Singapore stocks begin week on more upbeat note, STI up 0.8%
Uma Devi
LOCAL traders shrugged off concerns over the turmoil in the banking sector and broader inflationary pressures on Monday (Mar 27), focusing instead on opportunities in the market.
The benchmark Straits Times Index ended the first trading day of the week with a gain of 0.8 per cent or 26.39 points to 3,239.03. Daily turnover came in at about 1.6 billion securities worth a collective S$1 billion, with advancers narrowly beating out decliners 297 to 282.
Across the region, a number of stock markets ended the day in the red. The Hang Seng Index shed 1.8 per cent, while the Bursa and Kospi each lost 0.2 per cent. The SSE Composite Index also fell 0.4 per cent. The Nikkei 225, however, added 0.3 per cent.
Stephen Innes, managing partner at SPI Asset Management, said: “So far, it’s been comparatively calm in markets to start the week as investors better understand the problems facing American banks today are not remotely similar to the subprime mortgage crisis when underwater borrowers defaulted on loans en masse.”
“The good news for markets is the Federal Open Market Committee moves less gradually during recessions,” he added. “If things got ugly, one could expect the Fed to cut twice the speed of the distance effectively travelled to hike.”
Jardine Matheson Holdings was the biggest gainer on the Singapore bourse by value, rising 1.1 per cent or US$0.51 to US$48.17.
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Electric-vehicle player Nio was the biggest decliner, shedding 1.5 per cent or US$0.14 to US$9.10.
Genting Singapore was an actively traded stock, rising 1.9 per cent or S$0.02 to S$1.10 with 42.4 million shares traded.
Maybank had on Monday said that Genting Malaysia could recognise a gain of RM2.9 billion (S$873.1 million) if the sale of its prime waterfront property in Miami goes through at a price tag of US$1 billion. Genting Singapore is an indirect subsidiary of Genting Malaysia.
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