[SINGAPORE] Local stocks ended higher on Wednesday (May 7), tracking gains in the region.
The benchmark Straits Times Index (STI) gained 0.1 per cent or 4.96 points to 3,865.37. Across the broader market, gainers outnumbered losers 302 to 194, after 1.3 billion securities worth S$1.7 billion changed hands.
Elsewhere in the region, Hong Kong’s Hang Seng Index rose 0.1 per cent and the Shanghai Stock Exchange Composite Index was up 0.8 per cent.
South Korea’s Kospi also gained 0.6 per cent, and Malaysia’s KLCI was up 0.9 per cent. Meanwhile, Japan’s Nikkei 225 fell 0.1 per cent.
The People’s Bank of China (PBOC) announced its first interest rate cut since September to support economic activity and investor sentiment, noted Mansoor Mohi-uddin, chief economist at Bank of Singapore.
Mohi-uddin said Wednesday’s moves were modest ahead of Beijing’s trade talks with Washington.
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“We think the Trump administration’s 145 per cent tariffs on China’s goods will lead to an unsustainable US supply shock. A trade deal is thus likely in the next few months, enabling China’s markets to rebound,” he said.
On the STI, the top gainer was Yangzijiang Shipbuilding, which rose 5.8 per cent or S$0.12 to S$2.18.
Frasers Logistics & Commercial Trust (FLCT) was the top decliner, falling 4.4 per cent or S$0.04 to S$0.865.
FLCT on Wednesday posted a 13.8 per cent fall in distribution per unit to S$0.03 for its first half ended March 31, as it faced transitional challenges in the commercial portfolio and foreign exchange volatility.
The local banking trio ended mixed. OCBC gained 0.2 per cent or S$0.03 to S$16.27, while DBS fell 0.5 per cent or S$0.23 to S$42.76. UOB was down 1.4 per cent or S$0.49 at S$34.49.
During the day, UOB lost as much as 2.8 per cent after posting flat Q1 results that missed analyst expectations. The bank also halted its 2025 earnings guidance, citing macroeconomic uncertainties.
