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Singapore stocks edge up on eve of US elections following regional trend; STI rises 0.5% 

by Yurie Miyazawa
in Leadership
Singapore stocks edge up on eve of US elections following regional trend; STI rises 0.5% 
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THE Straits Times Index (STI) edged up on Monday (Nov 4) by 0.5 per cent or 16.61 points to end at 3,572.04.

Across the broader market, advancers outnumbered decliners 262 to 247, after 1.1 billion shares worth S$925.7 million changed hands.

On the STI, top gainer Hongkong Land continued to rally, closing up 7.1 per cent or US$0.32 at US$4.80, after unveiling a new business strategy last week.

The biggest loser was Frasers Centrepoint Trust, down 2.7 per cent or S$0.06 at S$2.19.

The trio of local banks had a mixed performance on Monday, with UOB being the biggest decliner, closing down 0.2 per cent or S$0.07 at S$32.03. OCBC similarly ended down 0.1 per cent or S$0.01 at S$15.17, while DBS rose 0.8 per cent or S$0.31 to S$39.06.

Across the region, major indices also closed up, with South Korea’s Kospi rising 1.8 per cent, while Hong Kong’s Hang Seng Index edged up 0.3 per cent. The FTSE Bursa Malaysia KLCI ended higher by 0.8 per cent.

The confluence of the hotly contested US elections, the earnings season and a Federal Reserve rate decision has the markets looking to derisk in anticipation of volatility, said Stephen Innes, managing partner at SPI Asset Management. With the US elections being too close to call, the markets will look to every new poll and economic signal for clues, setting the stage for potential fireworks in the market, he added.

“If volatility were bottled, this week might be the uncorking.”

Other economic cues are in play as well, noted Innes, as Friday saw the US non-farm payrolls report and ISM Manufacturing index delivering a lacklustre performance. The modest 12,000 rise in non-farm payrolls, excluding the 44,000 drop from the Boeing strike and hurricane impact, hints at a softening US labour market.

Tags: EdgeElectionsEveRegionalrisesSingaporeSTIStocksTrend
Yurie Miyazawa

Yurie Miyazawa

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