Singapore stocks track Wall Street gains on Tuesday; STI up 0.3%
Tan Nai Lun
SINGAPORE shares ended higher on Tuesday (Jan 30), mirroring overnight gains over in the US market.
The benchmark Straits Times Index (STI) was up 0.3 per cent or 9.73 points to 3,150.04. Across the broader market, losers outnumbered gainers 333 to 251, after 1.6 billion securities worth S$1.1 billion changed hands.
Mapletree Pan Asia Commercial Trust was one of the top gainers on the STI, climbing 3.6 per cent or S$0.05 to S$1.44. The trust’s distribution per unit fell 9.1 per cent to S$0.022 for its third quarter ended Dec 31, 2023, its manager said on Monday. Gross revenue was up 0.8 per cent to S$241.6 million for the quarter, from S$239.8 million previously.
Meanwhile, Mapletree Logistics Trust was one of the top traded counters by volume on Tuesday, after 20.4 million units worth S$31.8 million changed hands. The counter ended 2 per cent or S$0.03 higher at S$1.56.
The trust entered into a purchase agreement with an unrelated third party to divest its 73 Tuas South Avenue 1 property for S$16.8 million, its manager said on Monday.
The trio of local banks finished the day lower. DBS lost 0.2 per cent or S$0.07 to S$31.82, OCBC fell 0.5 per cent or S$0.06 to S$12.82, while UOB slipped 0.2 per cent or S$0.05 to S$28.26.
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Elsewhere in the region, key indices were mixed. The Hang Seng Index fell 2.3 per cent, the Kospi Composite Index lost 0.1 per cent, and the FTSE Bursa Malaysia KLCI ended 0.2 per cent lower.
Meanwhile, the Nikkei 225 gained 0.1 per cent.
Stephen Innes, managing partner at SPI Asset Management, noted that the US Treasury financing estimate and refunding details have taken centre stage as the most crucial event by some investors, in a week characterised by an array of impactful macroeconomic data, policy decisions, key earnings reports, and geopolitical developments.
The US Treasury cut first-quarter borrowing estimates to US$760 billion, which led to a positive response in bond and stock markets, he noted.
“Overall, the Treasury’s downward revision of Q1 borrowing needs is anticipated to impact global financial markets positively,” Innes said.
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