Singapore stocks rise, tracking regional gains; STI up 0.3%

[SINGAPORE] Singapore stocks ended higher on Thursday (May 7), in line with gains elsewhere in the region.

The benchmark Straits Times Index (STI) gained 0.3 per cent or 14.58 points to finish at 4,941.96.

Hongkong Land led the gainers on Singapore’s blue-chip index, rising 9.2 per cent or US$0.73 to US$8.70.

The worst performer among STI constituents was Sembcorp Industries , which fell 2.3 per cent or S$0.15 to S$6.41.

The three local banks ended mixed. DBS was flattish, rising 0.02 per cent or S$0.01 to S$58.86. UOB gained 0.1 per cent or S$0.05 to S$36.70, while OCBC finished 0.5 per cent or S$0.12 lower at S$21.88.

Within the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, rising 6.3 per cent or S$0.19 to S$3.22.

Sheng Siong was the index’s biggest decliner, falling 2.6 per cent or S$0.08 to end the session at S$3.05.

Across the broader market, gainers outnumbered losers 416 to 225, after 2.1 billion securities worth S$2.7 billion changed hands.

Key regional indices were positive. Hong Kong’s Hang Seng Index rose 1.6 per cent, Japan’s Nikkei 225 gained 5.6 per cent, South Korea’s Kospi was up 1.4 per cent and the FTSE Bursa Malaysia KLCI advanced 0.1 per cent.

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Phillip Securities Research analyst Paul Chew noted that the energy shock from the Middle East has largely impacted emerging markets.

“Consumer spending will be under pressure from rising energy and food costs. It will be a headwind for the consumer and the telecommunications industry,” he added.