STI up 0.4% on Wednesday tracking bullish regional sentiment

SINGAPORE stocks rose on Wednesday (Mar 23), tracking positive investor sentiment seen across other markets in the Asia-Pacific.

The benchmark Straits Times Index (STI) rose 0.4 per cent or 14.09 points to close at 3,364.26.

Elsewhere, major indices in Japan, Hong Kong, South Korea and Australia also ended the day higher, climbing between 0.5 per cent and 3 per cent following overnight gains on Wall Street on Tuesday.

Oanda senior market analyst Jeffrey Halley said that bullish investors dominated overnight trading in the US and in key markets such as Japan on Wednesday, "as they wishfully priced there was no more bad news to come from Eastern Europe or the (US Federal Reserve)".

However, he added that more volatility is expected, with several US Fed officials scheduled to speak on Wednesday. He noted that with US President Joe Biden in Europe, an announcement of more sanctions could also spark volatility.

On the local bourse, Jardine Matheson ended the day as the top STI gainer, climbing 6.4 per cent or US$3.52 to close at US$58.17. Singtel shares fell 0.8 per cent or S$0.02 to close at S$2.57, ending at the bottom of the index performance table.

Across the broader market, gainers outnumbered losers 292 to 186 after 1.6 billion securities worth S$1.4 billion changed hands.

Mapletree North Asia Commercial Trust was the most actively traded counter by volume, closing 0.8 per cent higher at S$1.23, with 59.4 million units worth S$72.5 million having changed hands.