Singapore stocks rise amid Asian rally; STI up 0.6 per cent

SINGAPORE shares gained on Thursday alongside regional peers, tracking gains on Wall Street.

The Straits Times Index (STI) was up 17.27 points or 0.6 per cent to 3,101.15. Across the broader market, gainers beat losers 308 to 163. Some 1.42 billion securities worth S$1.28 billion changed hands.

Thilan Wickramasinghe, head of research at Maybank Kim Eng, said that the market movements on Thursday (Oct 7) could have followed the relief rebound in the US, where hopes rose for a debt-ceiling resolution.

On Wednesday, US Senate Republican minority leader Mitch McConnell said his party would support a federal debt-ceiling extension into December, heading off a historic default.

Mr Wickramasinghe said: "At the same time, structurally, we think there is increasing investor interest in South-east Asia as vaccine deployments accelerate and potential for re-openings increase."

Hong Kong's Hang Seng Index climbed 3.1 per cent; Tokyo's Nikkei 225 rose 0.5 per cent; Seoul's Kospi gained 1.8 per cent; the Kuala Lumpur Composite Index rose 0.1 per cent, and the Jakarta Composite Index edged down 0.01 per cent.

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Among the STI's 30 constituents, only four ended the day in the red. At the bottom of the table was Sats, which fell 1 per cent, or S$0.04 to close at S$4.13.

City Developments Limited was the top gainer, rising 3.7 per cent, or S$0.25 to close at S$7.08.

Outside of the index, Hatten Land was the most actively traded stock by volume, after 122.07 billion shares worth S$8.3 million were traded. It rose 1.5 per cent, or S$0.001 to close at S$0.066.

The property developer announced on Thursday that its subsidiary had signed an agreement to develop a token system that will help promote a digital economy in the Malaysian state of Melaka.