Singapore stocks continue gaining ground, tracking regional benchmarks; STI up 0.1%

[SINGAPORE] Singapore stocks ended higher on Tuesday (Feb 10), tracking regional indices.

The benchmark Straits Times Index (STI) gained 0.1 per cent or 3.42 points to finish at 4,964.25.

Across the broader market, gainers edged out losers 379 to 222, after 1.4 billion securities worth S$1.8 billion changed hands.

Keppel led the gainers on Singapore’s blue-chip index, rising 3.3 per cent or S$0.40 to end at S$12.50.

Coming in at the bottom of the table among STI constituents was Jardine Matheson , which fell 1.3 per cent or US$0.98 to close at US$76.

The three local banks ended mixed on Tuesday. UOB rose 0.6 per cent or S$0.22 to S$38.92, while DBS fell 0.7 per cent or S$0.39 to S$57.80, and OCBC finished 0.3 per cent or S$0.06 lower at S$21.32.

The iEdge Singapore Next 50 Index gained 1.1 per cent or 16.67 points to 1,509.95.

Topping the index was Centurion , which rose 5.4 per cent or S$0.08 to S$1.57. The index’s biggest loser was Keppel Infrastructure Trust , which fell 2.7 per cent or S$0.015 to S$0.535.

Across the region, most benchmark indices closed higher, with the Nikkei 225 rising 2.3 per cent, the Hang Seng Index gaining 0.6 per cent and the Kopsi edging up 0.1 per cent. Bucking the trend was the FTSE Bursa Malaysia KLCI, which shed 0.2 per cent.

In the US, investor sentiment is pushing the Dow Jones Industrial Average to new highs as money managers pile into cyclical industries, said Jose Torres, senior economist at Interactive Brokers.

The election victory of Japanese Prime Minister Sanae Takaichi is propelling animal spirits, as she can now pursue heavier spending and taxation relief.

“Measures that serve to bolster economic conditions and corporate earnings in the short run, while carrying the potential risk of raising term premiums and lifting long-end sovereign borrowing costs as a result throughout the globe,” said Torres.