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Singapore stocks rise on Monday as STI extends rally

by Riah Marton
in Technology
Singapore stocks rise on Monday as STI extends rally
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[SINGAPORE] The Straits Times Index (STI) continued to rally on Monday (Apr 21) as Asian indices closed mixed amid traders tracking the tariff talks.

The STI closed up 1.1 per cent or 38.89 points at 3,759.22.

Across the broader market, advancers outnumbered decliners 263 to 151, after 618.8 million shares worth S$1 billion changed hands.

On the STI, Yangzijiang Shipbuilding was the top gainer. It rose 9.2 per cent or S$0.19 to S$2.25.

ST Engineering came in at the bottom of the table, shedding 1 per cent or S$0.07 to close at S$7.06.

The trio of local banks ended higher. DBS added 1.4 per cent or S$0.59 to close at S$41.42, OCBC rose 1.7 per cent or S$0.27 to S$16.25, and UOB increased 1.4 per cent or S$0.50 to S$35.30.

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Key regional indices were varied. Japan’s Nikkei 225 ended 1.3 per cent lower, while South Korea’s Kospi gained 0.2 per cent. The Bursa Malaysia Kuala Lumpur Composite Index ended almost flat.

This varied market performance comes as US President Donald Trump’s gaze shifts to Federal Reserve chairman Jerome Powell. This raises another tail risk for the market, cautioned Paul Chew, head of research at brokerage Phillip Securities.

“Crucially, the loss of Fed independence hurts the economy,” he said.

Referring to a study from the Peterson Institute for International Economics, Chew explained that if a politician runs the central bank, the economy will run ahead of its potential, and there will be a growth spurt followed by inflation. This will lead to investors losing confidence in the currency and bonds over fears of persistent inflation.

“However, the rest of the world may benefit if capital shifts out of the US to other regions,” he added.

Copyright SPH Media. All rights reserved.

Tags: ExtendsMondayRallyRiseSingaporeSTIStocks
Riah Marton

Riah Marton

I'm Riah Marton, a dynamic journalist for Forbes40under40. I specialize in profiling emerging leaders and innovators, bringing their stories to life with compelling storytelling and keen analysis. I am dedicated to spotlighting tomorrow's influential figures.

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