Singapore stocks rise on Tuesday; STI up 1%
Seatrium leads the gainers on the blue-chip index
Singapore's stocks surged on Tuesday (August 25), with the benchmark Straits Times Index (STI) climbing 1% or 55.22 points to close at 5,735.68. Seatrium was the standout performer among blue-chip index leaders, jumping 3.3% or S$0.07 to reach S$2.16. The most significant loser among STI components was Sats, which dropped 1.2% or S$0.05 to S$4.07.
Among the local banks, all ended in the black. DBS gained 1.1% or S$0.84 to finish at S$76.40, OCBC rose 1.8% or S$0.57 to S$31.49, and UOB increased by 0.9% or S$0.38 to S$41.11.
In the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, climbing 4.6% or S$0.13 to S$2.93, while Propnex suffered the steepest decline, falling 2.7% or S$0.05 to S$1.77.
Key regional indices showed mixed results. Hong Kong's Hang Seng Index slipped 0.02%, Japan's Nikkei 225 gained 0.5%, and South Korea's Kospi rose 0.7%. In the broader market, winners outnumbered losers 279 to 262, with 955.2 million securities valued at S$1.7 billion traded.
James Bilson, global fixed-income strategist at Schroders, noted that the case for a US rate hike is robust, but softer-than-expected inflation data makes a rate hike in September less probable. He also stated that more clarity from US Federal Reserve Chair Kevin Warsh would be beneficial, and a proactive Fed with stronger credibility to fight inflation could potentially lead to a flattening yield curve.
However, for now, Bilson is maintaining a neutral stance on the yield curve, as the prospect of a more proactive Federal Reserve is becoming less certain.
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.
