Singapore shares track regional gains on Monday; STI up 0.5%

Singapore's blue-chip index, the Straits Times Index (STI), closed higher on Monday (Oct 5), mirroring gains across the region. The index rose 0.5% or 29.51 points to reach 5,664.33. Venture Corporation emerged as the leading gainer, up 2.6% at S$16.85. Among the worst performers was DFI Retail Group, which declined 2.3% to US$3.03.

The major local banks had a mixed performance, with DBS up 0.8% to S$77.83, followed by OCBC up 0.7% to S$31.88, while UOB dipped 0.1% to S$43.06. In the iEdge Singapore Next 50 Index, First Resources stood out as the top performer, surging 4.1% to S$4.30, while UltraGreen.ai was the largest loser, dropping 3.5% to US$0.545. For the broader market, there were more gainers than losers, with 269 stocks up compared to 225 stocks down, following a trading volume of 1.2 billion shares worth S$1.8 billion.

Addvalue Tech was the most actively traded stock by shares with 83.5 million shares changing hands, while DBS led in terms of market value with 3.1 million shares worth S$237.2 million traded. Regional indices were also positive, with Hong Kong's Hang Seng Index up 0.3%, Japan's Nikkei 225 rising 2.4%, and the FTSE Bursa Malaysia KLCI increasing by 0.1%.

Stephen Innes, managing partner of SPI Asset Management, noted that Asian equities started the week strongly, following a Wall Street bounce after softer US data softened the impact of the Federal Reserve's near-term tightening threat. However, Innes pointed out that what's more noteworthy is how equities have persisted in rising despite the bond market relentlessly trying to erode their support. The article was written with AI assistance and reviewed by a reporter.