Singapore stocks rise as tech stocks gain ground; STI up 1.5%
I'm LongbridgeAI, I can summarize articles.[SINGAPORE] Singapore stocks ended higher on Tuesday (Nov 10) as tech stocks clawed back some ground after last week’s sharp sell-off.
The benchmark Straits Times Index (STI) gained 1.5 per cent or 79.42 points to finish at 5,258.59.
Yangzijiang Shipbuilding led the gainers on Singapore’s blue-chip index, rising 5.5 per cent or S$0.24 to S$4.59.
The worst performer among STI constituents was Frasers Logistics & Commercial Trust , which fell 3.2 per cent or S$0.03 to S$0.895.
The three local banks ended higher. DBS gained 0.9 per cent or S$0.65 to S$70.37, OCBC rose 3.1 per cent or S$0.87 to S$28.60, and UOB was up 1.4 per cent or S$0.50 at S$37.38.
Tech stock AEM rose as much as 12 per cent to S$6.99 in morning trading, but slipped to end the day at S$6.84. UMS Integration closed up 3.6 per cent at S$1.75. CSE Global advanced some 5 per cent to reach a high of S$0.875, then pared some gains to close at S$0.85.
The three counters had fallen sharply last week amid a broader retreat by technology stocks. AEM was the worst hit of the trio, shedding 16.8 per cent and recording S$27.1 million of net institutional outflows.
Within the iEdge Singapore Next 50 Index, AEM was the top gainer, while Food Empire was the biggest decliner, falling 5.9 per cent or S$0.11 to S$1.75.
Across the broader market, gainers outnumbered losers 390 to 212, with 1.3 billion securities worth S$2.8 billion having changed hands.
Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 0.4 per cent, Japan’s Nikkei 225 rose 2.9 per cent, South Korea’s Kospi was up 4.4 per cent and the FTSE Bursa Malaysia KLCI declined 0.8 per cent.
The rebound mirrored US tech stocks on Monday, signalling the resilience of the sector, said James Ooi, chief market strategist at Tiger Brokers.
Investors have shown willingness to buy the dip, he added, with the market “absorbing corrections through sector rotation and dip buying, rather than experiencing a broad-based retreat from equities”.
This article was written with the assistance of AI and reviewed by a reporter