Singapore stocks rise on Tuesday; STI gains 0.1% as investors react to growth forecast
Across the broader market, decliners outnumber advancers 306 to 257 after about 1.5 billion shares worth S$1.4 billion change hands
[SINGAPORE] Local stocks snapped a five-day losing streak to end higher on Tuesday (Sep 23), as investors reacted to comments that the city-state can focus on opportunities to boost growth by a faster clip.
Deputy Prime Minister Gan Kim Yong told Parliament on Monday that the country can aim for economic growth of between 3 and 4 per cent – or higher in “very good years” – despite challenges ahead. These remarks were delivered after the stock market closed.
In August, DPM Gan had said that Singapore should use the current window of opportunity to achieve faster growth before it stabilises at the longer-term trend rate of 2 to 3 per cent.
The benchmark Straits Times Index (STI) rose 0.1 per cent or 5.3 points to end Tuesday at 4,302.67.
Across the broader market, decliners outnumbered advancers 306 to 257 after about 1.5 billion shares worth S$1.4 billion changed hands.
Seatrium was the top gainer on the STI, rising 3.9 per cent or S$0.09 to S$2.43.
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The day’s biggest loser was Singtel , which declined 1.6 per cent or S$0.07 to S$4.27.
The trio of local banks closed mainly higher. DBS ended up 0.5 per cent or S$0.27 at S$50.57. UOB rose 0.03 per cent or S$0.01 to S$34.62, and OCBC closed flat at S$16.44.
Across the region, major indices closed mixed.
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Japan’s Nikkei 225 was up nearly 1 per cent, while South Korea’s Kospi advanced 0.5 per cent. The Shanghai Composite dipped 0.2 per cent and the Shenzhen Component fell 0.3 per cent.
Hong Kong’s Hang Seng retreated 0.7 per cent amid thinner-than-usual volumes, as the city faces its most damaging typhoon since 2018.
