Singapore’s gains are in line with the broader Asian markets, which have taken their cue from positive sentiment in the US markets overnight
THE Straits Times Index (STI) hit yet another 52-week high on Thursday (Sep 12), gaining 0.72 per cent or 25.36 points to close at 3,556.53. Advancers beat decliners by a wider margin of 358 to 187, with S$1.5 billion worth of securities changing hands.
Singapore’s gains were in line with the broader Asian markets, which took their cue from positive sentiment in the US markets overnight.
Inflation data in the United States was “hotter than expected”, said Stephen Innes, managing partner of SPI Asset Management. “The fact that the uptick in inflation didn’t spook markets suggests that investors are comfortable with the idea that the (Federal Reserve) is okay with inflation’s steady trajectory, even if it dimmed the prospects of a 50-basis-point cut.”
The Japanese benchmark rose 3.4 per cent and Hong Kong gained 0.8 per cent. In South-east Asia, Thailand rose 0.6 per cent, Indonesia rose 0.5 per cent and Philippines rose 1.2 per cent.
China and Malaysia were the outliers. The Shanghai Stock Exchange Composite Index slipped 0.2 per cent, and the FTSE Bursa Malaysia KLCI dipped 0.1 per cent.
The STI’s top gainer for the day was offshore services provider Seatrium, which rose 3.8 per cent or S$0.06 to close at S$1.64.
At the other end of the spectrum, bourse operator Singapore Exchange lost 3.4 per per cent or S$0.40 to close at S$11.36. The stock was downgraded to “underweight” from “neutral” by JPMorgan, which sees near-term downside as trading volumes have declined following a period of high volatility in early August.
