Singapore shares rise, tracking regional gains; STI up 0.3%

[SINGAPORE] The benchmark Straits Times Index (STI) continued its record-breaking streak for a second day running to close higher on Tuesday (Jul 15).

The STI rose 0.3 per cent or 10.61 points to 4,119.82, after hitting an intra-day high of 4,129.77.

Across the broader market, advancers outnumbered decliners 370 to 163, after 1.8 billion securities worth S$1.4 billion were traded.

The top gainer on the benchmark index was investment company Jardine Matheson Holdings which rose 3.9 per cent or US$1.92 to US$51.45.

The biggest decliner was property developer UOL. The counter fell 1.3 per cent or S$0.09 to S$6.75.

Beverage distributor Thai Beverage was the most actively traded counter by volume, with 56.2 million units worth S$26.7 million traded. The counter rose 1.1 per cent or S$0.005 to S$0.475.

Regional bourses mostly ended Tuesday higher. Japan’s Nikkei 225 was up 0.6 per cent and Hong Kong’s Hang Seng Index up 1.6 per cent. Australia’s ASX 200 was up 0.7 per cent, while South Korea’s Kospi was up 0.4 per cent.

Stephen Innes, managing partner of SPI Asset Management, said that market watchers still expect the US Federal Reserve to reduce interest rates this year. However, whether the rate cuts will be a “smooth descent” depends on the level of inflation, he added.

If the US tariffs affect the prices of household goods and durable consumption, driving up the upcoming figures for the US Consumer Price Index – which is an indicator for inflation – cuts to interest rates might be thrown off course, Innes noted.