Singapore stocks rise amid mixed regional showing; STI up 1%
Yong Jun Yuan
THE Straits Times Index (STI) rose 1 per cent or 30.52 points to 3,083.88 as local stocks broke a four-day losing streak on Tuesday (Oct 24).
Across the broader market, gainers beat losers 336 to 275 after 1.2 billion securities worth S$900.6 million changed hands.
Major markets in the region were mixed. Japan’s Nikkei 225 index rose 0.2 per cent and South Korea’s Kospi climbed 1.1 per cent, while Hong Kong’s Hang Seng Index shed 1.1 per cent.
Saxo market strategist Charu Chanana noted that after briefly breaching 5 per cent, US 10-year Treasury yields fell to close at 4.85 per cent after bearish comments from well-known investors Bill Ackman and Bill Gross.
Overnight, Ackman tweeted that he had covered his shorts in bonds as there was “too much risk in the world”, and that the economy is “slowing faster than recent data suggests”.
Meanwhile, Gross said that he was buying Secured Overnight Financing Rate interest rate futures as he anticipates a recession by the end of the year.
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Chanana added that Saxo continues to see value in shorter-term US Treasuries. Her comments came ahead of an auction of US$51 billion in two-year notes that was expected to take place on Tuesday.
On the STI, Singtel was the biggest gainer, rising 3.5 per cent or S$0.08, to S$2.39.
The trio of banks was also in the black.
UOB gained 0.2 per cent, or SS$0.04, to S$27.66. DBS gained 0.4 per cent, or S$0.14, to S$33.15. OCBC rose 0.5 per cent, or S$0.06, to S$12.77.
Meanwhile, Hongkong Land was the only STI counter in the red. It shed 2.5 per cent, or US$0.08, to US$3.17.
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