Singapore stocks close higher despite regional weakness; STI up 0.3%

SINGAPORE shares rose on Thursday (Dec 8) despite a broader decline across most Asian markets amid a cautious risk environment.

The benchmark Straits Times Index (STI) climbed 0.3 per cent or 10.63 points to close at 3,236.08.

Shares of DFI Retail Group led the index gainers on Thursday, with the counter rising 3.9 per cent to end at US$2.93.

Meanwhile, Yangzijiang Shipbuilding ended at the bottom of the index performance table, falling 2.2 per cent to S$1.35.

DBS was also among the six STI counters that closed in the red, slipping 0.4 per cent to S$33.35. The other local banks, OCBC and UOB, both rose 0.6 per cent.

IG market analyst Yeap Jun Rong noted that the STI has been recently retesting its mid-November low at the 3,230 level.

“Defending this level may be key as any downward break may also validate a recent double-top formation and prompt further downside,” he said.

Across the broader Singapore market, gainers outnumbered losers 304 to 222, after 1.4 billion securities worth S$928.8 million changed hands.

Elsewhere, most regional markets closed in the red as traders continued to grapple with the possibility of recessions in the US and Europe.

SEE ALSO

Hong Kong stocks rally on report city may relax Covid rules

Hong Kong may end outdoor mask rule, relax Covid tests: report

Stephen Innes, managing partner at SPI Asset Management, said: “Markets are leaning very much towards a risk-off bias amidst growing concern about the unhealthy state of the global economy.”

Key indices in Japan, Shanghai, South Korea, Taiwan and Australia fell between 0.1 and 0.7 per cent. However, the Hang Seng Index in Hong Kong bucked the trend with a 3.4 per cent gain, on reports that the city may consider easing more Covid-19 rules.