STI up 0.6% even as Asian markets slump amid bond sell-off, inflation fears
City Developments Ltd leads the gainers on Singapore’s blue-chip index
Singapore stocks closed higher on Wednesday, with the Straits Times Index (STI) surging 0.6% or 33.74 points to reach 5,744.11. City Developments Ltd (CDL) led the increase, gaining 2.1% to S$8.58. The decline in Asian markets was driven by global bond sell-offs, as government bond yields surged to multi-year highs, reflecting inflation concerns and fiscal risks due to recent Middle Eastern conflicts.
The strongest regional performer was Malaysia's KLCI, which rose 0.5%. The US dollar also strengthened to a two-week high as investors diverted funds away from government bonds due to increasing interest rates.
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