Singapore stocks buck regional fall; STI rises 0.6%

SINGAPORE stocks rose despite other regional markets falling into the red on Thursday (Nov 17), with the Straits Times Index (STI) climbing 0.6 per cent or 19.87 points to 3,286.04.

Across the broader market, gainers beat losers 274 to 273 after 1.4 billion securities worth S$1.3 billion changed hands.

Asian markets fell on Thursday. Japan’s Nikkei 225 shed 0.4 per cent, while South Korea’s Kospi fell 1.4 per cent and Hong Kong’s Hang Seng Index declined 1.2 per cent.

SPI Asset Management managing partner Stephen Innes said that Asian stocks could have declined after China’s central bank flagged the possibility of rising inflation. This likely added to the risk-off sentiment spurred by hawkish remarks from Federal Reserve officials.

In a report released late Wednesday, the People’s Bank of China raised concern over a potential rise in inflation rates, which could reduce its scope for further monetary policy easing. It highlighted the fast growth in the country’s money supply and disruptions to global energy supply as risks that could lead to higher inflation.

On the STI, Sembcorp Industries was the best performer. The counter gained 5.2 per cent or S$0.15 to close at S$3.05.

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Meanwhile, Jardine Matheson Holdings was at the bottom of the table, shedding 2.6 per cent, or US$1.27 to close at US$47.18.

The trio of banks were also in the black. DBS gained 1.5 per cent or S$0.54 to close at S$35.61, while UOB gained 1.1 per cent or S$0.32 to close at S$30.16 and OCBC gained 0.4 per cent or S$0.05 to close at S$12.47.