STI up 0.4%, as Asia tracks Wall Street gains
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Wong Pei Ting
THE Singapore market closed higher on Thursday (Aug 25), tracking Wall Street’s slight rebound overnight following a three-day losing streak in anticipation of a speech by US Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium on Friday.
Its benchmark Straits Times Index (STI) rose 0.4 per cent or 14.32 points to 3,247.8. Gainers far outnumbered losers 321 to 187 in the broader market, with 1.5 billion shares worth S$914.5 million changing hands.
Regional markets closed higher as well. Major indices in Japan, South Korea and Australia rose by between 0.6 and 1.2 per cent. Hong Kong’s Hang Seng Index climbed 3.6 per cent from a rise among tech stocks after trading was halted due to a typhoon warning.
IG market strategist Yeap Jun Rong said Wall Street’s rebound reinforces the stance that the recent push back against a dovish pivot from Fed members has been largely priced. He had expected some muted moves in the Asia session as market participants looked towards the Jackson Hole Symposium for more clues on Fed’s policy outlook.
Among STI constituents, Mapletree Pan Asia Commercial Trust, which fell 1.6 per cent or S$0.03 to S$1.86, was the biggest loser. Trailing behind was Jardine Matheson, which slid 1.3 per cent to US$51.36.
OCBC snapped its 3-day losing streak and climbed 0.9 per cent to reach S$12.10. The other 2 local banks also traded higher. UOB gained 0.6 per cent to hit S$27.51, and DBS rose 0.5 per cent to hit S$33.
The session’s biggest winner was Sembcorp Industries, which climbed 2.7 per cent or S$0.09 to close at S$3.39.
In the broader market, Marco Polo Marine was the most actively traded counter by volume for a second day running. It closed up 5.6 per cent at S$0.038 after 131.2 million of its shares worth S$4.9 million changed hands.
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