[SINGAPORE] The Straits Times Index (STI) continued to gain ground, bucking regional indices on Wednesday (Apr 16).
The STI closed up 1 per cent or 37.73 points at 3,662.45.
Across the broader market, decliners outnumbered advancers 277 to 268 after 1.3 billion shares worth S$1.5 billion changed hands.
The trio of local banks continue to rally on Wednesday, with DBS up 0.4 per cent or S$0.14 to S$40.10. OCBC closed up 0.6 per cent or S$0.10 at S$15.67 and UOB ended up 0.6 per cent or S$0.22 at S$34.13.
The top gainer on the index was DFI Retail Group, which closed up 4.2 per cent or US$0.09 at US$2.24.
The biggest loser, Venture, ended 0.7 per cent or S$0.08 lower at S$10.76
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Across the region, major indices closed lower, with the Kospi and Nikkei 225 down 1.2 per cent and 1 per cent, respectively. Hong Kong’s Hang Seng Index ended 1.9 per cent lower and the KLCI fell 0.6 per cent.
The Asian bond market has endured volatility since Liberation Day tariffs, said Clement Chong, head of research, fixed income, Eastspring Investments, Singapore. Asian investment grade issuers had an estimated healthy ratio of 1.1 times at the start of the year, and maintained healthy liquidity, manageable debt maturity profiles and supportive funding markets.
The vast majority of Asia Pacific US Dollar bond issuers are expected to be relatively insulated from risks of direct tariffs due to their domestically focused business profiles. However there could be second-order impact from an uncertain economic outlook.
“This will occur through weaker economic demand, investment activities and personal consumption,” said Chong.
