Singapore stocks end Tuesday with stronger showing amid global market rally
Uma Devi
LOCAL shares closed Tuesday (Oct 10) with a solid rally, as investors around the world took to equity markets with renewed optimism after the initial shocks of the Israeli conflict.
The benchmark Straits Times Index finished the trading day with a gain of 1 per cent or 32.56 points to 3,199.07. Across the broader market, advancers far outpaced decliners 369 to 227. Daily turnover came in at 1.1 billion securities worth some S$809.7 million.
Looking ahead, Saxo market strategist Charu Chanana said Federal Reserve members are turning “less hawkish”. The focus of markets is also shifting to inflation data this week, which could continue to fuel the higher-for-longer narrative, she said.
“After jobs and geopolitics, focus may also be turning to US inflation numbers due this week. Bear steepening of the yield curve in the recent weeks suggests that markets are still more concerned about inflation remaining high in the long run than the risk of a recession in the near term,” she added.
Most markets in Asia ended the day in the black, taking their cue from a rebound on Wall Street. The Hang Seng Index rose 0.8 per cent, the Nikkei 225 was up 2.4 per cent, and the Bursa advanced 1.3 per cent. The Kospi, however, lost 0.3 per cent.
On the local bourse, DBS was the top gainer – up 1.2 per cent or S$0.39 at S$33.97.
The other two lenders were also among the biggest gainers for the day. UOB rose 1 per cent or S$0.29 to S$28.56, while OCBC gained 0.9 per cent or S$0.12 to S$13.00.
Nio was the biggest loser for the day, shedding 1.1 per cent or US$0.09 to US$8.49. Venture Corporation was another notable decliner, falling 0.6 per cent or S$0.07 to S$12.27.
Seatrium , Thai Beverage and Rex International were the most heavily traded counters for the day.
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