Singapore stocks rebound after two sessions of losses; STI up 0.3%

SINGAPORE shares ended higher on Wednesday (Dec 6), reversing declines at the start of the week.

The Straits Times Index (STI) gained 0.3 per cent or 10.08 points to close at 3,087.24. Across the broader market, gainers outnumbered losers 339 to 223, with 820 million securities worth S$717.6 million changing hands.

Jardine Matheson remained at the top spot as the biggest winner for the day, after its shares rose 2.2 per cent or US$0.87 to US$40.68.

Some of the bourse’s most heavily traded counters also closed higher. Seatrium, which saw more than 144 million shares changing hands during the session, finished 1 per cent or S$0.001 higher at S$0.102.

Meanwhile, Manulife US Reit closed 22 per cent or US$0.013 higher at US$0.072, after 43.1 million units were traded.

It was all positive on the banking front too. DBS ended up 0.1 per cent at S$31.48, UOB rose 0.2 per cent to S$27.29, while OCBC gained 0.1 per cent to S$12.61.

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Regionally, markets ended largely higher, led by gains from Japan’s Nikkei 225. The index climbed 2 per cent to 33,445.90. Hong Kong’s Hang Seng Index advanced 0.8 per cent to 16,463.26. Elsewhere, the ASX 200 finished 1.7 per cent higher at 7,178.40, while the FTSE Bursa Malaysia slipped 0.3 per cent to 1,445.82.

Saxo market strategist Charu Chanana noted that the equities market was mixed, as bonds rose after the US job openings and labour turnover survey missed expectations, and after the European Central Bank said further rate hikes were unlikely.

Crypto enthusiasm over a potential US ETF launch continued, while China markets faced further disappointment after Moody’s cut its outlook, she added.