Singapore shares rise amid mixed regional trading on Thursday; STI up 0.2%
Tan Nai Lun
SINGAPORE shares ended higher on Thursday (Sep 28), amid mixed trading in the region.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 6.96 points to 3,206.99. Across the broader market, losers outnumbered gainers 293 to 281, after 1.3 billion securities worth S$920 million changed hands.
Regional indices were largely in the red on Thursday. The Hang Seng Index fell 1.4 per cent, the Nikkei 225 lost 1.5 per cent, and the FTSE Bursa Malaysia KLCI Index declined 0.4 per cent.
Meanwhile, the IDX Composite rose 0.2 per cent. South Korean markets are closed for Mid-Autumn Festival on Thursday and Friday.
IG market analyst Yeap Jun Rong noted that the relatively quiet economic calendar on Thursday may have led to more subdued sentiments, while reservations on risk-taking may continue to revolve around developments in China’s property sector.
He also noted that market participants are buying into the narrative that high interest rates will linger for longer.
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“Perhaps one to watch over the medium term is an eventual un-inversion of the 10-year and two-year US Treasury yield spread, which tends to precede a recession on the past four occasions,” Yeap said.
On the STI, Hongkong Land was the top gainer, rising 4 per cent or US$0.14 to US$3.61.
Frasers Logistics and Commercial Trust was the biggest decliner, falling 2.8 per cent or S$0.03 to S$1.06.
The trio of local banks ended higher on Thursday. DBS rose 0.2 per cent or S$0.07 to S$33.50; UOB increased 0.1 per cent or S$0.04 to S$28.28; while OCBC gained 0.4 per cent or S$0.05 to S$12.80.
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