SINGAPORE stocks tracked Wall Street gains on Tuesday (Apr 23), as markets rallied on easing tensions in the Middle East.
The STI rose 1.5 per cent or 47.55 points to 3,272.72, with most counters ending higher. Across the broader market, gainers outnumbered losers 385 to 197, after 1.7 billion securities worth S$1.4 billion changed hands.
Most regional indices also tracked gains in the US. 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.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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.
Hongkong Land led gains on the STI, rising 3.8 per cent or US$0.11 to US$3.03.
The biggest decliner was Yangzijiang Shipbuilding, which fell 1.7 per cent or S$0.03 to S$1.72.
The local banks ended higher on Tuesday. DBS was up 1.6 per cent or S$0.55 to S$34.62, OCBC gained 1.4 per cent or S$0.19 to S$14.02, while UOB rose 2.1 per cent or S$0.64 to S$31.09.
