Singapore stocks climb on Monday amid mixed regional trading; STI up 0.3%

SINGAPORE stocks closed higher on Monday (Jun 12) amid mixed trading in the region as investors awaited decisions from global central banks meetings later this week.

The benchmark Straits Times Index (STI) rose 0.3 per cent or 9.10 points to close at 3,196.07.

Shares of Hongkong Land led the STI gainers on Monday, with the counter climbing 1.4 per cent to close at US$4.24. Other top performers include Mapletree Pan Asia Commercial Trust and DBS, which rose 1.2 and 1.1 per cent respectively.

ThaiBev finished at the bottom of the index performance table, having slipped 1.7 per cent to close at S$0.565.

Across the broader market, gainers outnumbered losers 266 to 226, with 1.3 billion securities worth S$829.7 million traded.

Shares of Singapore Airlines were the most actively traded by value on Monday. The counter rose 0.7 per cent to close at S$7.30 after 11 million shares worth S$79.8 million were traded.

Elsewhere in the region, the Hang Seng Index in Hong Kong rose 0.1 per cent, while Japan’s Nikkei 225 ended 0.5 per cent higher. The Shanghai Composite slipped 0.1 per cent, and South Korea’s Kospi fell 0.4 per cent.

Stephen Innes, managing partner at SPI Asset Management, noted that investors would be watching for the US Federal Reserve’s meeting on Wednesday, and how hawkish the committee’s stance is.

“Most expect the Fed to skip a hike this Wednesday,” he said. “However, the meeting statement, summary of economic projections and chair (Jerome) Powell’s press conference will garner the bulk of the attention, which should skew hawkish, signalling the likely need for further policy tightening as soon as the Jul 26 meeting.”

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Some of the hawkish expectations are already priced into market forecasts, he added. “There should be minimal downside pressure on equities from Powell delivering a hawkish message in the presser, unless he goes well over the top.”