Singapore shares continue winning streak; STI up 0.7%
[SINGAPORE] The benchmark Straits Times Index (STI) extended its winning streak on Thursday (Jul 17), tracking gains in regional markets.
The STI rose 0.7 per cent or 29.18 points to close at 4,161.43 – reaching a high for a fourth consecutive trading day. This was after hitting an intraday peak of 4,163.45.
Across the broader market, advancers outnumbered decliners 358 to 198, after 1.9 billion securities worth S$1.4 billion were traded.
The top gainer on the blue-chip index was DFI Retail Group, which rose 4 per cent or US$0.12 to US$3.12.
The biggest decliner was Thai Beverage. The counter fell 1.1 per cent or S$0.005 to S$0.47.
Local telco Singtel was the most actively traded counter by volume, with 35.5 million shares worth S$147.1 million changing hands. The counter, which was trading on a cum dividend basis, gained 3 per cent or S$0.12 to close at S$4.17.
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Regional markets ended Thursday mostly higher after US President Donald Trump backtracked on news reports that he was planning to fire Federal Reserve chair Jerome Powell.
The two have clashed over the pace of interest-rate cuts, with Trump calling for quicker action and Powell taking a more cautious stance.
Japan’s Nikkei 225 ended up 0.6 per cent, South Korea’s Kospi rose 0.2 per cent, and Australia’s ASX 200 gained 0.9 per cent.
Market movements showed that Trump’s attempt to challenge the Fed’s independence was not welcome, said Vishnu Varathan, head of macro research for Asia ex-Japan at Mizuho Securities.
While the news reports may have been an attempt by the president’s administration to gauge how markets would react to Powell’s removal, Varathan warned that the “real danger” lies in Trump viewing the market drop as acceptable, which could embolden him to make further attacks on Powell and the Fed’s independence.
