Singapore stocks rise as oil prices spike; STI up 1.2%

[SINGAPORE] Singapore stocks ended higher on Thursday (Jul 9).

The benchmark Straits Times Index (STI) gained 1.2 per cent or 64.31 points to finish at 5,433.88.

Singapore Exchange led the gainers on Singapore’s blue-chip index, rising 2.5 per cent or S$0.61 to S$24.62.

The worst performer among STI constituents was Singapore Airlines (SIA), which fell 2 per cent or S$0.16 to S$7.68.

Oil prices rose to their highest level in more than two weeks after US President Donald Trump threatened further action against Iran to ensure the Strait of Hormuz remains open to shipping.

SIA counts fuel as its largest cost component.

Maybank chief FX specialist Saktiandi Supaat noted that oil prices “continued to push up higher” on Wednesday.

Still, he added that Brent “failed to break the US$80 resistance decisively, which at this point makes the prices still manageable for the world economy”.

The three local banks ended higher on Thursday. DBS gained 1.6 per cent or S$1.13 to S$70.23, OCBC rose 2 per cent or S$0.53 to S$27.32, and UOB was up 2.3 per cent or S$1.01 at S$44.34.

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Within the iEdge Singapore Next 50 Index, PC Partner was the top gainer, rising 4.5 per cent or S$0.11 to S$2.57.

SIA Engineering was the index’s biggest decliner, falling 2 per cent or S$0.07 to S$3.37.

Across the broader market, gainers outnumbered losers 332 to 237, after 1.2 billion securities worth S$2.1 billion changed hands.

Key regional indices were mixed. Japan’s Nikkei 225 rose 1.4 per cent and South Korea’s Kospi was up 0.6 per cent. Meanwhile, Hong Kong’s Hang Seng Index lost 0.7 per cent and the FTSE Bursa Malaysia KLCI declined 0.4 per cent.

This article has been written with the assistance of AI and reviewed by a reporter