Singapore stocks rise amid regional rally; STI up 0.4%

SINGAPORE shares ended higher amid a broader regional rally, with the blue-chip barometer Straits Times Index (STI) rising 0.4 per cent or 12.35 points to 3,235.01 on Thursday (Apr 4).

Across the broader market, gainers beat losers 226 to 174, after 1.07 billion securities worth S$1 billion changed hands.

Regional indices were in the black on Thursday. Japan’s Nikkei 225 gained 0.8 per cent and South Korea’s Kospi rose 1.3 per cent. The Hong Kong market was closed for a holiday.

Over in the US, investors may be having some doubts about whether the Federal Reserve will cut rates as expected with economic data remaining firm.

On Wednesday, UOB analysts said: “Amid the ‘bumpy’ ride in inflation and the latest string of stronger-than-expected US macro figures like the March ISM, investors have started to question whether the Fed is indeed able to start rate cuts in June and whether it will be able to deliver the three cuts this year.”

Still, the macroeconomic team continues to expect three cuts of 25 basis points each from the Fed this year, starting from June.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

“Subsequent inflation and job market figures for the months of April and May will be critically important in terms of data dependency,” they added.

On the STI, Sembcorp Industries : U96 0% was the top performer, gaining 2.8 per cent or S$0.15 to S$5.53.

Meanwhile, DFI Retail Group : D01 0% came in at the bottom of the table. It shed 1.9 per cent or US$0.04 to US$2.06.

The trio of banks closed mixed on Thursday. OCBC : O39 0% gained 1.2 per cent or S$0.16 to S$13.76, while DBS : D05 0% climbed 0.6 per cent or S$0.23 to S$36.32. However, UOB : U11 0% fell 0.2 per cent or S$0.07 to S$29.46.