up 0.1 per cent to S$33.25, while OCBC rose 1 per cent to S$12.61.

Across the broader market, gainers beat decliners 302 to 241, with some 1.3 billion securities worth S$801 million changing hands.