Singapore stocks gain more ground on Thursday, STI up 0.7%

[SINGAPORE] Singapore stocks ended higher on Thursday (Feb 12) as regional indices mostly tracked lower.

The benchmark Straits Times Index (STI) gained 0.7 per cent or 32.18 points to finish at 5,016.76. Meanwhile, the iEdge Singapore Next 50 Index gained 0.1 per cent or 1.35 points to 1,519.58.

Across the broader market, gainers edged out losers 315 to 300, after 1.3 billion securities worth S$2.2 billion changed hands.

Wilmar led the gainers on Singapore’s blue-chip index, rising 2.6 per cent or S$0.09 to end at S$3.59.

The worst performer among STI constituents was CapitaLand Ascendas Reit , falling 3.9 per cent or S$0.11 to close at S$2.70.

The three local banks ended higher. DBS gained 0.5 per cent or S$0.28 to S$57.78, OCBC rose 2 per cent or S$0.43 to S$21.78, and UOB was up 1.5 per cent or S$0.58 at S$39.48.

The best performer on the iEdge Singapore Next 50 Index was Frencken , which rose 2.2 per cent or S$0.04 to S$1.90.

The worst performer on the iEdge Singapore Next 50 Index was StarHub , which closed down 5 per cent or S$0.06 to S$1.14 on Thursday.

Across the region, benchmark indices mostly ended lower on Thursday. The Hang Seng Index closed down 0.9 per cent along while the KLCI was down 0.3 per cent. However, the Kopsi closed up 3.1 per cent while the Nikkei 225 was flat.

The equity rally in the US faded on Wednesday after investor enthusiasm was quelled by squashed rate cut hopes, said Jose Torres, senior economist at Interactive Brokers. The chance of a 75 basis point reduction this year has been pared by lower than expected unemployment and exceeding forecasts of wages.

“Yields jumped as the print hit the wire, with the curve climbing in bear-flattening fashion led by the monetary policy sensitive shorter tenors, reflecting fading optimism regarding imminent central bank accommodation,” said Torres.