STI up 0.9% with Yangzijiang Shipbuilding, banks logging gains
Key regional indices are mostly up with reduced expectations of a US rate hike
Singapore’s benchmark Straits Times Index (STI) edged up 0.9% on Friday (Sept 4) to close at 5,801.96 points. Among the leading gainers was Yangzijiang Shipbuilding, which rose 4.7% to S$4.94 per share following strong August earnings and secured higher contract prices for vessel construction. Conversely, Sembcorp Industries saw the smallest losses among the blue-chip index constituents at 1.1% to S$6.11.
Among the local banks, DBS gained 0.9% to S$78.65, OCBC increased by 1.1% to S$32.27, and UOB rose 0.6% to S$42.01. In the iEdge Singapore Next 50 Index, Yangzijiang Financial emerged as the top performer with a 4.6% gain, while UltraGreen.ai suffered the steepest decline at 8.3%. Across the broader market, the number of gainers (374) exceeded losers (210) as 1.3 billion securities valued at S$1.9 billion exchanged hands.
Addvalue Tech recorded the highest trading volume with 184.3 million shares traded, while DBS was the most traded stock by value, with 3.8 million shares worth S$296.1 million exchanged. Hong Kong's Hang Seng Index climbed 1.7%, Japan's Nikkei 225 increased 1.3%, and South Korea's Kospi gained 1.6%. However, the FTSE Bursa Malaysia KLCI declined 0.4%.
Investors had expressed concern over a potential US rate hike due to inflation worries and rising government bond yields, but expectations of a US rate hike have diminished significantly, leading to reduced market volatility.
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.
