Singapore stocks rise amid subdued regional trading; STI up 0.5%

THE Straits Times Index (STI) gained 0.5 per cent or 14.3 points to 3,174.18 on Wednesday (Aug 23), as regional counters traded within narrow ranges.

Across the broader market, gainers beat losers 318 to 242 after one billion securities worth S$824.1 million changed hands.

IG market analyst Yeap Jun Rong noted that overnight, US two-year yields edged above 5 per cent, while 10-year yields continued to consolidate around a 16-year high.

“Elevated US yields and the weaker handover from Wall Street may put on some wait-and-see in the region in the lead-up to Nvidia’s result release today,” he said. He added that this “may determine if the artificial-intelligence hype and tech rally can find another round of invigoration”.

Regional indices were mixed on Wednesday. Japan’s Nikkei 225 climbed 0.5 per cent, while the Hang Seng Index gained 0.3 per cent and South Korea’s Kospi fell 0.4 per cent.

Singapore on Wednesday posted lower headline and core inflation rates in July, largely in line with economists’ estimates. Core inflation for the month stood at 3.8 per cent year on year, while headline inflation was 4.1 per cent year on year.

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On the STI, Mapletree Pan Asia Commercial Trust was the top gainer. Its units rose 2 per cent or S$0.03 to close at S$1.53.

Meanwhile, DFI Retail Group landed at the bottom of the index table, shedding 1.3 per cent or US$0.03 to US$2.34.

The three local banks ended Wednesday in the black. Gains were led by UOB , which rose 0.9 per cent or S$0.24 to S$28.08. OCBC rose 0.6 per cent or S$0.07 to S$12.32, and DBS climbed 0.4 per cent or S$0.14 to S$32.80.