Singapore stocks end higher, led by Yangzijiang Shipbuilding; STI up 1.1%
The shipbuilder is also the most actively traded stock on the benchmark index, with 53.2 million shares changing hands
On Friday, Singapore stocks closed higher, buoyed by the performance of Yangzijiang Shipbuilding. The Straits Times Index (STI), serving as the benchmark, rose by 1.1% or 59.44 points, closing at 5,698.43. Yangzijiang Shipbuilding led the gains on the blue-chip index, surging 6.6% or S$0.26 to reach S$4.20. The decline was marked by CapitaLand Investment, which fell 2.2% or S$0.06 to S$2.69.
Among the local banks, DBS rose 1.7% or S$1.25 to S$76.33 and OCBC increased by 3.3% or S$0.97 to S$30.30, while UOB ended 0.6% or S$0.28 lower at S$43.30. In the iEdge Singapore Next 50 Index, AEM experienced the highest increase with a 3.6% rise to S$9.15, whereas Yangzijiang Financial suffered the steepest drop with a 4.5% decline to S$0.21.
Across the broader market, there were more winners than losers, with total trade volume amounting to S$2.6 billion. Yangzijiang Shipbuilding was the most actively traded stock on the STI, with 53.2 million shares changing hands, while DBS led in terms of value, with 6.8 million shares traded, amounting to S$515.5 million. Key regional indices showed varying trends, with Hong Kong's Hang Seng Index up 0.5%, Japan's Nikkei 225 down 0.1%, South Korea's Kospi declining by 0.6%, and the FTSE Bursa Malaysia KLCI falling 0.1%.
In the currency markets, the yen remained a focal point due to the recent US-Japan intervention aimed at stabilising the currency, which had reached a 40-year low. Stephen Innes, managing partner at SPI Asset Management, clarified that Japan's use of the US Federal Reserve's Foreign and International Monetary Authorities facility does not weaken the dollar's reserve status; instead, it highlights the robustness of US capital markets.
Innes mentioned that if the intervention successfully stabilises the yen, it could ease the pressure on the Bank of Japan to accelerate rate hikes, despite markets currently anticipating a high probability for a September rate hike. Regarding US interest rates, Afonso Borges from Julius Baer's fixed income research team attributed the rise in long-term US Treasury yields not to artificial intelligence-related corporate bond issuance but to higher expectations for policy rates.
He also stated that swap spreads, auction demand, and curve valuations indicate no significant signs of supply-driven dislocation. This report was generated using AI assistance and reviewed by a reporter.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
