Singapore shares rise on Wednesday, tracking Wall Street gains

SINGAPORE shares closed higher on Wednesday (Feb 1), tracking overnight gains on Wall Street as investors anticipated that the Federal Reserve would ease its rate-hike path.

Gainers outnumbered losers 331 to 182 on the local bourse, after 1.3 billion securities worth S$1.1 billion changed hands. The Straits Times Index (STI) rose 0.4 per cent or 11.98 points to close at 3,377.65.

Yeap Jun Rong, market analyst at IG, noted that the release of US economic data overnight supported market hopes of the Federal Reserve easing its rate-hike path. For Asia, risk sentiments could tap the positive handover from Wall Street, he added.

However, he noted that the upside could still be somewhat contained, as markets remain cautious ahead of the outcome of the US Federal Open Market Committee meeting.

Indices in the region largely ended Wednesday higher. The Nikkei 225 Index was up 0.1 per cent, the Hang Seng Index rose 1 per cent, and the Kospi Composite Index climbed 1 per cent. The FTSE Bursa Malaysia Index bucked the trend, slipping 0.9 per cent.

In Singapore, the top gainer on the STI was Keppel DC Reit : AJBU 0%, which gained 3.4 per cent to close at S$2.11. The real estate investment trust (Reit) on Tuesday posted a 4.8 per cent year-on-year increase in distribution per unit (DPU) to S$0.05165 for the half-year ended Dec 31, 2022.

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The index’s biggest loser was CapitaLand Integrated Commercial Trust : C38U 0% (CICT), which lost 1.4 per cent to end at S$2.11. Earlier on Wednesday, CICT posted a DPU of S$0.0536 for the second half of last year, up 2.7 per cent year on year.

The trio of local banks saw mixed trading on Wednesday. DBS : D05 0% rose 0.1 per cent to S$35.81, and OCBC : O39 0% gained 0.4 per cent to S$12.98. UOB : U11 0% lost 0.3 per cent to S$29.73.