Singapore stocks track Wall Street gains on Friday; STI up 0.3%

SINGAPORE stocks ended higher on Friday (Sep 29), tracking overnight gains on Wall Street.

The benchmark Straits Times Index (STI) rose 0.3 per cent or 10.42 points to 3,217.41. Across the broader market, gainers outnumbered losers 379 to 229, after 1.5 billion securities worth S$968 million changed hands.

For the week, the STI is up 0.4 per cent.

US markets ended higher overnight, after a decline in US Treasury yields provided a break from days of rally.

Stephen Innes, managing partner at SPI Asset Management, noted that Chinese markets are stabilising due to policy support.

But, he added, global equities have “felt a pinch” as US rates broke to the year’s highs. The upward movement in yields had a ripple effect on other markets, contributing to a broader reset higher in global yields.

“The cat-and-mouse game between rates and stocks is well in play as higher rates have injected a lot of turbulence into the US equity market outlook,” Innes said.

On the STI, the biggest gainer was CapitaLand Investment, which rose 2.7 per cent or S$0.08 to S$3.10.

Emperador was the top decliner, falling 1.9 per cent or S$0.01 to S$0.51.

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Singapore shares rise at Friday’s open, tracking Wall Street rally; STI up 0.3%

The trio of local banks ended higher on Friday.

DBS gained 0.4 per cent or S$0.14 to S$33.64; OCBC increased 0.1 per cent or S$0.01 to S$12.81; and UOB rose 0.8 per cent or S$0.22 to S$28.50.

Across the region, key indices largely ended higher. The Hang Seng Index gained 2.5 per cent, and the IDX Composite Index rose 0.03 per cent.

However, the Nikkei 225 Index lost 0.1 per cent, while the FTSE Bursa Malaysia KLCI Index slid 1.1 per cent.

Markets in China and South Korea were closed for Mid-Autumn Festival and Chuseok celebrations, respectively.