Singapore’s benchmark STI rises for the sixth day, up 0.4%

[SINGAPORE] Singapore shares rose on Wednesday (Dec 3), with both the benchmark Straits Times Index (STI) and the iEdge Singapore Next 50 Index closing higher.

The STI was up 16.56 points or nearly 0.4 per cent at 4,554.52, while the iEdge Singapore Next 50 Index increased 6.36 points or more than 0.4 per cent to 1,447.52.

Zane Aw, research analyst at Phillip Securities, noted that the STI closed higher for the sixth consecutive day.

“The performance could have been driven by an extended recovery in Wall Street, with expectations the Federal Reserve will cut interest rates next week remaining elevated,” he said.

The United States rate futures now price an 87 per cent chance of a 25-basis-point rate cut on Dec 10, CME’s FedWatch tool showed.

Over in Singapore, the closing price of OCBC shares reached a record high after the counter rose 1 per cent or S$0.18 to S$18.95, fuelled by the bullish sentiment that developed after the bank in early November reported a third-quarter profit that beat street estimates.

Its peers DBS and UOB ended up as well. DBS rose 0.5 per cent or S$0.29 to S$54.43, and UOB advanced 0.6 per cent or S$0.20 to S$34.55.

Meanwhile, DFI Retail Group was at its 52-week high, at US$3.67, after surging 4.9 per cent or US$0.17, making it the top STI performer. The pan-Asia retailer did not release any market-sensitive information recently.

CapAllianz was the most active stock, with a trading volume of 109.4 million shares. Shares of the Catalist-listed investment holding firm – which owns a subsidiary that is engaged in software development and IT consulting – were unchanged at S$0.002.

Across the broader market, though, decliners beat gainers 297 to 275. About 1.3 billion securities valued at more than S$1.4 billion in total were transacted.