Singapore stocks end higher amid mixed regional trading; STI up 0.6%
Tan Nai Lun
SINGAPORE stocks ended higher on Friday (Dec 1), amid mixed trading in the region. The benchmark Straits Times Index (STI) gained 0.6 per cent or 17.32 points to 3,090.31.
Gainers outnumbered losers 300 to 273, after one billion securities worth S$898 million changed hands.
Venture Corp was one of the top gainers on the STI, rising 3.9 per cent or S$0.49 to S$13.02.
The tech manufacturer on Thursday said it is planning to purchase up to 10 million of its ordinary shares under its share-buyback plan, which was authorised by the board on Nov 29.
Across the broader market, Golden Agri-Resources traded actively, with 9.9 million shares worth S$2.6 million changing hands. The counter closed flat at S$0.265.
On Thursday, the palm oil company was added to the STI reserve list, following the December quarterly review. Stocks on the reserve list will replace any constituent stocks that become ineligible as a result of corporate actions before the next review.
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For the week, the STI was down 0.2 per cent.
Across the region, key indices saw mixed trading on Friday. The Nikkei 225 fell 0.2 per cent, the Hang Seng Index fell 1.3 per cent, while the Kospi Composite Index was down 1.2 per cent.
Meanwhile, the FTSE Bursa Malaysia KLCI Index gained 0.3 per cent.
Stephen Innes, managing partner at SPI Asset Management, noted that November has set a positive tone for risk assets, amid a more favourable inflation trajectory, an easing job market and expectations of interest rate cuts.
“The crucial question now revolves around the timing of policy adjustments, raising concerns about whether the central bank might act too early or too late in response to these economic developments,” Innes said.
Innes saw “no reason” to pare back expectations for rate cuts in 2024, although he conceded that the market’s dovish tilt in November may have caused some asset prices to overshoot.
“This is where a small dose of financial conditions reflexivity comes in. Yields are shifting slightly higher until the next set of US data confirms more can board the Fed’s lower glide path,” he added.
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