Singapore stocks rise in tandem with Asia uplift; STI up 0.1%

[SINGAPORE] Singapore stocks ended higher on Wednesday (May 6).

The benchmark Straits Times Index (STI) gained 0.1 per cent or 6.77 points to finish at 4,927.38.

Venture Corporation led the gainers on Singapore’s blue-chip index, rising 10.9 per cent or S$1.80 to end at S$18.28.

The worst performer among STI constituents was Yangzijiang Shipbuilding , falling 4.2 per cent or S$0.18 to close at S$4.14, as it traded ex-dividend.

The three local banks ended higher. DBS gained 0.5 per cent or S$0.30 to S$58.85, OCBC rose 0.8 per cent or S$0.17 to S$22, and UOB was up 1 per cent or S$0.37 at S$36.65.

Within the iEdge Singapore Next 50 Index, CSE Global was the top gainer, rising 11.8 per cent or S$0.16 to finish at S$1.52, while UltraGreen.AI was the biggest loser, falling 3.6 per cent or US$0.05 to end the session at US$1.33.

Across the broader market, gainers beat losers 380 to 244, after 2.2 billion securities worth S$2.3 billion changed hands.

Key regional indices were positive. Hong Kong’s Hang Seng Index gained 1.2 per cent, South Korea’s Kospi rose 6.5 per cent and the FTSE Bursa Malaysia KLCI was up 0.5 per cent.

“Right now, the market is behaving like a trader who has survived the margin call and suddenly feels invincible again. But beneath the optimism, the oil fuse is still burning,” warned Stephen Innes, managing partner at SPI Asset Management.

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He added: “Oil remains the critical macro trigger because continued inventory draw-downs could rapidly transform optimism into a non-linear supply panic.”