ASIA markets on Wednesday (Apr 24) tracked overnight gains on Wall Street.
Singapore’s Straits Times Index (STI) gained 0.6 per cent or 20.41 points to 3,293.13. Across the broader market, gainers outnumbered losers 405 to 205, after 1.9 billion securities worth S$1.5 billion changed hands.
Elsewhere in Asia, the Nikkei 225 rose 2.4 per cent, the Hang Seng Index gained 2.2 per cent, the Kospi Composite Index was up 2 per cent, while the FTSE Bursa Malaysia KLCI Index increased 0.6 per cent.
Yeap Jun Rong, market analyst at IG, said weaker-than-expected flash US purchasing managers index figures were cheered overnight, with markets expecting the data to offer room for the US Federal Reserve to consider earlier rate cuts.
Meanwhile, lower US Treasury yields, a weaker US dollar, and Tesla’s earnings may also bode well for risk sentiments across the region, he said.
While Tesla missed top and bottom line expectations and posted a downbeat outlook, markets received some consolation from the guidance for an earlier launch of new cheaper models, he added.
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DFI Retail Group was the biggest gainer on the STI, rising 4.3 per cent or US$0.08 to US$1.93.
Meanwhile, Jardine Cycle & Carriage was the biggest decliner, falling 1 per cent or S$0.26 to S$26.38.
The local banks ended mixed on Wednesday. OCBC gained 0.9 per cent or S$0.13 to S$14.15, while UOB rose 0.2 per cent or S$0.06 to S$31.15. Meanwhile, DBS lost 0.7 per cent or S$0.24 to S$34.38.
