Singapore shares rise ahead of key Fed conference; STI up 0.3%
Wilmar International leads the gainers on the blue-chip index
Singapore stocks closed higher on Friday (Aug 28) as traders awaited remarks from US Federal Reserve Chairman Kevin Warsh at the Jackson Hole Economic Symposium, noted the source. The Straits Times Index (STI) climbed 0.3 percent or 15.81 points to reach 5,699.93. Wilmar International topped the blue-chip index, surging 1.1 percent or S$0.04 to S$3.81.
The worst performer among STI components was Frasers Logistics & Commercial Trust, falling 1.6 percent or S$0.015 to S$0.93. Among local banks, DBS gained 0.7 percent or S$0.50 to S$76.15, OCBC rose 0.6 percent or S$0.17 to S$31.07, and UOB increased 0.3 percent or S$0.14 to S$40.78. Within the iEdge Singapore Next 50 Index, Hong Leong Asia led with a 5.1 percent gain, while Frencken Group suffered the steepest drop at 7.5 percent.
Throughout the market, gains outnumbered losses 290 to 253, with 1.2 billion securities worth S$1.6 billion changing hands. Addvalue Tech saw the highest volume, with 228.7 million shares traded. DBS was the most actively traded stock by value, with 2.5 million shares amounting to S$191.2 million. Regional indices were mixed, with Hong Kong's Hang Seng Index up 0.1 percent and Japan's Nikkei 225 rising 0.4 percent.
South Korea's Kospi fell 1.8 percent, and the FTSE Bursa Malaysia KLCI declined 0.9 percent. Warsh's speech is anticipated to provide clues on whether he will adopt a more definitive stance on price stability or concentrate on the five task forces and his priorities.
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.
