Singapore stocks rise 0.1% on Tuesday ahead of US inflation data

SINGAPORE stocks closed slightly higher on Tuesday (Mar 12) amid mixed trading in regional markets as investors awaited the release of US inflation data.

The benchmark Straits Times Index (STI) climbed 0.1 per cent or 3.05 points to close at 3,141.47.

Jardine Matheson led the index gainers, rising 4.5 per cent to close at US$40.84. Other top gainers for the day included Thai Beverage and CapitaLand Investment, which rose 2 per cent and 1.5 per cent respectively.

Yangzijiang Shipbuilding was the top index decliner, falling 3.7 per cent to S$1.80.

Across the broader market, gainers outnumbered losers 338 to 232 after 1.5 billion securities worth S$981.5 million changed hands.

Outside of the STI, shares of ComfortDelGro were among the most actively traded by value, with 8.4 million shares worth S$11.5 million changing hands. The counter rose 0.7 per cent to S$1.37. DBS Group Research on Monday maintained its “buy” rating on the counter with a higher target price of S$1.80.

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Elsewhere in the region, key indices in Australia, South Korea and Hong Kong rose between 0.1 and 3.1 per cent. However, the Nikkei 225 in Japan and Shanghai Composite slipped 0.1 and 0.4 per cent respectively, tracking overnight losses on the S&P 500 and Nasdaq Composite Index.

Charu Chanana, head of FX strategy at Saxo, noted that equity sentiment is starting to falter following strong gains from large tech stocks since the start of the year.

“The US (consumer price index) release... is also making markets jittery. Any risk of a hot February inflation will seriously question the disinflation trends, and potentially shift the Fed expectations in a hawkish manner,” she added.