Local stocks end Wednesday higher, STI up 0.3%

SINGAPORE shares inched up on Wednesday (Aug 17), as traders sought out market opportunities ahead of the release of the minutes of the US Federal Reserve's July meeting. 

Some positive fronts on macroeconomic data also lifted investor optimism. Data from Enterprise Singapore showed that Singapore's key exports in July grew for the 20th consecutive month

The Straits Times Index (STI) rose 0.3 per cent or 8.97 points to cap Wednesday's trading session at 3,262.76. Daily turnover came in at 1.2 billion securities worth a collective S$1.1 billion. Market winners outnumbered losers 256 to 208. 

Analysts from Saxo Bank's Asia-Pacific strategy team said the Fed's member comments will be watched closely for any hints on the expectation for a September rate hike or the terminal Fed rate. 

"The hot jobs report and the cooling inflation number has further confused the markets since the Fed meeting, even as Fed speakers continue to push against any expectations of rate cuts at least in 'early' 2023," they said in a note. 

On the local bourse, Jardine Cycle and Carriage was the top gainer, adding 3 per cent or S$0.92 to S$31.90. 

Venture Corporation was another top gainer, rising 0.9 per cent or S$0.16 to S$18.40. 

The trio of local lenders ended the day mixed. OCBC was one of the biggest advancers, booking a gain of 0.9 per cent or S$0.11 to S$12.29. On the other hand, DBS and UOB were among the top decliners. DBS slipped 0.2 per cent or S$0.06 to S$32.25; UOB shed 0.1 per cent or S$0.03 to S$26.85. 

Across the region, markets ended the day mixed. The Nikkei 225 rose 1.2 per cent; the Hang Seng Index was up 0.5 per cent, and the ASX 200 rose 0.3 per cent. The Bursa ended the day largely unchanged, and the Kospi fell 0.7 per cent. 

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