Singapore stocks rise amid mixed regional sentiment; STI up 0.7%
SINGAPORE shares ended higher on Tuesday (Apr 9) amid a mixed showing by other indices in the region, with the Straits Times Index (STI) rising 0.7 per cent or 21.53 points to 3,237.52.
Across the broader market, gainers beat losers 382 to 210, after 1.6 billion securities worth S$979.9 million changed hands.
Regional markets closed mixed. Japan’s Nikkei 225 gained 1.1 per cent while Hong Kong’s Hang Seng Index rose 0.6 per cent. Meanwhile, South Korea’s Kospi fell 0.5 per cent and the Kuala Lumpur Composite Index slipped 0.4 per cent.
Abrdn investment director of Asian equities Elizabeth Kwik said that investors are still cautious as they wait for more meaningful and sustainable recovery to come through.
“We are seeing incremental improvements in the economy – export numbers are beating market expectations, thanks to the overseas inventory cycle and China’s manufacturing advantage. The recently released purchasing managers’ index number in March also pointed to a better-than-expected recovery in the manufacturing sector,” she added.
Kwik said that more material policy support in China via larger-than-expected fiscal spending, and more support for the property market would “go a long way” to improving sentiment.
“It is clear, however, from last month’s National Congress that the government intends fiscal support to be disciplined.”
On the STI, Jardine Cycle & Carriage came in at the top of the table. The counter rose 4.9 per cent or S$1.21 to S$26.11. Yangzijiang Shipbuilding was at the bottom, falling 1.1 per cent or S$0.02 to S$1.84.
The trio of banks all ended in the black. UOB gained 0.9 per cent or S$0.25 to S$29.62, DBS rose 0.7 per cent or S$0.24 to S$35.79, while OCBC climbed 0.6 per cent or S$0.08 to S$13.81.
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