Singapore shares close higher on Thursday; STI up 0.5%
Across the broader market, gainers beat losers 304 to 210, after 1.5 billion securities worth S$1.5 billion change hands
THE benchmark Straits Times Index (STI) closed up 0.5 per cent or 18.66 points at 3,917.06 on Thursday (Mar 6), tracking regional indices.
Across the broader market, advancers outnumbered decliners 304 to 210, after 1.5 billion securities worth S$1.5 billion changed hands.
The trio of local banks closed higher. OCBC rose 0.1 per cent or S$0.02 to S$17.19, DBS was up 0.7 per cent or S$0.34 at S$45.96, and UOB climbed 1.2 per cent or S$0.44 to S$38.60.
The top gainer was Sats, up 2.3 per cent or S$0.07 at S$3.14. Meanwhile, the biggest loser was Seatrium, down 1.4 per cent or S$0.03 at S$2.10.
Across the region, most major indices ended higher, with the Kospi rising 0.7 per cent, Nikkei 225 gaining 0.8 per cent, and Hang Seng surging 3.3 per cent. However, the Bursa Malaysia KLCI slipped 0.4 per cent.
Chinese Premier Li Qiang’s comments at the ongoing National People’s Congress on strengthening the platform economy should provide a near-term boost to the offshore Chinese equities market, noted Louisa Fok, China equity strategist at Bank of Singapore. The Internet and platform industry makes up about a third of the index weight of the MSCI China index.
One of the key areas of focus for the Chinese government includes boosting domestic consumption, which was moved from third last year to top priority this year. Overall economic targets are in line with market expectations, with a gross domestic product growth target of around 5 per cent.
“It is likely that the Chinese government may need to roll out additional policy support to achieve its growth target,” said Fok. However, tariff disputes and US-China tensions will continue to weigh on the Chinese equity markets, which will remain volatile, she added.
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