Singapore stocks rise as Asian markets close higher on Friday; STI up 0.3 per cent
SINGAPORE stocks rose on Friday (Dec 9), tracking a broader rally in Asian markets.
The benchmark Straits Times Index (STI) rose 0.3 per cent or 9.89 points to close at 3,245.97. However, the positive end to the week wasn’t sufficient to erase earlier losses, and the market barometer was still down 0.4 per cent from last Friday’s close.
Elsewhere in Asia, markets also broadly closed higher, following overnight gains on Wall Street. Key indices in Japan, Shanghai, Hong Kong and South Korea rose between 0.3 and 2.3 per cent, as investors looked ahead to key inflation data and the US Federal Reserve’s meeting next week.
“We are more confident about a downshift in rate hike magnitude to 50 basis points this December, but less certain of the terminal rate,” UOB Global Economics and Markets Research analysts said in a note, adding that the focus would be on the Fed’s guidance on the new indicative range for the terminal rate.
Across the broader Singapore market, gainers outnumbered decliners 308 to 207 after 1.3 billion securities worth S$1 billion were traded.
Sats led the STI gainers on Friday, climbing 4.8 per cent to close at S$3.03. It was also one of the top gainers for the week, rising 13.5 per cent from last Friday’s close.
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Hong Kong-headquartered DFI Retail Group finished at the top of the index performance table for the week, gaining 15.4 per cent over the five trading days.
Meanwhile, shares of Singapore Airlines, which were trading on an ex-dividend basis, fell 1.3 per cent on Friday to close at S$5.49, the worst STI performer for the day.
Yangzijiang Shipbuilding was the biggest decliner on the index for the week, falling 4.9 per cent since last Friday’s close.
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