Singapore stocks rise as regional bourses rally; STI up 1.2%
Navene Elangovan
SINGAPORE stocks closed higher on Monday (Nov 6), tracking rallies across regional bourses.
The Straits Times Index (STI) rose 1.2 per cent or 36.87 points to close at 3,180.53.
Across the broader market, gainers outnumbered losers 403 to 233, after 1.5 billion securities worth S$1.1 billion changed hands.
Shares of Seatrium were the most actively traded by volume for the day. The counter closed flat at S$0.112, after 176.1 million shares worth S$19.6 million were traded.
The biggest gainer on the STI was DFI Retail Group Holdings , which gained 5.3 per cent or US$0.12 to close at US$2.40. The food and retail company had also risen the most last Friday.
The biggest loser within the STI was ST Engineering , which fell 0.8 per cent or S$0.03 to S$3.88.
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Major markets in the region also ended higher, with South Korea’s Kopsi, the Tokyo Nikkei 225 and Hong Kong’s Hang Seng index posting gains, tracking the rally on Wall Street last Friday. The S&P 500 had risen 5.9 per cent last week, marking its best weekly performance in 2023.
Stephen Innes, the managing partner of SPI Asset Management, said that stocks are “somewhat overshadowed” as all attention is currently focused on the bond market ahead of this week’s US Treasury auction.
“Equities are playing second fiddle as Treasury bonds are unquestionably the primary drivers, with the S&P 500 merely tagging along for the ride,” said Innes.
He added that the rapid and substantial rally in the bond market, initiated by the Treasury’s refunding announcement, allowed US stocks to register their “most impressive” performance in a year.
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