Singapore stocks rise with Wall Street rally; STI up 0.2%
Megan Cheah
SINGAPORE shares rose on Thursday (Oct 5), reflecting US stock rallies as US Treasury yields fell.
The benchmark Straits Times Index (STI) increased 7.71 points or 0.2 per cent to 3,155.1.
Across the broader market, gainers outnumbered decliners 333 to 209, as 1.1 billion securities worth S$746.3 million changed hands.
Overnight on Wednesday, Wall Street stocks rebounded from a Tuesday sell-off.
Investment bank Saxo’s Apac strategy team noted that the bond sell-off from Tuesday saw some respite after US jobs data signalled that the labour market may be cooling.
“The pause in the surge in bond yields helped stocks to find their feet and rally, led by consumer discretionary and information tech,” the team added.
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Back home on the STI, the top gainer was City Developments , which rose 1.6 per cent or S$0.10 to S$6.53. Around one million of its shares were traded throughout the day.
The biggest loser on the STI was Hongkong Land . The property developer fell 2 per cent or US$0.07 to end the day at S$3.40.
The trio of local banks were in the black. DBS ticked up 0.2 per cent or S$0.05 to S$33.27; UOB climbed 0.3 per cent or S$0.09 to S$28.16; and OCBC gained S$0.10 or 0.8 per cent to S$12.75.
Regional indices were largely up. Japan’s Nikkei 225 advanced 1.8 per cent, while the Hang Seng Index was up 0.1 per cent. Australia’s S&P/ASX 200 closed 0.5 per cent higher.
Meanwhile, South Korea’s Kospi Composite Index was down 0.1 per cent. The FTSE Bursa Malaysia KLCI was almost flat, slipping 0.02 per cent.
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