SINGAPORE stocks extended gains on Tuesday (Apr 23), as local banks led gains on the benchmark Straits Times Index (STI).
The STI rose 1.5 per cent or 47.55 points to 3,272.72, with most counters ending higher.
UOB was the top gainer, rising 2.1 per cent or S$0.64 to S$31.09.
DBS was up 1.6 per cent or S$0.55 to S$34.62, while OCBC gained 1.4 per cent or S$0.19 to S$14.02.
The biggest decliner was Yangzijiang Shipbuilding, which fell 1.7 per cent or S$0.03 to S$1.72.
Across the broader Singapore market, gainers outnumbered losers 385 to 197, after 1.7 billion securities worth S$1.4 billion changed hands.
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Elsewhere in the region, several key markets tracked gains on Wall Street, amid easing tensions in the Middle East.
The Nikkei 225 rose 0.3 per cent, the Hang Seng Index gained 1.9 per cent, and the FTSE Bursa Malaysia KLCI was up 0.1 per cent.
US markets rebounded on Monday in a “classic relief rally fashion”, although investors remained highly cautious on both the earnings and policy fronts, said Stephen Innes, managing partner at SPI Asset Management.
Major tech companies in the US – including Meta and Alphabet – will report earnings this week. Their performance will likely influence short-term market dynamics significantly, Innes noted.
Meanwhile, the debate surrounding the US Federal Reserve’s stance on rate cuts persists, he added.
Innes expects the nature of the soft rebound to hinge largely on how investors interpret the earnings landscape, and in which direction US economic data unfolds in the coming days.
