Singapore stocks gain more ground on Friday as regional peers close mixed

[SINGAPORE] Singapore stocks ended higher on Friday (Nov 28) as regional benchmarks ended the day mixed.

The benchmark Straits Times Index (STI) gained 0.3 per cent or 14.62 points to finish at 4,523.96. Meanwhile, the iEdge Singapore Next 50 Index gained 0.2 per cent or 2.47 points to 1,447.21.

Across the broader market, gainers edged out losers 279 to 217, after 1.2 billion securities worth S$1.2 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index dipped 0.3 per cent; Japan’s Nikkei 225 index gained 0.2 per cent; South Korea’s Kospi fell 1.5 per cent; and the FTSE Bursa Malaysia KLCI lost 0.8 per cent.

SGX led the gainers on Singapore’s blue-chip index, rising 1.6 per cent or S$0.26 to end at S$16.86.

The worst performer among STI constituents was City Developments , falling 1 per cent or S$0.07 to close at S$7.23.

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The three local banks ended higher. DBS gained 0.4 per cent or S$0.20 to S$54.20; OCBC rose 1.3 per cent or S$0.23 to S$18.50; and UOB was up 0.3 per cent or S$0.09 at S$33.98.

As the US markets paused trading for the Thanksgiving holiday, Fed cuts were priced in, leading to equities rallying, said Stephen Innes, managing partner, SPI Asset Management. Japan and South Korea have led Asia higher on the MSCI All Country World Index, which captures large and mid-cap companies in developed and emerging markets.

“Everyone is sprinting towards the same conclusion: the Fed will deliver holiday cheer,” said Innes.