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Saturday, December 10, 2022
Stocks & Shares

Singapore shares rise on US fiscal stimulus

Singapore shares

The benchmark Straits Times Index advanced 0.3 per cent to 3,113.88

Singapore shares moved into positive territory on Friday after a strong lead from Wall Street overnight.

Singapore Exchange (SGX) market strategist Geoff Howie told The Business Times on Friday that Asia trading is following the overnight broad-based gains, which was led by technology, commodity and real estate stocks.

The Straits Times Index (STI) has put on a 3.1 per cent gain so far this week, posting similar highs between the 3,110 and 3,120 level on Tuesday and Thursday, with that band to serve as a reference point for the open, he said.

Across Asia, and then in Europe, focus will be on manufacturing reports, added Mr Howie.

On the Singapore bourse, the benchmark STI advanced 7.87 points or 0.3 per cent to 3,113.88. Gainers outnumbered losers 90 to 34, after 138.1 million securities worth $51.02 million changed hands.

Mapletree Logistics Trust added $0.015 or 1.1 per cent to $1.35, with 2.2 million units traded.

Local lenders also rose in early trade. DBS gained $0.12 or 0.6 per cent to $21.17, UOB advanced $0.074 or 0.4 per cent to $18.93, while OCBC rose $0.030 or 0.3 per cent to $8.77.

Meanwhile, Sembcorp Industries added $0.015 or 1.1 per cent to $1.36. On Friday, the energy and utilities group said it has been awarded a 60 megawatt-peak solar project by the Housing & Development Board and the Singapore Economic Development Board.

Elsewhere in Asia, Tokyo stocks opened higher on Friday on European Central Bank’s (ECB) stimulus bond buying and the US stimulus package. The benchmark Nikkei 225 index rose 0.3 per cent or 80.53 points at 29,292.17 in early trade, while the broader Topix index gained 0.08 per cent or 1.51 points to 1,926.43.

In a market commentary on Friday, DailyFX strategist Margaret Yang noted that Asia-Pacific markets look set to gain following a strong US lead.

Futures across Japan, China, Australia, Hong Kong, South Korea, Taiwan and Singapore are pointing to open modestly higher. On the macro front, data continued to support a brighter recovery outlook and may offer stock markets further strength, she said.

The latest US weekly jobless claims figure came in at 712,000, better than the baseline forecast of 725,000. It also marked a continuous decline from January’s peak, reflecting an improving picture of labour market sentiment with the roll-out of vaccines paving the way for a gradual economic reopening, added Ms Yang.


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