Singapore stocks rise amid mixed regional trading; STI up 0.6%
Across the broader market, gainers outnumber losers 336 to 238 after 2.1 billion securities worth S$3.2 billion change hands
[SINGAPORE] Singapore stocks ended higher on Monday (Nov 24) amid mixed trading in the region.
The benchmark Straits Times Index (STI) gained 0.6 per cent or 27.49 points to finish at 4,496.63. The iEdge Singapore Next 50 Index lost 1.2 per cent or 16.82 points to 1,438.67.
Across the broader market, gainers outnumbered losers 336 to 238, after 2.1 billion securities worth S$3.2 billion changed hands.
Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 2 per cent and the FTSE Bursa Malaysia KLCI rose 0.1 per cent. Meanwhile, South Korea’s Kospi fell 0.2 per cent.
Paul Chew, head of research at Phillip Securities Research, noted several positive news items for the equity market in Singapore.
Singapore “drastically raised” its 2025 gross domestic product growth forecast to around 4 per cent from 1.5 to 2.5 per cent, as manufacturing was more resilient than expected, and retail and accommodation picked up pace.
Chew also noted the announcement of the second batch of asset managers for the Equity Market Development Programme.
The liquidity is “focused on small and mid-cap stocks, thereby providing a boost to valuations”, he said.
“We think the recent weakness is a buying opportunity before liquidity and momentum build back up for small mid-cap stocks,” Chew added.
Leading gains on the STI was Jardine Matheson Holdings , which rose 8.7 per cent or US$5.41 to end Monday at US$67.56.
The worst performer was Singapore Exchange , which fell 1.1 per cent or S$0.18 to close at S$16.54.
The three local banks had a mixed showing. OCBC rose 0.1 per cent or S$0.01 to S$18.08 and UOB was up 0.1 per cent or S$0.04 at S$33.89. DBS finished 0.5 per cent or S$0.29 lower at S$53.38.
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