Singapore stocks rise amid mixed regional showing; STI up 0.9%

SINGAPORE shares ended higher on Wednesday (Mar 6), amid mixed trading in the region.

The benchmark Straits Times Index (STI) was up 0.9 per cent or 29.04 points to 3,136.14.

Across the broader market, gainers outnumbered losers 368 to 232, after 1.5 billion securities worth S$1.2 billion changed hands.

Key indices across the region mostly ended lower. The Nikkei 225 lost 0.02 per cent, the Kospi Composite Index fell 0.3 per cent, the FTSE Bursa Malaysia KLCI was down 0.4 per cent, while the Hang Seng Index gained 1.7 per cent.

Vishnu Varathan, chief economist for Asia excluding Japan at Mizuho Bank, noted that markets are cautious ahead of Federal Reserve chair Jerome Powell’s testimony to the US Senate.

He added that markets are likely waiting to see if risk appetite may be whetted again, especially as Powell is expected to push back on imminent and assured rate-cut bets.

“Arguably, there is room to trade any gaps in expectations or glimmers of hope ex-post. Nevertheless, there is no rush to aggressively extend positioning prior,” he said.

The biggest gainer on the STI was Singapore Airlines (SIA), which rose 2.4 per cent or S$0.15 to S$6.51.

On Tuesday, Singapore’s competition watchdog approved the merger of Tata Group’s Air India and Vistara – Tata’s joint venture with SIA – subject to certain conditions.

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SIA’s budget carrier, Scoot, also said it will start flying to Koh Samui in Thailand and Sibu in east Malaysia, bringing its network to 69 destinations.

Meanwhile, the top decliner was UOL , which fell 1.3 per cent or S$0.07 to S$5.53.

The trio of local banks ended higher. DBS rose 0.6 per cent or S$0.19 to S$33.59, OCBC gained 1.5 per cent or S$0.19 to close at S$13.19, and UOB was up 0.4 per cent or S$0.10 to S$28.25.