Singapore stocks rise on Monday amid regional gains; STI up 0.3%
Raphael Lim
SINGAPORE stocks climbed higher on Monday (Dec 5), tracking gains in major regional markets amid positive sentiment over reopening prospects in China.
The benchmark Straits Times Index (STI) rose 0.3 per cent or 8.4 points to close at 3,267.54.
Elsewhere in Asia, Hong Kong shares led regional gains, with the Hang Seng Index jumping 4.5 per cent higher as Chinese authorities eased some Covid-19 measures. The Shanghai Composite Index also rose 1.8 per cent, while key indices in Japan and Australia each closed between 0.2 and 0.3 per cent higher.
Stephen Innes, managing partner at SPI Asset Management, said that Asia stocks “are a completely different beast these days” amid 2023 reopening growth tailwinds. But he added that Asia fundamentals are “not quite as rosy as they seem”, given recession concerns in major global economies.
“Exports, Asia’s main growth engine, will become a drag on activity in the coming year – and a semiconductor downcycle is already on the way,” he said. “China’s recovery will not be sufficient to prevent a significant export slowdown – with the exception of tourism-heavy economies like Thailand.”
On the local bourse, shares of Sats led the gainers on the STI on Monday, climbing 6.4 per cent to close at S$2.84.
Meanwhile, shares of Jardine Matheson Holdings ended at the bottom of the index performance table, after falling 2.1 per cent to close at US$47.85.
Across the broader market, gainers outnumbered losers 400 to 196 after 1.5 billion securities worth S$1.1 billion were traded.
Shares of DBS were the most actively traded by value on Monday, climbing 0.1 per cent to S$34.50 after 3.1 million shares worth S$108.2 million changed hands.
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