The Business Times

Singapore stocks shrug off weak China trade data to inch up on Tuesday; STI up 0.1%

Jude Chan
Published Tue, Nov 8, 2022 · 05:58 PM

THE Straits Times Index (STI) edged up 0.1 per cent or 4.52 points on Tuesday (Nov 8) to finish at 3,145.83 points, amid mixed trading in Asia following the “warning signs” of China’s weaker-than-expected trade data for October.

Japan’s Nikkei 225 climbed 1.3 per cent and South Korea’s Kospi gained 1.2 per cent while Hong Kong’s Hang Seng Index fell 0.2 per cent and the FTSE Bursa Malaysia KLCI dipped 0.1 per cent.

In the wider Singapore market, losers outnumbered gainers 288 to 220 with 1.65 billion shares worth S$1.11 billion changing hands.

In US dollar terms, China’s exports in October shrank 0.3 per cent year on year, retreating from a 5.7 per cent gain in September. The contraction came as a surprise to analysts, who had expected a 4.5 per cent growth in a Bloomberg survey.

“It was the first decline in export growth since May 2020, and might point to a turning point of deceleration in exports as the global economy slowed,” said Saxo market strategist Charu Chanana, adding that Asian economic data is “sending some warning signs”.

The top performer among the STI constituents was CapitaLand Investment (CLI), which rose 3.4 per cent or S$0.11 to close at S$3.35.

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At the bottom of the table was Sembcorp Industries (SCI), which fell 3.2 per cent or S$0.10 to S$3.01.

The most actively traded STI counter was Yangzijiang Shipbuilding, which finished 1.6 per cent or S$0.02 higher at S$1.28 with 34.1 million shares traded.

The trio of local banks all finished higher. DBS rose 0.5 per cent or S$0.16 to S$34.59, UOB climbed 1.2 per cent or S$0.35 to S$28.85 and OCBC gained 0.3 per cent or S$0.03 to S$12.15.

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