Singapore shares rise as banks lead gains; STI adds 1% for the week

Singapore stocks concluded higher on Friday, September 25, propelled by gains across the three local banks. The Straits Times Index (STI) ascended 0.5% or 27.75 points to reach 5,711.12. OCBC emerged as the top performer within the blue-chip index, surging 1.3% or S$0.42 to S$32.01. DBS climbed 0.7% or S$0.52 to S$78, while United Overseas Bank (UOB) increased 0.2% or S$0.07 to S$42.57.

Among the STI constituents, Frasers Centrepoint Trust experienced the steepest decline, slipping 1.4% or S$0.03 to S$2.05. Boustead Singapore led the iEdge Singapore Next 50 Index, gaining 2.8% or S$0.05 to S$1.86, whereas Top Glove recorded the steepest loss, plummeting 4.1% or S$0.01 to S$0.235. Across the broader market, there were 275 losers for every 232 gainers, following the trading of 1.2 billion securities worth S$1.7 billion.

For the week, the STI appreciated by 1%. DFI Retail Group stood out as the top gainer, increasing 5.8%, followed by ST Engineering with a 4.2% surge and City Developments Ltd rising 2.6%. On the opposite end of the spectrum, Jardine Matheson was the largest decliner for the week, dropping 2.9%. Frasers Logistics & Commercial Trust and Mapletree Industrial Trust also saw declines of 2.8% and 2.6%, respectively.

On Friday, regional indices exhibited mixed fortunes. Hong Kong's Hang Seng Index fell 1%, while Japan's Nikkei 225 rose by 1.3%. The FTSE Bursa Malaysia KLCI remained unchanged. Investors were also absorbing the outcomes of President Donald Trump's and Chinese President Xi Jinping's summit at the White House on Thursday. Despite no major breakthroughs on trade, artificial intelligence, or Taiwan, both leaders reiterated the significance of stable relations.

Xi stated that they had reached a mutual understanding on several matters, while Trump highlighted advancements in trade ties since his visit to China in May.