Singapore stocks track Wall Street gains; STI up 0.2%
The iEdge Singapore Next 50 Index stays flat at 1,461.63
[SINGAPORE] Singapore shares ended higher on Wednesday (Jan 7), tracking Wall Street gains.
The benchmark Straits Times Index (STI) rose 0.2 per cent or 7.65 points to 4,747.62. Meanwhile, the iEdge Singapore Next 50 Index remained flat at 1,461.63.
Across the broader market, gainers outnumbered losers 307 to 266, after 1.9 billion securities worth S$1.8 billion changed hands.
Key regional indices ended the day mixed. Hong Kong’s Hang Seng Index lost 0.9 per cent and Japan’s Nikkei 225 fell 1.1 per cent, while South Korea’s Kospi added 0.6 per cent and the FTSE Bursa Malaysia KLCI climbed 0.3 per cent.
On Singapore’s blue-chip index, City Developments Ltd led the gainers, with a 4.2 per cent or S$0.35 rise to S$8.74.
The worst performer among the STI constituents was Singtel , which fell 3.3 per cent or S$0.15 to S$4.39.
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The three local banks were mixed at the close. DBS rose 0.8 per cent or S$0.47 to S$58.40, and UOB was up 0.3 per cent or S$0.11 at S$36.02, while OCBC finished 0.6 per cent or S$0.12 lower at S$20.06.
“Wall Street closed up at record highs,” noted Neil Wilson, UK investment strategist at Saxo Markets.
US stocks rallied overnight, with the S&P 500 notching a record close after gaining 0.6 per cent, and the Nasdaq rising roughly 0.7 per cent.
“Memory storage plays seem to be the hottest ticket – SanDisk, Western Digital and Seagate among the biggest risers,” Wilson added, naming Western Digital as last year’s standout performer.
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