Singapore shares rise on strong win by Democrats; STI up 0.5%
Across the broader market, gainers beat losers 370 to 274, as 1.5 billion securities worth S$2.8 billion change hands
Singapore stocks closed higher on Thursday, November 5, following Democrats' victory in securing control of both chambers of Congress. The benchmark Straits Times Index (STI) rose 0.5% to close at 5,296.25. UOL led the gainers on the blue-chip index, climbing 3.6% to S$8.10. Among the worst performers was Yangzijiang Shipbuilding, which dropped 3.1% to S$4.65.
The three local banks had mixed results; DBS gained 0.6% to S$71.20, despite reporting a 5% decline in Q3 net profit due to reduced market trading income. OCBC increased by 0.3% to S$27.93, while UOB fell 1.6% to S$37.81, as analysts cut their target price for UOB due to shrinking lending margins and rising costs. Across the broader market, winning trades outnumbered losers 370 to 274, with 1.5 billion securities changing hands worth S$2.8 billion.
In the iEdge Singapore Next 50 Index, Sasseur Real Estate Investment Trust was the top performer, up 4.1% to S$0.635, while AEM saw the biggest decline, falling 20% to S$6.37. The broader market saw mixed performance, with Hong Kong's Hang Seng Index up 3.7%, FTSE Bursa Malaysia KLCI up 1.2%, Japan's Nikkei 225 down 1.8%, and South Korea's Kospi down 5.3%.
Ipek Ozkardeskaya, senior analyst at Swissquote, noted that global equity markets welcomed the Democrats' strong win, anticipating potential tariff reductions and improved US-China trade relations.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Singapore shares rise on strong win by Democrats; STI up 0.5% businesstimes.com.sg
