SINGAPORE shares closed higher on Friday (Mar 8), tracking gains in the region.
The Straits Times Index (STI) rose 0.4 per cent or 13.31 points to 3,147.09. Across the broader market, gainers outnumbered losers 339 to 226, after 1.5 billion securities worth S$1.1 billion changed hands.
Key indices in the region ended higher. The Nikkei 225 was up 0.2 per cent, the Hang Seng Index gained 0.8 per cent, the Kospi Composite Index climbed 1.2 per cent, while the FTSE Bursa Malaysia KLCI rose 0.3 per cent.
Stocks in Asia extended gains following positive momentum from Wall Street, as investors reacted to dovish signals from the two most important central banks on both sides of the pond, said Stephen Innes, managing partner at SPI Asset Management.
Markets kept their focus on the upcoming US jobs data. Meanwhile, the yen maintained strength against the US dollar, amid increasing expectations for the Bank of Japan to raise interest rates for the first time since 2007, Innes said.
On the STI, DFI Retail Group was the biggest gainer by percentage, rising 5.4 per cent or US$0.11 to US$2.14. The retail company on Thursday posted underlying earnings of US$154.7 million for the fiscal year ended Dec 31, 2023, up 437 per cent on year.
Hongkong Land was also one of the top gainers by percentage, climbing 2.9 per cent or US$0.09 to US$3.24. The property developer fell into the red for the financial year ended Dec 31, 2023 with a loss of US$582.3 million.
The group said on Thursday that profits from its investment properties grew amid improved performance by its luxury retail and Singapore office portfolios, which offset lower contributions from its Hong Kong office portfolio.
The trio of local banks ended mixed. DBS fell 0.1 per cent or S$0.03 to S$33.75, UOB was flat at S$28.30, while OCBC gained 0.8 per cent or S$0.10 to S$13.18.
