Singapore stocks rise as markets cheer US-China trade truce; STI up 0.2%
Across the broader market, losers outnumber gainers 313 to 292, after 1.8 billion securities worth S$1.8 billion change hands
[SINGAPORE] Local stocks ended higher on Tuesday (Oct 28), tracking a rally in US stocks following a trade deal between Washington and Beijing.
The benchmark Straits Times Index (STI) gained 0.2 per cent or 10.06 points to 4,450.36, and the iEdge Singapore Next 50 Index was up 0.7 per cent or 9.76 points at 1,453.35.
Across the broader market, losers outnumbered gainers 313 to 292, after 1.8 billion securities worth S$1.8 billion changed hands.
Charu Chanana, chief investment strategist at Saxo, said the announcement of a framework trade deal between the US and China brought a welcome reprieve after months of escalating rhetoric and tariff threats.
“While the accord stops short of a full reset in US-China relations, it marks a tactical de-escalation that may calm inflation concerns and stabilise sentiment heading into year-end,” she said.
Nevertheless, Chanana expects structural divergence between the US and China will continue to shape global capital flows, supply chains and technology ecosystems.
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“Markets may continue to rally on relief, but sustainable gains will depend on whether both sides can translate this framework into lasting cooperation,” she said.
Wilmar was the STI’s top gainer on Tuesday, rising 3.3 per cent or S$0.10 to S$3.15.
DFI Retail Group , meanwhile, was the biggest decliner, falling 2.6 per cent or US$0.09 to US$3.41.
The three local banks ended higher. DBS gained 0.9 per cent or S$0.48 to S$54.05, OCBC rose 0.3 per cent or S$0.05 to S$16.90, and UOB was up 0.4 per cent or S$0.15 at S$34.94.
Key regional indices ended lower. The Hang Seng Index fell 0.3 per cent, the Nikkei 225 lost 0.6 per cent, the Kospi was down 0.8 per cent, and the FTSE Bursa Malaysia KLCI closed 0.3 per cent lower.
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