Upbeat Wall Street sends STI to 30-month high at 3,315.99 points

SINGAPORE blue-chip gauge, Straits Times Index (STI), buoyed by Wall Street's fourth straight day gains, surged 66.40 points or 2.04 per cent to 3,315.99 points on Thursday (Feb 3) and closed 30-month high.

Singapore Exchange market strategist Geoff Howie pointed out that the STI made a fresh 30-month high of 3,327.11 points in early trading, as the local stock market caught up with recent global moves and developments.

Howie said, unlike January, gains in the S&P 500 overnight futures were made on the back of gains across most sectors, providing broad-based support to Singapore stocks on Thursday.

He also noted that brent crude oil has returned to below US$90 per barrel, expectations for the Mar 16 Federal Reserve meeting that is keenly watched for interest rate hikes have turned less hawkish, and consensus estimates for the US employment report due Friday night have also been slightly trimmed.

H78 saw its share price surge 5.56 per cent to US$5.70, near its 52-week high of US$5.80 as the Jardine company continues its US$500 million share repurchase programme.

Special purpose acquisitions companies that listed on the Singapore Exchange last month were all trading below their initial public offering prices of S$5, with the first debutant VTA dipping to as low as S$4.90 an hour prior to market close, before closing at S$4.99 or 0.2 per cent lower. NTU also closed lower, by 0.61 per cent, to S$4.87 but PGU rose 3.96 per cent to S$4.99.

Gainers beat decliners 256 to 116 in the broader market, with 1.21 billion securities worth S$1.98 billion transacted.

Other Asian markets that traded were mixed, while those in mainland China, Taiwan and Hong Kong were closed for Chinese New Year holidays.