Singapore stocks rise as Trump softens Greenland stance; STI up 0.4%
The iEdge Singapore Next 50 Index, meanwhile, loses 0.1% or 1.02 points to close at 1,483.97
[SINGAPORE] Singapore stocks ended higher on Thursday (Jan 22), tracking a global relief rally after US President Donald Trump softened his stance on Greenland.
The benchmark Straits Times Index (STI) gained 0.4 per cent or 18.44 points to finish at 4,828.32. Meanwhile, the iEdge Singapore Next 50 Index lost 0.1 per cent or 1.02 points to 1,483.97.
Across the broader market, gainers outnumbered losers 342 to 240 after 1.9 billion securities worth S$1.9 billion changed hands.
Key regional indices were up. Hong Kong’s Hang Seng Index gained 0.2 per cent, Japan’s Nikkei 225 rose 1.7 per cent, South Korea’s Kospi climbed 0.9 per cent and the FTSE Bursa Malaysia KLCI ended 0.7 per cent higher.
Global risk sentiment improved markedly after Trump struck a more conciliatory tone on Greenland, withdrawing tariff threats and ruling out the use of force, said Mathieu Racheter, head of equity strategy research at Julius Baer.
While questions remain over the substance and durability of any eventual agreement – and European leaders continue to consult – the immediate removal of tariff risk has reduced a key tail risk, Racheter said.
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“For now, markets appear comfortable re-engaging with risk as the probability of near-term escalation diminishes,” he added.
On the STI, City Developments Ltd led the gainers, rising 2.6 per cent or S$0.24 to end at S$9.30.
The worst performer among STI constituents was Yangzijiang Shipbuilding , which fell 2 per cent or S$0.07 to close at S$3.38.
The three local banks ended higher. DBS gained 0.1 per cent or S$0.06 to S$58.08, OCBC rose 0.7 per cent or S$0.15 to S$20.59, and UOB was up 2.3 per cent or S$0.85 at S$37.62.
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