Singapore stocks rise amid tepid trading in Asia; STI up 0.4%

THE Straits Times Index (STI) climbed 0.4 per cent or 13.02 points to close at 3,205.14 points on Wednesday (Jul 27) as investors held their breath ahead of a key United States Federal Open Market Committee (FOMC) meeting tonight.

Across the broader market, gainers beat losers 226 to 183 with 1.10 billion shares worth S$786 million changing hands.

98 of 102 economists polled by Reuters between Jul 14 and Jul 20 expect the US Federal Reserve to hike interest rates by 75 basis points at the end of the meeting.

Said IG market strategist Yeap Jun Rong: “The wait-and-see sentiments could also play out as market participants refrain from taking on excessive risks ahead of the key FOMC meeting outcome.”

Across the region, Japan’s Nikkei 225 rose 0.2 per cent, South Korea’s Kospi rose 0.1 per cent, the Jakarta composite index rose 0.4 per cent and the Kuala Lumpur composite index rose 0.5 per cent. On the other hand, Hong Kong’s Hang Seng index declined 1.1 per cent.

The biggest gainer on the Straits Times Index was Yangzijiang Shipbuilding , which gained 3.9 per cent or S$0.04 to close at S$0.94. It was also the most heavily traded stock by volume, with 26.7 million shares worth S$24.82 million traded.

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DFI Retail Group was at the bottom of the table, shedding 1.7 per cent or US$0.05 to close at US$2.91.

The trio of banks were in the black on Wednesday. UOB climbed 0.9 per cent or S$0.26 to close at S$28, while DBS gained 0.7 per cent or S$0.21 to close at S$31.65 and OCBC closed unchanged at S$11.60.