Singapore stocks end higher on Monday after positive China data; STI up 0.3%

SINGAPORE shares climbed on Monday (Apr 1) after the Good Friday weekend, on the back of data showing that China’s manufacturing activity expanded in March.

The benchmark Straits Times Index (STI) closed at 3,234.89, up 0.3 per cent or 10.88 points.

Across the broader market, advancers outnumbered decliners 258 to 149, with 1.9 billion securities worth S$809.6 million changing hands.

Over the weekend, China’s manufacturing purchasing managers’ index (PMI) from its National Bureau of Statistics entered into expansion territory at 50.8. The Caixin/S&P Global manufacturing PMI hit an 11-month-high in March – 51.1. The 50-point mark separates growth from contraction.

Maybank analysts said the official manufacturing PMI adds to data that points to “a fairly solid first quarter” for China.

“However, it could also put the Chinese government on hold in rolling out bigger monetary and fiscal stimulus to provide an additional much-needed boost to the economy,” they said in a note.

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China markets reacted positively to the news. The Shanghai Stock Exchange Composite Index was up 1.2 per cent, while the Shenzhen Component Index expanded 2.6 per cent. The Hong Kong market was observing a public holiday.

Other regional markets were mixed. The FTSE Bursa Malaysia Kuala Lumpur Composite Index rose 0.5 per cent, and Japan’s Nikkei 225 slid 1.4 per cent. South Korea’s Kospi Composite Index edged up 0.04 per cent.

Back home on the STI, offshore and marine company Seatrium : S51 0% was the top gainer as it climbed 10.1 per cent or S$0.008 to S$0.087. Technology-services provider Venture Corporation : V03 0% was the biggest loser, closing down 1 per cent or S$0.14 to S$14.13.

Two of the three local banking stocks gained ground. UOB : U11 0% was up 0.4 per cent or S$0.13 to S$29.44, and OCBC : O39 0% gained 0.5 per cent or S$0.07 to S$13.56. DBS : D05 0%, however, contracted 0.3 per cent or S$0.12 to S$35.91.