Singapore shares close higher on Thursday as markets await inflation data

LOCAL shares finished the trading day higher on Thursday (Oct 12), as markets around the world regained their momentum. Traders were, however, keeping a close watch on inflation data from the US, which is set to be released later on Thursday. 

The Straits Times Index gained 0.8 per cent or 25.82 points to cap the trading day at 3,218.69. Across the broader market, advancers far outpaced decliners 385 to 227. Daily turnover came in at 1.3 billion securities worth a collective S$1 billion. 

Other markets in the region also ended the day in the black. The Bursa rose 0.5 per cent; the Kospi gained 1.2 per cent, and the Hang Seng Index added 1.9 per cent. The Nikkei 225 rose 1.8 per cent, while the ASX 200 gained 0.04 per cent. 

SPI Asset Management’s managing partner Stephen Innes said that the higher-for-longer interest rate environment could “weigh on economies and keep markets relatively flat amid the current wide range”. 

“Higher rates may also negatively affect growth through a decline in equity valuations, increased federal interest expenses, and a reduction in unprofitable companies,” he noted. 

On the local bourse, Jardine Matheson Holdings was the top gainer. The counter rose 2.9 per cent or US$1.24 to finish the day at US$44.16. 

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The trio of local lenders were also among the top advancers for the day. DBS rose 0.8 per cent or S$0.28 to S$34.00; UOB added 0.7 per cent or S$0.19 to S$28.69, while OCBC gained 0.6 per cent or S$0.08 to S$13.08. 

Venture Corporation was one of the top decliners for the day, shedding 0.5 per cent or S$0.06 to S$12.28. Wilmar International was another notable decliner, losing 1.3 per cent or S$0.05 to S$3.68. 

Seatrium , Mermaid Maritime and Thai Beverage were among the most actively traded stocks for the day.