Singapore stocks rise as US Fed probe revives ‘Sell America’ trade; STI up 0.5%
The STI adds 22.12 points or 0.5% to close at 4,766.78 points
[SINGAPORE] Singapore shares climbed on Monday (Jan 12), as Asian markets gained on a rise in “Sell America” sentiment after the Trump administration escalated its attacks on the US Federal Reserve.
Fed chair Jerome Powell confirmed the “unprecedented” probe on the central bank by the US Justice Department, which he blasted as part of US President Donald Trump’s pressure campaign for another rate cut.
Across key Asian markets, Hong Kong’s Hang Seng Index rose 1.4 per cent, South Korea’s Kospi index climbed 0.8 per cent, and the FTSE Bursa Malaysia KLCI Index gained 0.5 per cent.
In Singapore, the Straits Times Index (STI) added 22.12 points or 0.5 per cent to 4,766.78 points on Monday.
Across the wider market, advancers outnumbered decliners 332 to 220 for the day, with 1.5 billion shares worth S$1.3 billion changing hands.
Stephen Innes, managing partner of SPI Asset Management, said: “Markets can live with almost anything except uncertainty about who is actually calling the game.
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“Inflation spikes can be modelled. Recessions can be discounted. Even wars eventually find a price. But once the referee is dragged across the field and accused of fixing the score, the entire match changes.”
He added: “That is where we are now. Markets reacted exactly as you would expect when that variable is introduced.”
The top performer among Singapore’s blue-chip index’s constituents was Hongkong Land , which gained US$0.23 or 3 per cent to close at US$7.96.
At the bottom of the STI’s performance table was Jardine Matheson Holdings , which fell US$0.84 or 1.1 per cent to US$73.88.
The trio of local banks all closed higher on Monday. DBS rose 0.5 per cent or S$0.27 to end at S$57.87, OCBC gained 0.5 per cent or S$0.10 to S$19.90, and UOB finished 0.2 per cent or S$0.07 higher at S$36.09.
The iEdge Singapore Next 50 Index closed marginally higher, up 0.1 per cent to 1,469.46 points.
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