Singapore stocks buck Asia rout to extend rally; STI up 0.2%

THE Straits Times Index (STI) extended its rally into a five-session rising streak on Thursday (Nov 10), even as key Asian markets fell on caution ahead of the release of key US inflation figures.

The STI rose 0.2 per cent or 7.68 points to close at 3,173.18.

In the broader Singapore market, gainers edged out losers 257 to 251, after 1.57 billion securities worth S$1.13 billion changed hands.

The Shanghai Composite Index dropped 0.4 per cent, Hong Kong’s Hang Seng Index fell 1.7 per cent, Japan’s Nikkei 225 shed 1 per cent and South Korea’s Kospi lost 0.9 per cent.

“Risk sentiment took a beating again as the mid-terms fever faded with a lack of a Republican wave, and focus shifted back to the crypto turmoil and continued surge in Covid cases in China,” said Saxo market strategist Charu Chanana.

DFI Retail Group was the biggest winner on Singapore’s blue-chip index, closing 3.3 per cent or US$0.08 higher at US$2.50.

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The biggest loser among the STI constituents was Sats, which fell 6.3 per cent or S$0.17 to S$2.55. This came after the inflight caterer and ground handler after market close on Nov 9 reported a net loss of S$9.9 million for its second quarter ended September.

Singtel was the most heavily traded blue-chip stock, closing 3.1 per cent or S$0.08 higher at S$2.63, after 59.4 million shares changed hands. Before market open on Thursday, the telecommunications giant declared a special dividend, with net profit up 23 per cent for the first half ended Sep 30.

The trio of local banks ended mixed. DBS fell 0.4 per cent or S$0.13 to S$34.54, OCBC dipped 0.1 per cent or S$0.01 to S$12.24, while UOB rose 0.2 per cent or S$0.07 to S$29.21.