Singapore shares edges up 0.2% as attention turns to Chinese economic data

SINGAPORE shares closed higher for the eighth consecutive session on Monday (Jan 17), with the Straits Times Index rising by 5.98 points or 0.2 per cent to close at 3,287.95.

Across the Singapore market, decliners outpaced advancers 258 to 193 after some 1.13 billion securities worth S$1.09 billion changed hands.

IG market strategist Yeap Jun Rong said that traders would be focusing on Chinese economic data this week, including its Q4 gross domestic product (GDP) growth, fixed asset investment, industrial production and retail sales.

"Data over the past months suggests that Q4 growth may remain muted, with expectations for Q4 GDP to fall below 4 per cent year-on-year, marking the slowest pace since Covid-19 hit," he said. He expects the rest of the economic data to trend lower as well due to China's zero Covid-19 policy and lingering risks in its property sector.

Other major regional indices were mostly down, as South Korea's Kospi dipped 1.1 per cent, Malaysia's Kuala Lumpur Composite Index fell by 0.8 per cent and both Hong Kong's Hang Seng Index and Indonesia's Jakarta Composite Index slid by 0.7 per cent. On the other hand, Japan's Nikkei 225 rose by 0.7 per cent.

The top performer was SATS S58 , which rose 2.8 per cent, or S$0.11 to close at S$4.05. At the bottom of the table was Thai Beverage Y92 : Y92 0% , which closed down 1.5 per cent, or S$0.01 at S$0.64.

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The trio of banks was mixed on Monday. UOB U11 climbed 0.8 per cent or S$0.25 to close at S$30.18 while DBS D05 rose 0.3 per cent or S$0.12 to close at S$36.00. OCBC O39 : O39 0% fell 0.2 per cent or S$0.03 to close at S$12.30.