Singapore stocks close higher; STI up 0.6%

[SINGAPORE] Singapore stocks ended higher on Thursday (Jun 11).

The benchmark Straits Times Index (STI) gained 0.6 per cent or 29.25 points to finish at 4,988.10.

Yangzijiang Shipbuilding led the gainers on Singapore’s blue-chip index, rising 3 per cent or S$0.10 to S$3.47.

The worst performer among STI constituents was Hongkong Land , which fell 0.8 per cent or US$0.06 to close at US$7.19.

The three local banks all ended higher. DBS gained 1.2 per cent or S$0.77 to S$62.60, OCBC rose 0.5 per cent or S$0.11 to S$23.34, and UOB was up 0.5 per cent or S$0.18 at S$38.06.

Within the iEdge Singapore Next 50 Index, First Resources was the top gainer, rising 9.9 per cent or S$0.27 to S$2.99, while Digital Core Reit was the biggest decliner, falling 3 per cent or US$0.015 to end the session at US$0.485.

Across the broader market, gainers outnumbered losers 298 to 274, after 1.6 billion securities worth S$2.1 billion changed hands.

Key regional indices ended mixed.

Hong Kong’s Hang Seng Index lost 0.7 per cent, while Japan’s Nikkei 225 rose 0.1 per cent, South Korea’s Kospi was up 0.4 per cent and the FTSE Bursa Malaysia KLCI advanced 0.03 per cent.

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Jose Torres, senior economist at Interactive Brokers, said that markets are still seeing a sell-off as worries about artificial intelligence capital expenditure continue.

This comes “even after a core consumer price index miss strengthened hopes that price pressures from the energy shock might be contained”, he noted.

“While the 4.2 per cent result was in line with projections, it couldn’t soothe investors’ fears ahead of (US Federal Reserve) chair Kevin Warsh’s first meeting at the central bank’s helm next week.”

This article has been written with the assistance of AI and reviewed by a reporter