Singapore stocks climb amid mixed regional trading; STI up 0.1% 

SINGAPORE stocks rose on Thursday (Dec 21) amid a mixed regional showing as investors appeared to take profit after two weeks of strong gains.

The benchmark Straits Times Index (STI) climbed 0.1 per cent or 4.47 points to 3,112.5. Across the broader market, gainers beat losers 265 to 231, after 1.1 billion securities worth S$759.6 million changed hands.

Major markets in Asia were mixed. Hong Kong’s Hang Seng Index edged up 0.04 per cent, while Japan’s Nikkei 225 fell 1.6 per cent and South Korea’s Kospi composite index shed 0.6 per cent.

Stephen Innes, managing partner at SPI Asset Management, said that US futures show signs of recovery following an unexpected sell-off overnight, which was attributed to perceptions that equities were overbought.

Meanwhile, Saxo Greater China market strategist Redmond Wong noted that investors may have been looking to book profits after a two-week streak of gains.

This is despite a fall in Treasury yields, with the 10-year yield declining to levels last seen in July at 3.85 per cent.

Wong added that the US Conference Board’s consumer confidence index as well as US existing home sales exceeded expectations.

On the STI, Seatrium was the top gainer for the second day in a row, rising 2.7 per cent or S$0.003 to S$0.113.

Meanwhile, DFI Retail Group was at the bottom of the table. It fell 0.9 per cent or US$0.02 to US$2.19.

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The trio of banks was mixed. DBS gained 0.4 per cent or S$0.14 to S$31.67, while OCBC fell 0.2 per cent or S$0.02 to S$12.43 and UOB shed 0.3 per cent or S$0.08 to S$27.44.