Singapore stocks rise for third consecutive day; STI up 0.7%

THE bullish momentum in Singapore stocks continued for the third consecutive day on Thursday (Jan 26), even as regional markets traded mixed.

The benchmark Straits Times Index (STI) rose 0.7 per cent or 24.42 points to close at 3,377.19.

Elsewhere, stocks in Hong Kong led gainers in the region, with the Hang Seng Index up 2.4 per cent as investors returned from the Chinese New Year break. Meanwhile, South Korea’s Kospi rose 1.7 per cent, but Japan’s Nikkei 225 slipped 0.1 per cent.

Markets in Australia and mainland China were shut for the holidays.

Stephen Innes, managing partner at SPI Asset Management, said: “While global gross domestic product growth will decrease in 2023 as central banks remain in restrictive territory… it is not hard to imagine global growth accelerating in the second half of the year”

He added that the opportunity set in non-US markets “continues to look more attractive”, noting that China and Europe are areas worth watching for investors. 

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On the local bourse, Sats led the STI gainers on Thursday, with the counter rising 3.7 per cent to close at S$3.07. Other top gainers for the day included ST Engineering and Yangzijiang Shipbuilding, which climbed 2.5 per cent and 2.4 per cent respectively.

Meanwhile, Emperador ended at the bottom of the STI performance table, after falling 1.9 per cent to S$0.505.

Across the broader market, gainers outnumbered losers 413 to 189 after 1.4 billion securities worth S$1.3 billion were traded.

Shares of Genting Singapore were the most actively traded by volume. The counter fell 1 per cent to close at S$1 after 58.1 million shares worth S$58.6 million were traded.