This comes after chipmaker Nvidia posts Q2 revenue of US$30 billion, beating estimates, though pace of growth is slower
SINGAPORE equities gained on Thursday (Aug 29), as investors assessed chip giant Nvidia’s second-quarter revenue growth.
The benchmark Straits Times Index (STI) rose 0.4 per cent or 13.44 points to 3,404.47.
Across the broader market, gainers beat losers 264 to 257, as 965.1 million shares worth S$1 billion were traded throughout the day.
Key indices in the region were mixed. South Korea’s Kospi Composite Index fell 1 per cent and Australia’s S&P/ASX200 closed 0.3 per cent lower. Hong Kong’s Hang Seng Index rose 0.5 per cent, while Japan’s Nikkei 225 was mostly flat. The Bursa Malaysia Kuala Lumpur Composite Index lost 1.3 per cent.
These moves come after Nvidia, a key beneficiary of the artificial intelligence boom, posted Q2 revenue of US$30 billion, beating a US$28.8 billion estimate. However, that growth was slower than the pace seen in previous quarters.
Noting a dip in Nvidia’s shares of 5 to 7 per cent during after-hour trading, Peter Garnry, head of equity strategy at Saxo, said: “Judging from the initial market reaction in extended trading hours, the loftiest expectations were clearly not met.”
Back home, the top gainer was Singtel, which rose 3.1 per cent or S$0.09 to S$3.02. In second place was Hongkong Land, which gained 2.5 per cent or US$0.09 to US$3.76.
At the bottom of the STI was Seatrium, which slid 1.4 per cent or S$0.02 to S$1.45.
The trio of local banks were a sea of black. DBS gained 0.4 per cent or S$0.13 to S$35.81, OCBC added 0.2 per cent or S$0.03 to end at S$14.43 and UOB increased 0.6 per cent or S$0.19 to reach S$31.05.
