Singapore stocks end higher on recovery optimism; STI up 0.3%

THE Straits Times Index (STI) rose 0.3 per cent or 8.60 points to 3,271.51 on Wednesday (Jan 11).

In the wider Singapore market, gainers outnumbered losers 275 to 243, with 1.2 billion securities worth S$1.1 billion changing hands.

Most key Asian markets also closed higher. Hong Kong’s Hang Seng, Japan’s Nikkei 225, South Korea’s Kospi and the FTSE Bursa Malaysia KLCI rose between 0.2 per cent and 1 per cent.

SPI Asset Management managing partner Stephen Innes said: “Many investors are starting to believe China’s reopening could be faster than expected on pent-up demand, a robust economic rebound and fewer supply constraints.”

The top performer on Singapore’s blue-chip index was Yangzijiang Shipbuilding : BS6 0%, which clawed back some of its losses earlier this year. The counter climbed 3.4 per cent or S$0.04 to close at S$1.22 on Wednesday, but is still down 10.3 per cent in the year to date.

At the bottom of the table was Jardine Matheson Holdings : J36 0%, which lost 1.3 per cent or US$0.65 to US$50.35.

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Jardine Cycle & Carriage : C07 0%, part of the Jardine Matheson Group, was also among the biggest STI losers. The counter fell 1.2 per cent or S$0.35 to S$28.16.

The most heavily traded counter among the constituent stocks was Genting Singapore : G13 0%, which closed 1 per cent or S$0.01 higher at S$0.99, with 63 million shares traded.

The trio of local lenders were mostly higher. DBS : D05 0% added 0.2 per cent or S$0.08 to end at S$34.64, while OCBC : O39 0% rose 1.1 per cent or S$0.14 to S$12.68. UOB : U11 0% dipped 0.03 per cent or S$0.01 to finish at S$30.09.