ThaiBev is the biggest gainer on the bluechip index; Yangzijiang Shipbuilding charts the biggest drop
SINGAPORE stocks rose on Thursday (Jul 4), tracking gains by regional indices.
The benchmark Straits Times Index (STI) rose 0.7 per cent or 24.37 points to 3,439.88.
Across the broader market, gainers outweighed losers 360 to 214, after 1.4 billion securities worth S$1.3 billion changed hands.
Among the key indices in the region, the Nikkei 225 was up 0.8 per cent, the Kospi Composite Index was up 1.1 per cent, and the Hang Seng Index, up 0.3 per cent.
The FTSE Bursa Malaysia KLCI closed up 0.1 per cent.
Vishnu Varathan, chief economist at Mizuho Bank, referring to the drop in activity on the Manufacturing ISM Report on Business, a manufacturing index, noted that the US markets had hit new highs instead of falling in tandem.
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The ISM index fell five points to 48.8, indicating a contraction.
The US equities markets are enamoured with a controlled landing narrative, said Varathan, which is consistent with the Fed relenting on more than one rate hike this year. There is still sufficient liquidity in the market, aided by eased quantitative tightening.
On the STI, the biggest gainer was ThaiBev, which rose 2.3 per cent or S$0.01 to S$0.445.
The biggest decliner was Yangzijiang Shipbuilding, which fell 0.4 per cent or S$0.01 to S$2.44.
The three local banks ended higher on Thursday. DBS rose 0.1 per cent or S$0.02 to S$37.98, OCBC rose 1.1 per cent or S$0.17 to S$15.15, and UOB rose 0.9 per cent or S$0.30 to S$32.57.
