Singapore stocks rise on Tuesday; STI up 1%
I'm LongbridgeAI, I can summarize articles.Singapore stocks rose on Tuesday, with the Straits Times Index (STI) gaining 1% to close at 5,735.68. Seatrium led blue-chip gainers up 3.3%, while Sats was the worst performer down 1.2%. Local banks DBS, OCBC, and UOB all posted gains. Regional indices were mixed, with Japan's Nikkei and South Korea's Kospi rising slightly. Schroders strategist James Bilson noted a neutral view on the yield curve, citing softer US inflation data making a September rate hike less likely.
[SINGAPORE] Singapore stocks ended higher on Tuesday (Aug 25).
The benchmark Straits Times Index (STI) gained 1 per cent or 55.22 points to finish at 5,735.68.
Seatrium led the gainers on Singapore’s blue-chip index, rising 3.3 per cent or S$0.07 to S$2.16.
The worst performer among STI constituents was Sats , which fell 1.2 per cent or S$0.05 to S$4.07.
The three local banks ended higher. DBS gained 1.1 per cent or S$0.84 to end at S$76.40, OCBC rose 1.8 per cent or S$0.57 to S$31.49, and UOB was up 0.9 per cent or S$0.38 at S$41.11.
Within the iEdge Singapore Next 50 Index, Hong Leong Asia was the top gainer, rising 4.6 per cent or S$0.13 to S$2.93, while Propnex was the biggest decliner, falling 2.7 per cent or S$0.05 to S$1.77.
Key regional indices were mixed. Hong Kong’s Hang Seng Index lost 0.02 per cent, Japan’s Nikkei 225 rose 0.5 per cent and South Korea’s Kospi was up 0.7 per cent.
Across the broader market, gainers outnumbered losers 279 to 262, after 955.2 million securities worth S$1.7 billion changed hands.
James Bilson, global fixed-income strategist at Schroders, said the case for a US rate hike is strong, but sequentially softer inflation data makes one in September less likely.
He added that greater clarity from US Federal Reserve chair Kevin Warsh would be welcome, sooner rather than later.
“Until then, however, we are taking a neutral view on the yield curve. A more proactive Fed with stronger inflation-fighting credibility is a necessary component for a curve-flattening view, and that has become more questionable for the time being,” he noted.
This article was written with the assistance of AI and reviewed by a reporter